Young and powerful: Grooming millennials for success

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There’s no stopping the millennial generation. As they come of age, it seems that they are ready to do good work. However, studies also show that millennials tend to jump from one job to another, making them less experienced at handling a particular task. Instead of dismissing their lack of expertise and focus, those who have been in the industry for years should accept how this generation is wired and train them so they can find what they’re truly good at.

Grooming millennials for success involves getting on board with how they operate. Though this might intimidate baby boomer and Generation X managers, acknowledging their technological and social media skills might actually be helpful for a business especially in this age of high-speed connections. Since they grew up with access to information via the internet, they tend to acquire many skills but lack one where they can consider themselves experts. Leaders and mentors might be of help in identifying where they excel. Once they have chosen their direction, it would be easier for them to work long-term.

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Another way to groom these young professionals for success is through immersion. Doing something is different from reading about it or watching other people perform a task. For a skill to be truly a part of a person’s system, they have to try and fail a couple of times. There’s still no substitute for hands-on training.

The millennial workforce is young and powerful. If they don’t learn how to use their capabilities in their careers, it won’t give them long-term benefits. Those who have spent longer years in the workplace need to be patient with these young professionals. There might be differences in values and practices, but investing one’s time and effort to develop next generation talents will be worth it.

Millennial masters: Understanding the spending power of Generation Y

 

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A new generation has come of age in the past years. Generation Y, or the so-called millennials, are moving towards their prime spending years. With this, businesses must be prepared to face different habits. This generation’s spending power is being demonstrated differently thanks to their access to information and technologies. Here are some of the millennials’ spending practices:

Ownership is no longer a concern

In the days of Uber and AirBnB, millennials are more comfortable with renting rather than buying their own ride or home. This generation knows the rising concerns with regard to overpopulation and pollution, a reason they are open to sharing their ride and even living with their parents. According to studies, this generation will facilitate the rise of the so-called “sharing economy,” which prioritizes access over ownership.

They would rather spend on experiences

The popularity of budget travel shows that millennials are into collecting experiences instead of things. Instead of saving up for a new home or even new gadgets, this demographic would rather spend for an overseas adventure with their “squad”. Looking for experiences that they can share online is a real concern for this generation.

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They look for fast and personalized service

Millennials have information at their fingertips. By typing and swiping, they can order products and services online. Despite the convenience that comes with a high-speed lifestyle, they are looking for services that cater to their specific choices. A one-size-fits-all approach will not work with millennials. They are looking for products that they can customize according to their own taste. They are also looking for a different kind of service that gives them something to talk about.

The cost matters more than the brand

Despite the influence of social media influencers that dictate what their followers should buy, millennials believe that they can get what they want for a lower price. With many options they can choose from online, they’re no longer so interested in supporting particular brands. What’s important is that they get the item that they need as soon as possible.

Millennials make up the majority of the workforce. Proficient in technologies and well-informed, they are reshaping spending habits that the population has adapted to in the past decades.

Never too late: Entrepreneurs can start their business even at an old age

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Nowadays, most of the entrepreneurs celebrated by media and society are the young, successful startup founders. For example, there have been many adaptations of how social media innovator Mark Zuckerberg went through a load of challenges to bring Facebook to where it is now – all of which started when he was just 20 years old.

Another two of the many famous entrepreneurs who successfully launched their startup at a very young age are Bill Gates, who co-founded Microsoft when he was 20 years old, and the late Steve Jobs, who was 21 when he sold, together with Steve Wozniak, their first Apple I personal computer.

Even Hollywood has stereotyped successful startups as characters who are in their late 20s or early 30s. Partly because there is a common misconception that entrepreneurship is a young man’s game. After all, they seem to have more time, energy, and resources that they can devote to their ventures, especially if they have just begun their business journey.

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Contrary, though, to this belief, history and numbers have shown that “age does not matter” when it comes to entrepreneurial success. Studies conducted by various institutions, including Duke University, the Founder Institute, and the Kauffman Foundation report that the average age when entrepreneurs launched their first business project is 40 years old.

Probably the most famous and one of the largest restaurant chains across the globe is McDonald’s. But a little-known fact about the fast food giant is that it started as a barbecue restaurant in 1940 and was reorganized into a hamburger stand during the 1950s. A 52-year-old man named Ray Kroc joined the company, expanded it into a corporation, and developed the food chain into what it is today. Before that, Kroc was a Prince Castle employee, selling milkshake machine.

Kroc is just one of countless successful business stories that can inspire entrepreneurs to pursue their dreams, no matter how old they may be.

Key elements of startup survival

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One of the many things that all new startups must deal with is setting up and growing the business with limited financial resources. Due to the risks endemic in building up a new enterprise, many startups do not always have the luxury of having a lot of financing options on hand to support them during the critical phases of growth.

Bootstrap or hustle

Opening lines of financing often involves convincing individuals and institutions, ranging from banks and private equity and venture firms to wealthy individuals. It takes a lot of convincing to get these sources to dispense with the funds, and often they would only be convinced when a proof-of-concept exists. Alternatively, entrepreneurs can seek out less conventional sources of enterprise funding such as peer-to-peer lending since banks are less likely to fund small businesses these days.

To achieve that, entrepreneurs have the option of bootstrapping—that is, to self-fund their enterprise from the ground up. Because not all entrepreneurs have the fat bank accounts, this could mean tapping into retirement funds or dedicating portions of their paychecks to building their enterprise.

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Going lean

On popular strategy among startup entrepreneurs is to apply the lean approach to building an enterprise. The lean approach is minimalism as applied to business and involves getting a business to a revenue generating state while expending as few resources on supplies and materials as possible. Many service enterprise startups have begun with no revenue at all, relying solely on supplies that the entrepreneur already owned.

This approach helps conserve the little resources there may be while cultivating a budget-oriented investing mindset that will serve the business well as it grows.

Drawn to drones: How this tech trend can help businesses

Since the Federal Aviation Association (FAA) laid down the rules on civilian drone usage, the industry expects sales to rise as more businesses buy into the benefits of having drones or unmanned aerial vehicles in their arsenal. These devices have the potential to help businesses get work done faster at an affordable cost. Below are some of the industries that can take advantage of drone technology:

1. Photography and videography

Getting an aerial view of an event used to be difficult. These days, a person just has to mount a camera on a drone to get a bird’s eye view. Aside from the opportunity to have a shot at the big picture, drones can also get detailed shots even when the photographer is in a different location.

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2. Courier services

There will come a time when drones will replace delivery trucks. Amazon has patented several drone designs that will cater to the demands of consumers in the following years. Though shipping costs will surely increase with this new technology, waiting for a package within 24-48 hours is a step up.

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3. Engineering and construction

Surveying land, scanning, and creating 3-D models can be made more efficient with drones. Instead of sending people to do the job manually, UAVs can fulfill the task in half the time. Engineers and construction professionals can also monitor their sites and have a detailed examination of the structures for longer periods once drones are in place.

4. Agriculture

Drones can be used to monitor fields, irrigation systems, and water levels. It can also examine plant health and create an accurate scan of a field. In the future, the technology will be used for watering and planting.

With new regulations regarding the use of drones, businesses are looking forward to maximizing this technology to serve more people and produce more products. While drone services are still in development, more uses and improvements will make its way into the public sphere in the coming months.

The real meaning of a startup

The term “startup” has been casually used to define new business ventures. For some, it can be loosely used to categorize an up and coming tech company. For others, the term can be used by small businesses that cater to a specific need in the market. But what really makes a startup? These are the qualities industry experts require for a company to be granted the title:

It has to be less than five years old.

The age of a business venture is what probably makes the term “startup” passé. Some companies that have not experienced breakthrough may consider their operations as a startup even if they’ve been in the industry for a decade. In reality, startups are mostly businesses that are less than five years old and have a close-knit staff working to address consumers’ needs.

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It has the capability to expand and address a pressing market need.

Those who are running a small business only to keep their business within the family or the community cannot be considered a startup. Before 2006, Facebook can be considered a startup because it showed potential to become something that will make the lives of millions easier. When it started monetizing and receiving funding from millionaire investors, it graduated from being one.

It has to have less than 100 employees, worth less than $500 million in revenue, and takes $50 million to sustain operations.

A startup becomes a full-fledged business when one of these three qualities are surpassed whether it’s due to acquisition by a bigger firm or turning into a bankable brand even before its first five years in operation.

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Contrary to what most believe, a non-tech company can also be considered a startup. Niche businesses in food or in retail that operate under the same setup can also fall into the category. In these cases, the businesses don’t primarily rely on the technical aspect but on the support of their consumers that serve as a good consideration for expanding operations.

Over the years, the term served as a chip on the shoulder of many young entrepreneurs. Now that the definition becomes clearer, business ventures can now work toward a set goal in order to succeed and eventually graduate from being a startup.

Five industries investors should watch out for

Investors and entrepreneurs must be quick to fill the gaps in goods and services to respond to the changing needs of consumers. The past decade saw the invasion of social media and the prevalence of personalized devices. As industries are quick to adapt to these changes, they must also keep an eye out for new fields. Experts claim that the following sectors will thrive by 2020:

1. Healthcare
The healthcare industry has developed technology to their advantage in order to find operational solutions and ultimately improve patient care outcomes. The aging population in the Western world has given rise to the demand for health professionals such as nurses, caregivers, physical therapists, optometrists, diagnosticians, and specialists.

2. Data crunching
Big data can change the way people go through their daily routine. In the era where database and cloud computing have become integral to business operations, making sense of all the information can provide good business to those with skill and resources.

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3. Digital forensics
Cybersecurity is becoming more and more important as people are storing important information online. Hacking attacks are posing a real threat to individuals, companies, and governments. While startups are developing ways to improve the safety of the internet, investing in cybersecurity as early as now, when the industry is in its developmental stages, is the wise thing to do.

4. Education technology
The current generation of learners is more comfortable with technology-driven learning. Students are no longer as responsive to the traditional classroom setup as they were a decade ago. Software developers are coming up with apps and games that could facilitate learning and track progress.

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5. Counseling and therapy
More people are prioritizing their mental health as much as their physical health. There is also a rising need for family and marriage counselors. As more people are acknowledging their need for help, the industry provides an opportunity for certified therapists and counselors to be of service.

Spending time and resources to develop these industries will prove to be profitable in the coming years. On top of the business aspect, investors can contribute to fulfilling critical needs in society.