It is a very popular opinion, especially among the older generations, to look down on millennials.
After all, as the common understanding goes, millennials are egotistical, entitled, spoiled and lazy brats who contribute nothing much to society.
Even less so to the business world.
However, that is really not the case. In fact, millennials are already shaping the business world in various ways, as employees, owners and consumers.
Today we’ll look at some of the biggest ways and how you can use that to your advantage.
Millennials think differently
Millennials are most often considering the ‘why’ of almost everything they interact with on a regular basis.
They are not particularly concerned with traditional views, and even more so, they love to challenge those views and try to find a better way forward.
This type of thinking has led to disruptive advances such as Airbnb, Uber and more. Because they think differently, they can think ahead and try to find solutions to present and future problems.
Millennials work differently
More and more millennials are moving away from the traditional 9-to-5 business structure. They are now becoming used to flexible time schedules and working remotely. In fact, 53 million Americans, or 34% of the American workforce, are currently self-employed.
More than that, millennials are interested in finding fulfillment in their work, rather than seeing work as only a way to put food on their families’ tables. They want satisfaction, and they won’t stay long at a job that doesn’t fulfill them.
Millennials set a high premium on their own happiness in their personal and professional lives. This is leading to a great shift from a desk job to a remote or freelance job. With an entire generation doing so, it can cause huge ripples in labor and the economy around the world.
Millennials consume differently
Lastly, millennials have quite a lot of power when it comes to being consumers. In fact, have the largest spending power of any age group.
Millennials grew up (and live) in an always-online, connected and global community. This sense of connection to others has moved into their spending habits and affected it.
They are not just more likely to shop online, but they are also very dependent on others’ opinions and reviews.
This means that businesses need to focus a lot of attention on getting online reviews. Of course, they should also make sure those reviews are positive and even glowing to help convince millennials to shop.
Another important thing is that, while millennials have higher standards for organic or ecologically-centric ideas, they are also surprisingly similar all over.
That’s right: millennials across the world are increasingly becoming similar in their tastes.
What this means for businesses is that you don’t have to alter your product or services marketing greatly to attract millennial consumers around the world.
Millennials are the future
Obviously, millennials will be in charge one day, but that day is approaching faster than you think.
With their strong culture and high standards, they are set to take over and disrupt the business world in many, many ways.