Old Bay Insurance Agency Blog
Individuals between the ages of 24 and 39 are the proud members of Generation Y or popularly known as millennials. According to Cargo, in their study, Millennials Decoded, they "are the fastest-growing segment of the Small Business Owners today." Here's how millennials are shaking things up in the business world.
Cautiously Optimistic Individuals
Millennials continue to be the most optimistic generation in terms of having a business. This positive attitude helps them to improve their financial position and increase their sales.
Being cautious is also a contributing factor to their success. A surprising misconception, millennials are not daredevils or risk-takers. Born during the Great Recession and having overbearing parents, they are careful and critical in their business ventures.
Thinking Outside The Box
Also known as digital natives, millennials are tech-savvy, multi-tasking, curious individuals who like to incorporate innovation in almost any aspect of their lives. Being innovative also increases the optimistic attitude of millennials.
Growing up with tech giants like Apple and Google, and immersed in online education and social media, they integrate new trends like having social media presence, loyalty programs, and technology like artificial intelligence and augmented reality in their small businesses.
Unlike their older counterparts, they know what other millennials want. Immersed in both previous and emerging cultures, they are powerful, essential consumers, and have an estimated spending power of $10 trillion.
Benefits And Perks
Nowadays, it is tough to hire individuals, more so maintaining them. However, millennials are changing things up by compensating their current employees and enticing future employees with benefits and perks.
Jobseekers want a job that can support their needs, benefits like 401k, paid time off, and paid medical are some ways millennials attract those jobseekers. Additionally, they want to cultivate a fun and engaging work environment by having a game room, sleeping pods, and providing free lunch to their employees.
Although they sometimes are misunderstood, millennials are changing the way we do our businesses, their attitude and mindset are very dynamic and head-on. Veteran business owners should learn the strategies and techniques of these millennial small business owners.
Millennial small business owners should protect their businesses because their future depends on it. These small business owners can get business insurance to safeguard their investment.
At Old Bay Insurance Agency, Inc, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (410) 777-5390. Get your free quote today by CLICKING HERE.