Millennials are six times more likely than baby boomers to set up shop for themselves, according to a new survey. And, sorry, Mom and Dad, their new role model is none other than Facebook CEO Mark Zuckerberg.
In an effort to understand the future of work, GoDaddy and Morar Consulting surveyed 7,291 professionals in the United States, Australia, Brazil, Canada, China, Hong King, India, Mexico, Singapore, Turkey and the United Kingdom.
6. Investors and The Rule of Rocks
Shark Tank has done a lot to raise the level of wishful thinking in America. Many people believe that if you find the right ten slides, or the perfect 30 seconds, you’ll be able to extend your hand and a check will float from the ether and drop into the palm of your hand.
Oh, that this were true.
Media consumption habits of the younger generation are increasingly relevant to marketers as Gen Zers begin to overtake millennials as the demo du jour. In its annual Acumen Report, Defy Media studies how Gen Z and millennials consume media.
“While last year’s report revealed YouTube’s clear reign over TV and the rising influence of digital stars, this year we expand the view to their full video diet and preferred ad formats,” said Defy Media marketing evp Andy Tu. “The results prove younger audiences’ increasing appetite for video that’s satisfying a diverse set of needs, and the importance of understanding preferences or risk being easily tuned out.”
4. Minimum Viable Products Can Be Missing Valuable Pieces
Fail fast. Fail forward. Nice, glib encouragements that old farts will give you from the security of their wealth and comfort. Use lean start up techniques to consolidate your ideas into a minimum viable product (MVP) that you can get in front of the market to see if there’s interest. Use the least amount of effort and treasure to see if there are buyers. Once you get a spark, pivot toward a business model that you can monetize by adding costly but more unique aspects to your product or app.
It makes sense. Think of your start-up effort as more of a lab than a business. You’re experimenting more than launching and using the results to fine tune the next moves toward the market. If you’ve done everything properly, even your failures will teach you something as you assemble the information you need to identify your ideal customers and build the product they want to buy.
1. You’re not going to win the pitch contest – even if you win it
Shark Tank is great entertainment. It’s the perfect reality TV format. Entrepreneurs, fresh with enthusiasm and ideas vs. hostile moneyed elites tearing their dreams asunder for the entertainment of the viewing audience. America loves a good fight, and Shark Tank delivers the humiliation and put downs that make great television. But the link between it and actual reality is tenuous at best.
“But there are winners,” you protest, “Checks get written.”
Do they? We had the privilege of participating in an event where some of the contestants of Shark Tank came out to meet the faithful who were dreaming of following in their footsteps.
According to Wetzel, Marriott has misunderstood its target demographic. He claims that it’s been short-changed by designers who have sold it the myth that Millennials are “antisocial losers.” He signs off his blog post with a solemn request to his beloved hotel chain, “Save Our Desks.”
For serial entrepreneur Stacey Ferreira, 23, the Millennial generation is best defined by this Napoleon Hill quote: “If you’re not learning while you’re earning, you’re cheating yourself out of the better portion of your compensation.”
More than anything else, she says, Millennials are seekers of purpose.
Ferreira, who heads up the digital advertising agency AdMoar, took the stage Thursday morning at Inc.’s annual Women’s Summit in New York City along with Rodney Williams (31), co-founder and CEO of Lisnr, SOLS co-founder Kegan Schouwenburg (29), and Inc. senior editor Christine Lagorio to discuss what really defines this generation at large.
Accounting for as many as 80 million people between the ages of 18 and 34–and an estimated $200 billion in U.S. spending power–Millennials are clearly a valuable demographic to businesses and employers.