Advertising
Advertising

4 Ways Millennial Entrepreneurs are Displacing Start-Up Norms

4 Ways Millennial Entrepreneurs are Displacing Start-Up Norms

So, you’re a millennial. Odds are, you’ve heard the stereotypes: millennials are “narcissistic,” “lazy,” and “self entitled.” The accuracy of these broad assessments – or lack thereof – is a conversation for a different day. What doesn’t get as much coverage in the press, though, and what we’re here to talk about today, is a different type of phenomena.

Millennials are entrepreneurial. In fact, they aren’t just startup-minded in the classical sense of older generations. Instead, they are approaching the prospect of business ownership in new and exciting ways, rethinking the way things have been done in the past.

Advertising

1. They Understand Flexible Work Locations

Millennials are refusing the norm of moving to the typical ‘hot cities’ to grow their startup. The train of thought used to be that you had to be in Silicon Valley, New York City, or other similar tech hubs in order to advance your startup. What Millennials are coming to realize is that, especially in the internet age, a business can be run from anywhere. We’ve found this especially true, running an app development agency where we’ve only met about 80% of our clients in person. The landscape of modern business is much different than previous generations found it to be.

2. They Think Small to Get Big

Not only this, but millennials embrace small towns. Millennials are interested in making a name for themselves and their businesses, and understand that a small city is a great place to do this. They recognize that it isn’t always beneficial to be a small fish among a pool of sharks. Instead, why not be a small fish among other small fish in a stable and startup-friendly city where the inhabitants pool resources to support local growth?

Advertising

Odds aren’t great that there will ever be another name as recognizable as Michael Dell in Austin, Texas; but, you may be able to become the Dell-equivalent success story of small but beautiful Greenville, South Carolina.

3. They Cut Costs in Creative Ways

Millennials are students of the “lean startup” methodology, where you prove your concept and bring in revenue before scaling up your costs. They are okay with bootstrapping. Aside from paying for their monstrous student loans, millennials that are business owners pay themselves just enough to get by and invest in advancing their companies instead. Not only this, but millennials cut costs in creative ways.

Advertising

An abundance of stories are shared where startup teams live in shared houses in order to combine rent and office space costs. Bootstrapping takes sacrifice but long-term vision and a desire to change the world trumps temporary living conditions. Our company, Designli.co, pulled out all the stops – including a shared house turned home-office – to bootstrap our way to cash flow, and this is not as unusual as you may think. Imagine grouping five guys’ living expenses, as well as working space, into a single monthly payment; it makes sense, right?

4. They Stay Lean

Modern company structures have even changed. Gone are the days of desiring to hire as many employees as possible. Millennials are creating platforms rather than bureaucracies. This is why companies led by millennials have the ability to scale to a near-infinite level. Companies like Uber are now the ones that reign supreme in the minds of aspiring entrepreneurs, where a company’s infrastructure can be a single app rather than tens of thousands of employed drivers. Millennials create consumer-facing apps and website platforms rather than brick and mortars.

Advertising

Have you noticed other ways in which millennials are approaching business ownership in different ways? We’d love to hear from you. You can also tweet at us @LifeHackOrg to send in your thoughts.

Featured photo credit: Neat office Desk With Book, Pen And Glasses Case / Ed Gregory via stokpic.com

Advertising

More by this author

Keith Shields

CEO, Designli

woman-on-computer-startup 5 Common Habits of Effective Startup CEOs 10 Signs That You Should be An Entrepreneur and Start Your Own Company Have An App Idea? Here’s Where to Start 4 Ways Millennial Entrepreneurs are Displacing Start-Up Norms

Trending in Work

1 How To Stay Motivated As You Build Your Business 2 23 Tips for New Entrepreneurs to Get Your Business Underway 3 20 All-Time Best Entrepreneur Books to Make Your Business Successful 4 Why Mentoring Matters: A Guide on a Stellar Example for Employees 5 7 Effective Ways To Motivate Employees in 2021

Read Next

Advertising
Advertising
Advertising

Last Updated on May 23, 2021

10 Best Free Job Apps You Need For Effective Job Hunting

10 Best Free Job Apps You Need For Effective Job Hunting

Seeking for the right job but not sure how to do it in a more effective way?

Try job search apps!

To make the job hunting process easier, I’m recommending 10 best job apps that can help you look for the right match anywhere at any time. The best of all? They’re all free!

1. jobandtalent

jobandtalent

    Great for browsing new jobs as you commute home via subway, bus or carpool, the jobandtalent app is like a Pinterest for job seekers.

    Easily browse, save and revisit job postings from your smartphone and receive notifications about jobs that match your professional qualifications.

    Download it for iOS and Android.

    Advertising

    2. Jobr

    jobr

      This job hunting app is unique in that it lets you anonymously browse job listings based on your professional resume. If a company that you like also shows an interest in you, the app let’s you chat directly with a company rep. Great for getting your foot in the door and making a memorable impression.

      Download it for iOS.

      3. Monster Job Search

      monster job search

        I’m a big fan of Monster. It’s one of the first job sites employers think of when they want to list a new position online. The Monster Job Search app functions pretty similarly to the normal website, so it’s very easy to use for not-so-tech-savvy job hunters.

        Download it for iOS and Android.

        4. Jobs and Career Search

        Advertising

        job and career search

          This is a good, simple app for browsing global locations for your next job. With a job index of more than 50,000 jobs listed globally, this app is a good choice if you are moving to a new area and want to line a new job up quickly.

          Download it for iOS.

          5. Hyper Networking Groups

          hyper networking groups

            This job hunting app isn’t so much a job hunting app as it is a connections hunting app. It’s great for learning who’s who in your desired field and forming connections. It also shows you how you and your industry connections are connected via your social networks, so you can follow up with them on your other social sites.

            Download it for iOS.

            6. CardDrop

            CardDrop

              CardDrop is an awesome job hunting app that let’s you digitally drop and pick up virtual business cards. This app is great for helping you make new connections at seminars, interviews, meetings and conferences. You can also attach social media profiles to the cards you pick up or send to enable easier connecting on social networks.

              Advertising

              Download it for Android and iOS.

              7. Job Interview Questions

              interview questions both

                Okay, so this app looks kind of outdated, but it’s super useful for getting you into the swing of answering any kind of interview question that is thrown your way. The big benefit of using this app is that it explains to you what your interviewers motivations might be for asking you a specific kind of question. Learn what your interviewer is looking for in your answers and be more prepared for the real interview when the time comes.

                Download it for Android.

                8. 101 Interview Questions and Answers

                101 both

                  This app is great because it provides guidance about the kinds of answers you should give for each kind of question. Think of it as an essay rubric but for job interview questions.

                  Download it for Android.

                  Advertising

                  9. Job Interview Question-Answer

                  q and a

                    Feeling confident with your text-answered interview questions but concerned about doing the face-to-face interview? This app prepares you for interacting with your interviewer by simulating an employer asking you questions.

                    You can record your response and see what you look like to the interviewer to understand what movements, vocal pauses, etc. you need to work on.

                    Download this app for iOS and Android.

                    10. HireVue

                    hirevue

                      HireVue is a great job hunting app for those times when your interviewer wants to get some preliminary questions out of the way.

                      When an interested employer wants to interview you, they send you a request via HireVue and you can answer it in your free time, when you’re ready. Your interview might consist of a some FaceTime, some multiple choice questions or open-ended text answers and can be completed and sent to the interviewer when you’re finish.

                      Advertising

                      Download it for Android and iOS.

                      Featured photo credit: Yura Fresh via unsplash.com

                      Read Next