The digital era no longer revolves around social media networking with mobile apps. It turns out that the Millennials have started to dominate the internet and use it as an entrepreneurial realm forming a generation of people who are beginning and growing their businesses.
If you are unaware of the term, Millennials refer to those individuals who were born between the years 1980 and 2000. This means that the oldest of the Millennial generation would be 37 in the year 2017. Generational eras change with the times and this generation now matches the Baby Boomers demographics.
One of the core characteristics of the Millennial generation is their digital knowledge and tech-savvy nature. Having grown up in the age with the most digitally advanced technology, they are reported as being the most active on social networking platforms, the earliest adopters of mobile platforms such as Uber and AirBnB, and have been considered the ‘texting generation’. The Millennials are a loyal generation and will often search for value and meaning in their working life.
It turns out that the characteristic of ‘entrepreneurial’ can be added to the growing list of attributes for Millenials as more and more in this generation are beginning start-up businesses; the majority of the entrepreneurs have never held jobs outside of their own start-up. Needless to say, Millennial company owners exhibit specific traits that make them highly distinctive from those in the Baby Boomer generation or Generation X. Below are some interesting traits associated with these business owners.
Firstly, the Millennial business owner expects technology to work for their company. This is by far the most digitally advanced group in any industry, and they are not afraid to embrace new types of technology. The Millennial understands that a business will begin and end with technology; therefore, the expectations for technology and its uses are high. The group is also the most likely to use the latest technological innovations for new endeavors and optimistically view the products for future business.
Connections are essential for success among Millennial business owners. While Generation Y’s are natural internet networkers having embraced the realm of social media, the connections discovered are paramount to how a Millennial will make life decisions. This is because a Millennial is in constant search of guidance and advice from others in their social network. They are also willing to offer advice and guidance to other network users. Statistics indicate that approximately 60% of Millennial activity for rating products online as compared to 46% for users born in other generational eras.
A Millennial business owner is also continuously searching for new knowledge. It is possible that this generation may be more willing to engage in the entrepreneurial world because they learned about it in school. Regardless of whether or not entrepreneurial education has contributed to the entrepreneurial approach by Millennials, the generation is highly skilled in searching for and locating answers to questions. Content is the primary method of a Millennial’s research, and this group will review content in all its formats – blogs, podcasts, videos, and infographics.
So, what does this mean for the telecommunications industry?
Given their reliance on technology, the Millennial business owners are highly likely to seek out and utilize innovation telecommunication solutions. VoIP, hosted through PBX – a cloud-based platform solution – is more likely to be adopted than the traditional telephone lines. Millennials place flexibility of technology as a high priority, and the ability to communicate using a cloud-based solution is deemed beneficial.