Doing Business with Millennials, A Smart Move, According to New Study

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MillsAccording to a recently released study from the Bureau of Labor Statistics—millennials–the much ballyhooed group of people born between 1980 and the early 2000s, are the fastest growing of entrepreneurs in the country—a stat that makes some people grin and others grimace.
    
There are about 80 million millennials in the U.S. today—according to various federal statistics. By 2030—just 14 short years away–millennials, or Generation Y, will comprise of about 75 percent of the entire workforce. On the flip side, some millennials are viewed as self-absorbed and narcissistic and perhaps, immature. However, others see the group as tech savvy professionals that not only created the digital age, but are taking it to never seen before levels.
    
“We believe the millennials’ behavior pattern is going to become the dominant behavior pattern for everybody in the era of digital media,” said Van L. Baker, a researcher at Gartner Inc., in Stamford, CT. The research and technology company, among other things, tracks trends and analysis data in the IT industry.  Baker, and others contend doing business and forming strategic alliances with millennials is, perhaps, a wise investment for mid career and seasoned entrepreneurs—especially since it’s all about technology. “Digital media has changed how young African Americans create and consume information in art, entertainment and even social justice,” said Don Lowery, senior vice president of government affairs for Nielsen—the New York City-based international provider of ratings data and consumer trends. Lowery added that many millennials are savants when it comes to technology and social media. “Our research shows that millennials use social media more frequently and are more likely to sleep near their smart phones,” he added.     
    
Another example of how the digital divide is favoring a millennial driven entrepreneurial empire, is the fact that banks are moving away from traditional human assisted lending and funding options and moving toward digital self service. “Millennials crave flexibility and creativity and want to make a social impact in the world with their business,” said Lauren Engelhardt, vice president of Stascom Technologies, a New Jersey based IT placement and consulting firm. She added that fewer millennials are going into technology right out of college than in the past. “Some are opting to start their own businesses rather than go to work immediately after college,” she said.
    
Finally, in the book, Marketing to Millennials, author Jeff Fromm writes that the millennial generation is the generation that will shape the economy for years to come, so forming business alliances with millenials and establishing business models with their input and expertise makes good business sense. He writes, “Millennials are indispensable in every industry and with the rise of technology, millennials will be the new way forward. Millennials are the new avatar of this decade.”