Getting a college degree is no longer the near guarantee of landing a secure good paying job, for many Millennials starting a business may be a better use of their education.
The after effects of the recession, an unemployment rate that has yet to reach the historical recovered U.S. economy of a 5% jobless rate and longer-term changes in the labor market, have forced many of today’s graduates to take the first decent offer they receive, which in many cases they’re overqualified for the position.
Since the most recent economic forecast from the Federal Reserve is that the jobless rate will stay above 5% through 2016 it would seem to me even more reason for this highly educated group of young people seriously consider starting their own business.
And why not, the industrial age is dead, we live in the information age now the millennials aren’t old enough to not remember not having the Internet, they have totally embraced social media, smart phones, IPADS and all the technological advances as they come their way and they are more comfortable and confident using technology to help their business prosper.
So given the current changes for many of these overqualified millennials the best option may be for them to start a business.
The freedom-seeking Millennials (19 – 30 years old) have their own definition of “entrepreneurship.” based on the findings of a survey conducted by oDesk.
The survey found that being “an entrepreneur” is defined today as someone who has a certain mindset, according to 90% of the professionals surveyed (versus only 10% who chose “someone who starts a company”). When asked to define an entrepreneur, aspects of this mindset mentioned included being a “self-starter,” “risk-taker,” “visionary,” and someone who “spots opportunity.”
The Millennials entered the workforce during the Information age ( some have called the entrepreneur age), the Industrial age is dead, and the barriers of the Industrial Age work environment simply don’t make sense for businesses that want to get more work done, or for workers who are demanding more freedom. No one today wants to be confined to a cubicle”.
By 2025, the millennials will make up 75% of the global workforce and their independent-thinking and entrepreneurial mindset is going to change the future of the workplace.
Unlike their baby boomer parents, the millennials, feel no sense of “job security”, by working a corporate, 9-5 job. But instead they since a greater feeling of security and more important to them, freedom, freelancing for multiple sources working wherever they want, whenever they want.
It is important to start your day with positive, inspirational and motivational thoughts and ideas for you to excel, that has become easier because you can get an App to help you with that.
Don’t Underestimate the Influence of the Millenial Generation
The Millennials, a generation consisting of individuals born between 1977 and 2000, are currently aging into their peak earning and spending years, it is important for businesses to learn how to market to this powerful demographic, Who also have purchasing influence with their parents.
Millennials have a in-depth knowledge of social, local, and mobile technologies, they only know about phones being pluged into a wall from watching old TV shows or movies, the whole idea just seems so last century to them. They are considered to be experts in social media and new technology despite a lack of “formal training”.
To understand how to market to Millennials, businesses must understand that they value.
Millennials value the thoughts and opinions of their peers. Having that endorsement from a friend ranks high in importance when asking for advice on a new product and/or service. Millennials are able to reach out to their peers and have a discussion instantly ( since over 60% of them have smart phones now ) text or social media.
Millennials have more friends on social networking sites than other generations. They tend to rely more on blogs and social media sites for news and information. Because Millennials are so actively involved in social media, they expect brands to have appropriate levels of interaction and presence. Millennials are also more inclined to voice their opinions online, whether it be to rave about that new restaurant or product or complain, and with all those friends increases the chances of going viral.
With new technology, Millennials are much more likely to be early adopters. This generation grew up in a world of rapidly developing technology. Millennials are less concerned with the old adage of “If it isn’t broke, don’t fix it.” Instead, Millennials welcome the latest version of the IPhone even if their current version is functioning just fine. Similarly, Millennials have a social conscience and the desire to affect the world around them. More often than not, when a brand makes an authentic and transparent effort to support a cause that aligns with their values, Millennials will support the brand.
It is apparent if you want to gain the market share of the influential Millennial generation a website presence is not enough. You need to be blogging, and not only have a presence on social media networks but be interacting on social media as part of your Marketing Strategy, if you want to earn their business.