Schlagwort-Archive: Millennials

What Millennials Entrepreneurs Can Teach Us About Success

Millennials are made for entrepreneurship. They are the generation that can teach us about dreaming big, doing good, and making their own rules.

Opinions about the Millennial workforce are easy to come by, and they range from bright predictions about their role in the future of franchises to the key to motivating them and even a list of reasons to stop „hating“ on this diverse group.

Though Millennials are often criticized by preceding generations for their attitudes in the workplace, whether those perceptions are accurate or not is debatable. For example, one study by IBM found that Millennials have largely similar values and attitudes about work as older generations, with existing disparities attributable to age differences.

However, there are qualities that make this generation uniquely suited for success as entrepreneurs. Here are 10 traits that give Millennials an edge in starting a business.

1. They aren’t willing to wait.

The Deloitte 2016 Millennial survey found that 25 percent of Millennials would have no hesitation in leaving their current employer in the next 12 months, and 44 percent didn’t expect to remain with their current employer after two years. This suggests that Millennials are not willing to stick around with an organization that isn’t fulfilling their desires, which is often the impetus for starting a business.

2. They have a strong sense of „why not.“

This generation has seen debilitating recessions and „too big to fail“ entities go bust. Entering the workforce in unstable economic times – or attempting to do so and not finding work – has given them a level of fearlessness about striking out on their own.

3. They are idealistic.

They don’t believe a business should exist solely to make money, but should contribute something meaningful to the world. They judge a company not by its profitability but by higher-minded ideals such as the quality of its products and services, employee satisfaction, customer service, even environmental impact. This sense of mission can help motivate entrepreneurs to persevere through the ups and downs of running a business.

4. They are immersed in the digital world.

As this generation has grown up, technology has constantly been evolving around them. As a result, they are not only familiar with the possibilities and opportunities of the online world, but it is ingrained into their lives, unlike any previous era. Using online platforms to forge connections with others or to pursue new ideas is as routine as breathing.

5. They are true to their personal values.

They are willing to stand up for what they believe in. In fact, approximately half of those surveyed by Deloitte say they have refused to do work that went against their personal value or ethics. This strong moral compass and sense of integrity is helpful when building their own business brands.

6. They are waiting longer to marry and start a family.

Only 26 percent of Millennials are married, compared to 36 percent of Generation Xers and 48 percent of baby boomers when they were in the same age range. This means that Millennials are willing and able to devote the time that starting a business requires.

7. They expect control over their careers.

More than 77 percent of Millennials feel their career paths are in their own hands. That means they take responsibility for forging their path instead of feeling that they don’t have control over their professional destinies, a critical mindset for entrepreneurs.

8. They place a premium on relationships.

Business owners know the importance of building relationships with others, from customers to vendors to the wider community. Millennials place a similar value on interpersonal relationships – just check out the number of people they are connected to on social media.

9. They are easily bored.

Growing up online has exposed them to a world of ideas and interests that’s instantly available at their fingertips – literally. As a result, they are prone to follow their passions and have little tolerance for mind-numbing boredom on the job. They insist that work be both stimulating and inspiring. The challenge and excitement of entrepreneurialism that allows them to pursue their interests can be a lure.

10. They are determined to succeed.

In the same way, they’ve witnessed today’s celebrities start out as homegrown YouTube sensations or college dropouts becoming Internet billionaires; they have a sense that anything is possible. They are willing to dream big and leverage their knowledge and passion for turning those dreams into reality.


How to Develop and Retain Millennial Leaders

It’s happened: Millennials (by most definitions, those born between 1980 and the late 1990s) are now the largest generation in the U.S. workforce. And they’re no longer the generation waiting in the wings to become leaders—they’re already increasingly entering senior and managerial positions.

 The New Guard: How to Develop and Retain Millennial Leaders

Along with this influx of young managers comes a shift in the role of manager itself. Managers are no longer only focused on making sure work gets done, but also on how and why it gets done. They are expected to be detail-oriented and strategic, to build culture and ensure productivity. And their position is also pivotal for employee engagement: A recent Gallup poll found that managers accounted for 70% of variance in employee engagement.The good news? This new generation appears up for the challenge. But companies must also find ways to develop and retain these new managers. Recent data released in the 2016 Deloitte Millennial Survey points to evidence that companies will have to make significant changes in how they develop this generation to meet the challenges that managers will face in the future.

Millennials are a dynamic generation. They are less likely than their predecessors to remain in one organization for a long period of time. They are looking for more flexible work hours, and look for organizations whose culture reflects caring towards both employees and the world around them. They aren’t afraid to leave a job if they feel their skills are not utilized or their principles are not matched.

Preventing this exodus of potential leaders has become a business-critical challenge for organizations. According to the Deloitte survey, of the Millennials likely to leave their organizations in the next two years, 71 percent are unhappy with how their leadership skills are being developed.

Getting talent development right will be crucial both for retaining this generation of managersand flipping the switch on engagement for the rest of your workforce. Here are the major shifts that need to take place:

1) Deliberately devote more time to developing leadership skills.

Deloitte found that the most loyal Millennials experience high levels of support and/or training for pursuing and managing leadership roles. Take a look at the volume of opportunities available for young managers to develop their leadership skills. Are there programs in place? Are young managers encouraged to pursue these opportunities? Is there explicit encouragement to experiment with new skills once they return from these programs? Setting aside the time and resources for leadership development shows a commitment to young managers and is likely to get commitment in return.

2) Leadership development programs should reflect the preferences of the generation: more collaborative, team-based, and decentralized.

The Millennial preference for creative, inclusive cultures over authoritarian ones extend from their work days to professional development opportunities themselves. Some development programs rely on the knowledge of a leadership “guru” speaking at the front of the room and passing on knowledge to a captive audience. This generation’s preferences, however, suggest that a program can be designed where participants experience more collaborative problem-solving and autonomy to decide how and what they need to learn. Even those programs that don’t portend to be spouting knowledge from one single person into the awaiting minds of managers may need to shift in the direction of more flexible and collaborative.

3) Weave mentorship into the fabric of your culture and your development programs.

An oldie but a goodie, mentorship still makes a difference. Not only will Millennial managers need mentorship to learn the skills and political know-how that long years of tenure used to ensure, but they’ll also be more likely to stay with the organization. According to Deloitte, respondents who planned to stay with their companies for more than five years were twice as likely to have a mentor. Programs and cultures that make mentorship a deliberate and important component have a better chance of retaining this new generation of managers.

4) Social impact activities can become team building opportunities and arenas to practice leadership skills.

Why not combine the Millennial desire to join businesses that understand their impact with their need to develop skills that will help them as leaders? Embed a volunteer experience or an activity that gives back to the community in some way into your company’s strategy to develop young leaders. Not only will you show a commitment to your community (something that this generation looks for), but you will also provide a concrete learning experience for participants to look back on as leaders.

5) Develop skills for dialogue to enable Millennial managers to enact the work culture they seek.

In terms of employee engagement, good communication from managers is essential. Leaders in talent development are already honing in on communication skills as one of the most importantdevelopment opportunities for managers of the future. The role of translator and psychologist that middle managers often need to play are well served by a capacity for communicating well with employees. Skills for dialogue – active listening, powerful questioning, and personal engagement – can be developed via collaborative learning experiences and encouraged around the workplace. If dialogue becomes the norm, Millennial managers will start to build the culture they seek and contribute to their organizations in a very meaningful way.Millennial managers are poised to fill the leadership gap left in the wake of waves of baby boomer retirements, and the impending challenge is to both retain and develop these fresh leaders. Organizations will need to make adjustments for this generation or risk losing talent that no longer accepts the principle of long-held tenure or hierarchical advancement. As this generation ages, we may see just how different leadership looks. For now, it’s crucial to provide the right opportunities and climate for that new style to grow.

Disrupting automotive through adaptation of technology business model – How to attract MILLENNIALS

n the US 28% of cars are leased. While it is uncommon to lease inexpensive vehicles and family cars, close to half of all luxury cars are. That percentage is only higher in one other car-segment: electric vehicles (EVs): In the first 3 quarters of 2015 75% of new EVs have been leased!

The most common explanation is that EVs are still too expensive to buy. Another popular reason is that customers do not trust the durability of electric powertrains and lithium-ion battery technology. Finally, customers claim that driving range might be an issue and thus prefer leasing over buying (more on my thoughts on driving range anxiety)

All 3 reasons play a major role. All of them have been researched by J.D. Power back in 2010. However, they don’t sufficiently explain the high lease rates among EV customers today. Here are three insights why car leases are 3-4x more common in the EV segment and why car ownership is becoming rare among young customers.

GenY (Millennials) Adapts New Purchasing Habits


Average Earnings for Young Adults in $2013


Cars Sold in Millions per Generation

Car leases are already the most popular way of „purchasing“ a luxury and electric vehicle (EV). First, I documented why millennials/younger customers are more likely to lease. Second, I described why technology changes can lead to reduced interest in buying. Finally, I tried to proof that smartphones have given users the ability to experience freedom without owning a car.

These 3 points lead to an assumption: GenY, as the second largest car buying generation, is leading the ownership disruption in the car segment. They buy fewer cars per 1000 citizens, have the highest % of leases and have different expectations for cars (in terms of technologies and features). How can car manufacturers attract GenY and bring driving back?

Lets take a look outside the car industry. How are technology firms attracting young customers? The smartphone market, like the car market, has taken a hit in the last few years. The handset replacement cycle has slowed down significantly. It is the slowest since the introduction of the iPhone in 2007. In 2014, 143 million mobile phones were sold in the United States (-15%). Of them ~90% were smartphones. 2007 users upgraded their phones every ~19 months; today they upgrade every 26+ months.


Mobile Phone Upgrade Cycle