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REPOST: The 5 Habits Millennials Have That Help Propel Their Business Success

Generation Y, also known as the millennials, comprise the vast majority of today’s workforce. But apart from being zealous careerists and highly productive workers, they are also thriving businessmen. Read this article on Entrepreneur to understand this generation’s entrepreneurial dynamics more deeply:

They love to push the envelope, ask questions and work in teams. They also consume information much more voraciously than their elders.

 

 

Millennials are in their prime now. They are the ones at the helm of the big tech companies. And their demographic has become America’s largest workforce. In fact, considering the positions they already occupy, they have arguably outperformed the generation before them.

 

Certainly millennials are greater beneficiaries of society’s advancements in technology and innovation than the generations preceding them. Yet, what they will ultimately accomplish comes down to one thing: attitude. That means the way they see the world, their beliefs and the ways in which they react and respond to circumstances.

 

This is not to say that people in other generations lack the following qualities, but millennials seem to have pushed their utilization into overdrive. So what attributes and habits do many millennials possess that have made them so successful in business? Here are a few of them.

 

  1. They have an adventurous spirit.

At least they are more adventurous than the older generations. For instance, millennials have been shown to be more frequent globe trotters than any other generation — whether that travel is for leisure or business or both.

 

According to a report by Hipmunk, 81 percent of millennials will probably add extra time to a business trip, compared to 56 percent for Gen-Xers and 46 percent for baby boomers. Also, 74 percent of millennials told Hipmunk that they opt for vacation rentals on a business trip, compared to 38 percent of Gen-Xers and 20 percent of boomers.

 

These statistics indicate that when millennials travel for business, they still try to make some time to explore their surroundings. They’re not satisfied with just passing a few nights in a hotel room and boarding the next flight home. They want to explore new cultures and people, learn new languages, get involved in activities and make new connections. From their perspective, there are other great reasons for travelling beyond having a successful business meeting.

 

In this way, millennial entrepreneurs have often picked up a thing or two about how foreign cultures do business and tackle business problems. This helps millennials gain fresh perspective and insight on how to tackle their own business problems at home.

 

  1. They love to push the envelope.

If there is one thing millennials are never satisfied with, it’s the status quo. They believe that no matter how good something is, there is always a better way to top it. Whether the goal is an amazing presentation, an office expansion or something as basic as the creation of an outstanding business card, they always thrive for excellence.

 

This is obvious in their workplace attitudes. While baby boomers are all about a steady career path, work ethic, loyalty and compensation, millennials are more concerned about personal development, creative outlets, meaningful work and immediate feedback.

 

Yes, millennials are daring and willing to take a chance on their assumptions if that promises some sort of breakthrough that will push their businesses forward. And, often, taking a chance proves fruitful.

 

  1. They always ask to know why.

A simple yes or no answer will not cut it for millennial entrepreneurs, and this makes it seem that they ask a lot of questions. They always want to investigate until they find out the reason behind the answer. Whenever they fail to secure a particular investor, retain an invaluable employee or keep their customers happy and satisfied, they ask why.

 

Smart entrepreneurs within this demographic understand the power of asking questions. They don’t hesitate to ask critical and hard-hitting queries of other successful entrepreneurs as they themselves venture into entrepreneurship. Millennial culture has proven itself effective at finding a solution that works for these young entrepreneurs’ businesses because they get smarter at the end.

 

Continue reading HERE.



Young and empowered: The rise of money smart Millennials

Millennials are in the best position to start investing. Given their age (mostly in the range between 18 and 36 years old), they have a wide investment horizon to build their portfolio and enjoy a comfortable retirement.

In most markets, and most especially in the developing world, millennials comprise the majority of the working population. They are those born in the 80s and 90s, largely considered the transition generation between the post-war industrial age and the digital information age. They are filling up companies and will soon be at the helm of most economies.

Despite being highly productive and ambitious, many young workers are still not saving up for retirement or are doing it the wrong way. They mostly focus on building a handsome career and capitalizing on the YOLO (you only live once) culture to ‘enrich’ their lives. In a way, millennials are the newbies of the financial world, so topics such as investing and retirement plans might just fly over their heads. However, with an early start and some encouragement, there is a real possibility of these young achievers becoming millionaires before they know it.

 

Image source: businessinsider.com

 

Democratizing investments

Most people, not just millennials, think that investing is something that only the wealthy can do, thinking that it requires an immense amount of money. That is one of the biggest myths in the investing world. Especially these days when investment options have gone so diverse, a person does not need a lot of money in order to start investing. There are a lot of ways to invest, and most of them are budget-friendly. What matters more is consistency, discipline, and the length of time one can stay invested.

One crucial step to financial freedom is knowing why one needs to invest in the first place. It could be for a new house or for retirement; the goal must be clear.  Furthermore, one needs to determine how long they think it will take them to reach that goal.  Those two points will help the person land possible potential investments.

 

Image source: investopedia.com

 

The power of compound interest

In investing, time is one’s best friend (or worst enemy). The earlier a person starts to invest, the more room they can work with when it comes to playing around with stocks, bonds, and other tradable securities. It also allows them more time to recover in case of poor investment decisions. In short, time helps them grow their investments strategically and effectively. This reflects in the concept known as ‘compound interest,’ which suggests that money one initially invests will grow over time, but so will the money he or she makes in the meantime. The longer the capital has to work to generate returns, the more money one will have upon reaching his or her target date, such as retirement or when he or she already plans to buy a property.

 

Image source: huffingtonpost.com

 

Millennials must think about their financial future as early as now. This will help them avoid the mistakes of the older generations and make financial independence a much more achievable reality. There are plenty of investing opportunities out there and modern tools such as the Internet provide a generous amount of information on how they can get started.



Next-gen entrepreneurs: The rise of millennial tech billionaires

Warren Buffett, arguably one of the history’s smartest investors, earned his first billion during his 50s. Virgin Group founder Sir Richard Branson became a billionaire at age 41. Talk show queen Oprah Winfrey, meanwhile, achieved the same feat at age 49. While these achievements seem extremely remarkable, millennial tech geniuses may have something more impressive to boast of. Facebook, Snapchat, and Airbnb are currently among the most popular business brands worldwide—and they were all founded by young entrepreneurs who were not yet even been born when ‘E.T. the Extra-Terrestrial’ hit the cinemas.

 

Image source: vulcanpost.com

Evan Spiegel, 26

Co-founder and CEO of Snapchat Evan Spiegel became a billionaire in 2015 at age 25, making him one of today’s youngest self-made moneybags (along with co-founder Bobby Murphy, 28). His current net worth is at US$4 billion. His app, meanwhile, has been downloaded more than 100 million times already and is valued at around US$20 billion. Snapchat allows users to send photos and videos to friends, and then the images vanish after a few seconds.

 

Image source: businesspundit.com

Mark Zuckerberg, 32

A college dropout with no background in business—and was even accused of creating an ‘improper’ website—Mark Zuckerberg is currently the sixth richest man alive and the only millennial to rank within the top 98 on Forbes’ The World’s Billionaires list. His current net worth is estimated at round US$50 billion; that is even bigger than the GDPs of many countries. Mark is the genius behind Facebook, the most dominant social media website in the world right now. Launched in 2004, the site now has more than 1.8 billion monthly active users. It has been used in a number of initiatives that go beyond simple online messaging and status updates sharing. Also a zealous philanthropist, Mark has pledged to give the majority of his wealth over the course of his life to “advancing human potential and promoting equality.”

 

 

Image source: weforum.org

Nathan Blecharczyk, 33

Another self-made billionaire, Nathan Blecharczyk is the co-founder and chief technology officer of Airbnb, an international peer-to-peer accommodation marketplace that allows people to list or rent short-term lodging in residential properties. Established in 2008, the platform is available in nearly 200 countries and has been used by more than 80 million customers. Through his company, Nathan has helped many nonprofit organizations launch initiatives to fight homelessness.

 

Apparently, many of today’s young billionaires capitalized on digital technology to build their wealth. With many day-to-day activities increasingly anchored on cloud computing, mobile applications, and artificial intelligence, young tech geniuses will continue revolutionizing many aspects of our lives and make new cultures out of them.




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