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Generation Y an Interesting Study
Gen Y are those born between 1983 and 2000. Some call them millennials, but that’s insulting to those approaching 30. They will be the most powerful generation soon, controlling most of the wealth and the performance of our economy.
Right now, the older Gen Xer’s control the wealth, but in ten years, Generation Y will be in their most productive phase. Gen Y’s are the most educated generation, mostly because their only option was to go back to school because there aren’t any jobs. Some have given less flattering names, such as the lazy generation but I have nephews and nieces in that age group and they’re anything but lazy. Our country’s future is in their hands. Hopefully, they’ve all been trained well and are ready for that business leadership role.
Mostly because of their parents, but also because of the poor employment picture, many millennials are gearing themselves for entrepreneurial business roles where they will start their own companies. Survey’s show that even in their early teens, they’re aware of their business future. Obviously this knowledge has been fed to them, and their parents are eagerly supporting their future as independent business people.
Just over half of aspiring Millennial entrepreneurs have a role model in their immediate family: 41% talked about entrepreneurship with their families growing up.
Partnering Up With the Millenials
As a progressive baby boomer, I have no problem with the younger generations leading and blazing paths because I can learn from them. I’ve never had a problem learning from the younger crowd. I understand well, how opportunities can be slim and already taken by an older generation, so I know what they’re thinking and feeling. There’s no doubt that at some point in time, I’ll be doing business with them or partnering with them.
Some will be very smart, well trained, and ambitious. I like optimistic, ambitious people so it’ll be a good match when it happens.
Here’s one typical case; a young guy in my writing class, Tal, who just launched a video production company. He’s got an excellent imagination and a strong belief in the power of video. Of course, he’s right, video is big and has huge revenue potential. However, getting it right business-wise is no easy task.
The point is, is that these young people in their 20’s have a clear vision of the digital culture. Hear them out when they make their pitch if you’re an investor. They’re telling you where the big opportunities are. They may not know specifically where the best opportunity is. That’s your job to analyze and find that golden opportunity and alter their direction, if appropriate, to capitalize on it.
Video is a vast field and it takes a variety of people to bring the creative and business elements together. Put Tal together with someone with solid business vision and you have the beginnings of something good.
I’m doing an in-depth study of Generation Y right now. Whether you’re managing your career, networking, or planning a business, you will be working with them or for them. My advice is to start thinking and being young, or risk being put out to pasture way before your time.