Yes, millennials and Gen Z really do accomplish things differently. This is how you can apply their skills to your business.
I talk frequently about the enduring soft-skill traits that drive business success. Resilience, respect, belief, loyalty, commitment, trust, courage and gratitude play an integral role in every successful company I encounter and will never go out of style.
It’s interesting to observe the way these principles hold true as Boomer leaders are being joined or even replaced by the newest generation of Millennial and Gen Z entrepreneurs. Some are learning hard lessons. Research shows grim findings such as 62 percent of millennials, for example, living paycheck to paycheck. Fewer are buying homes. But collectively, many are depending on the Boomer generation as they look forward to inheritance of a collective $30 trillion.
For Gen Z, born between 1996 and 2010, this group was not so impacted by the magnitude of 9/11 tragedy, but are living in a time beset by more global and political difficulties than perhaps any recent generation before. They are fast rising and have developed relentless work ethics, as they know that pensions are an anomaly and they will likely need to earn any retirement income they may receive on their own. As Gen Z moves into business they are emerging as savvy risk takers. They place a high value on company culture, and a high priority on customer service as well.
As I chat with the young leaders who are driving innovation and creativity to the next level, I see many who are accomplishing hefty milestones with lightning speed. Collectively, I our youngest workers and founders demonstrating how and when to make the right moves, how to excel in the creation of a customer-service brand and realizing that business success starts from the inside out. The following are a few of the lessons our youngest founders have learned.
Keep Your Eyes Open Compared to brokers who study the stock markets and invest accordingly, or real estate investors who make time-conscious purchases, the newest brand of worker and founder relies less on wild-eyed optimism and much more on calculated risks. Whether they’re creating a new partnership, buying a new business, or jumping on the latest social media trend, these business owners are attentive to what’s next.
For this up-and-coming new breed of entrepreneurs, there is pressure to not simply know current trends, but to anticipate where the market is going, and create the opportunity. For example, Chi Ta who brands himself as “the Airbnb Millionaire” learned the intricacies of buying and selling traditional residential properties by himself. Then he realized he could take his “rent a space” app in a new direction by noticing how Airbnb is disrupting the traditional hotel model. So he pivoted, with an eye on transferring his expertise to the creation of an Airbnb enterprise. In a year he went from zero properties and no money to 30 properties in the Bay Area, generating nearly $3 million in his first year. Now he’s expanding his model to the rest of the world. It was hardly an overnight success, but the result of what Ta believes is the time and effort he put in to understanding the industry. Ta made a calculated risk and now he’s paying that knowledge forward by offering a course to replicate his success.
Looking at the media industry for the next coming 5 years, it can be forecast that satellite and classic TV are on their way out. Salloum El Dahdaah, behind the international streaming technology provided by ItWorksMe made calculated steps to strengthen his foothold in streaming by patiently followed the cable industry as he looked for ways to improve his service by jumping forward at the right time. For him, the pivotal moment arrived in early 2017. He took a giant leap into the global streaming market and his business has been growing steadily since.
Your Customers Come First. One of the oldest rules in business is to listen to your customers. Customer service was created to better business-customer relationships through avenues where the customer felt heard. Pak Chau, 22, an avid esports fan and gaming expert, was frustrated with the rapidly-growing industry that favored only players and teams who had the financial means to invest and compete. He wanted to create a platform where everyone had a chance to participate, find teams, attract sponsors and have a chance to succeed.
Chau spent months listening to what gamers were looking for, then designed his platform incorporating those ideas. The result: A business that expands the e-sports market, generating a new channel of revenue in a burgeoning industry.“If you are great at something, you should be rewarded for it,” Chau says. What he learned is that many gamers feel isolated, not knowing how to easily get access to competitive, income-earning game situations. While some e-sports players just want to make extra money on the side, others want to compete professionally and make it a primary source of income. His business Gamico Esports is a creative solution to a need that hadn’t been met in the $90 million-dollar industry.
Treat Yourself Like a Business. Eugene Gold, a relentless millennial businessman, lived a road to success that hasn’t been easy. As a child in Russia, Gold was raised by parents who made just enough to provide the basics: food and shelter. As he worked through countless companies that rejected him, the need to redefine his skills was apparent. If he wanted to run a successful company, he first would have to beone. Before investing in business, he would need to invest in himself. Gold earned an MBA at the NY Institute of Technology and became the CEO of WOW payments and the Managing Partner of Argus Merchant Services, a merchant services company that has reached #64 on the Inc 500 list, in 2018.
In all, while their experiences are unique, the youngest founders are gaining strength in the soft skill areas that can benefit us all. We should regard them as excellent examples to watch.
Source: Learn These Three Secrets From Millennial And Gen Z Entrepreneurs
By David K. Williams, Contributor
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