Despite the fact that each previous generation trumpets the notion that most of the available business opportunities have probably already been exploited by their members, the latest generation, millennials, have managed to carve a niche for themselves by predicating much of their later career on being an entrepreneur.
3 key traits of a new generation of businessmen
So the news that there are a ton of baby boomers that own their own business and are getting ready to retire has been taken by some to mean that millennials may start to make an even larger move towards financial independence by running their own businesses.
Here are some ways that millennials are starting to trend as a new generation of businessperson:
1. Learning to use Big Data
Not too many people thought that Donald Trump had a chance at Presidency. Part of his comeback definitely had to do with his big data vendor in England.
As a tool in elections, Big Data can certainly be a resource that allows you to create superior decisions.
It is also currently used elsewhere in business to help populate models like stock analysis or decision making.
Millennials have turned big data companies into cutting edge consulting firms that can help your business figure out the best way to advance because they have the latest data and know how to use it.
2. Not replacing Boomers
Curiously, there are those that believe that some of the businesses that were run by the Baby Boomer generation will just shut their doors when their owners decide to retire.
The reason for that is twofold.
First, there are not enough Millennials to fill the gaps that the retirement of the Boomers will leave. The second reason that Millennials is that there are some businesses that may be specific to a generation.
As an example, Boomers were very large on reviving antique furniture in the United States.
Antique shops and bazaars and malls cropped up everywhere, giving local manufacturers an opportunity to create period pieces for sale.
But once the owners got old, there were not a lot of people lined up to take over their businesses.
Part of this may be because it isn’t that appealing to Millennials.
Millennials do like to travel and visit hotels – they even created Airbnb. But there are certain businesses that appear to be trending downwards.
3. Replacing Boomers
There are some types of businesses that represent an opportunity not too tied to the generation that spawned it.
It is for that reason that there are a lot of changes going on on Main street in several towns. The majority of the changes are the older generation getting ready to retire and young people planning to take over their business.
If you are an older business owner and you would like to sell your business, it may be easier when you are in a traditional type of industry like food or travel. Of course you could also focus on technology that makes sense, like an accounting firm that features a virtual bookkeeper.
Millennials are an intriguing generation that is set to lead most older generations into the twilight of their career.
By using big data and making the right business purchasing decisions, they are finally putting their mark on the market landscape in ways that the average investor can constantly appreciate.
What do you think? What differences as do you observe as a business owner? I would love to hear your thoughts in the comments below.
For more business tips, check our entrepreneurship section and subscribe to our weekly newsletters.