Your Kids: The Next-Generation Business Tycoon

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“Entrepreneurship is in their DNA” says a report by the marketing firm Sparks & Honey about the new generation of teens and young adults, known as iGen or Generation Z.

 

A Bentley University survey on the other hand found that 66 percent of young people want to start their own business.

 

As the Millennials pave the way for iGen to grow and make an impact, the business world is starting to see increased changes brought on by these generations. They have already surpassed Generation X and Baby Boomers to become the biggest presence in the workforce today.

 

So what impact have they exactly made? Here are a few key ways iGen and Millennials are shaping today’s business world.

 

They’ve made social media even bigger than it ever was before.

iGen and Millennials were the generations to significantly rely on social media. You will almost never see them without their phone in their hand or sitting on the table in front of them. As a result, social media is now bigger than ever before not only for social purposes but for business as well.

 

Social media marketing has in itself become one of the most influential ways to promote virtually any business, product or service. This style of marketing has been dubbed “influencer marketing,” and has become a very cost-effective way to reach millions of people in a more personal and organic way than the traditional style of marketing.

 

They are consuming products differently

iGen and Millennials are not just shaping the way businesses operate, they are shaping the landscape of consumers as well. They no longer want to wait in crowded lines to get food, clothes or toiletries, and why should they? With booming tech industry and multiple different app options, it is easier than ever to get things delivered right to your door with the click of a button.

 

As iGen and Millennials become some of the major spenders in our market today, companies are always finding ways to ultimately meet the needs of these tech-savvy consumers.

 

They have changed the customer service industry.

iGen and Millennials will not wait in lines. They will not stay on hold, and punch their way through 5-6 prompts. The only time they want to speak with a live person is after their own self-service efforts have totally failed. And if those efforts have failed, businesses can expect to be shamed all over social media.

 

With the current social media culture, consumers demand a quick response from the businesses they interact with. This means having a social media and customer service team available pretty much around 24 hours a day, 7 days a week. If a customer publicly tweets a complaint to a business and it goes unaddressed, the whole world can see it and add their own commentary. Because of this, businesses have had no choice but to become more transparent and accessible.

 

They learned how to start a business with little to no startup costs.

iGen and Millennials believe that being an entrepreneur doesn’t mean you have to invent something new. You just need to find a way to solve a need in the economy and make money while doing it.

 

Thanks to websites like eBay, hosting sites like Squarespace, and even Instagram, selling items online and taking orders for services has become easier than ever. For example, a startup company could start a lucrative business for the cost of the materials needed and website hosting costs. Even processing payments can be done at the click of a button with services like Paypal.

 

Many prolific Instagramming millennials have even established a hoard of followers based on their personal niches or styles. Whether that be outfit ideas, photography, recipe ideas or restaurant recommendations, they have leveraged their numbers for sponsored posts, essentially turning themselves into a brand.

 

They have changed the way we work.

iGen and Millennials demand flexibility and work-life balance. Many of them are steering away from the traditional 9-5 jobs, more companies are getting used to the idea of flexible hours, work-from-home jobs and telecommuting. Many of them are also moving towards freelance work, since creating their own schedule is extremely appealing. The result is allowing many young workers to balance their time for growing both families and careers.

 

They are demanding a sense of purpose in the workplace.

iGen and Millennials are looking for a sense of purpose with their jobs. They want a job where they have a sound, meaningful purpose and work for a company that is actually advancing the wellbeing of our society in new and innovative ways. This has become very important for companies who are looking to recruit future talents and retaining them and is challenging them to stand by their mission, and ensure that their employees are connected to the purpose and passion that the organization must promote in order to keep iGen and Millennials happy.

 

Philippine Business School invites the budding entrepreneurs to join our Millennials Business Tycoon program where we hone your observation skills, tap into your talents, and unlock your creativity to identify problems and solutions. This innovative and immersive leadership-training program for youth in the marketplace today prepares the youth to be successful in a business environment and provides them with role models and resources to be successful. Our mission is to expose youth to business theory and principles through our experiential learning model. If you are in your teens, and the thought of entrepreneurship has entered your mind more than once, don’t write it off as a pipe dream. Join our Millennials Business Tycoon program, explore your ideas and make the most of your youth by pouring your energy into a business.

 

“You’re never too young to learn the lessons of entrepreneurship.” – affirmed Philippine Business School CEO Christine Filomeno, during the recent Kids Business Tycoon program.

 

Philippine Business School believes in the world-class potential of each Filipino as global business leaders of tomorrow. Connect with their office at Ibis One Central Building with telephone nos.+971 4 5232488. For more information visit their website at www.phbusinessschool.com.

 

 

 

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