Digital innovation is increasingly changing the way people do business and this is what millennials have to cope with in running different businesses to be in line with today’s demands.
Those born between 1981 and 1996 belong to the generation known as Millennials. This demographic cohort emerged in an era characterized by rapid and radical changes, including the evolution of family dynamics towards more extended models, the pervasive spread of computers, the advent of wireless technology and the rise of full-time employment among women.
Millennials show a strong interest in social media, using it as a tool to stay abreast of current trends. Their knowledge of communication and promotion businesses makes them particularly selective about the messages they receive, favoring those that are visually and textually appealing.
The vast majority of Millennials connect online mainly via mobile devices. Consequently, they are particularly sensitive to short and creative communications. This generation is accustomed to multitasking, often surfing social media while watching television. Consequently, capturing their attention requires a careful approach to their communication preferences.
The current entrepreneurial landscape offers a more favorable environment than in the past, characterized by greater accessibility to capital and the skills needed to start a business.
The digital innovation has led into a revolution in the working environment. What used to be static offices equipped with desktop computers, desk phones, paper files, printers and meeting rooms is gradually giving way to a multi-device ecosystem. Smartphones, tablets and notebooks, wirelessly interconnected, have emerged as central tools for accessing data, applications and video conferencing solutions hosted in the cloud.
Enterprises are now having to redefine their processes to take full advantage of a more dynamic and flexible working environment. This restructuring has become a crucial element of the broader digital business transformation. A key aspect of this transformation is the ability of companies to adapt to mobility. The idea of being able to be productive anytime, anywhere, using a diverse range of devices, is increasingly becoming a defining characteristic of the new workforce.
Today, starting up a business is certainly less demanding than in the past, thanks to greater accessibility to capital and the necessary skills. The working environment is undergoing a radical transformation: the traditional office with desktop computers, fixed telephones, cabinets, printers, copiers and static meeting rooms is giving way to a more dynamic and flexible environment.
Millennials distinguish their way of doing business from other generations, such as generation X. In fact, they represent a generation with high expectations of the customer experience, showing a strong propensity to pay more to get it. They demand innovative products and services that meet their needs and values.
Compared to generation X, millennials are more oriented towards the entire shopping experience and show preference for transparent brands that share their values.
Millennials has revolutionized the business landscape by introducing significant innovations compared to previous generations.
Firstly, millennials have embraced digital technology fully, integrating it into all aspects of their business activities. Active use of online platforms for communication, marketing, sales and business management, taking full advantage of the opportunities offered by e-commerce, social media and mobile technology.
In addition, they are characterized by their propensity for innovation and creativity. They are inclined to think unconventionally and adopt original approaches in running their companies, constantly pushing for new business models and innovative solutions.
Flexibility and adaptability are further distinguishing characteristics of millennials in the business world. They are able to adapt quickly to new challenges and opportunities and are more likely to experiment with new ideas and strategies.
One of the most obvious peculiarities of millennials is their orientation towards the social and environmental impact of their business activities. They are motivated by the desire to generate a positive impact on society and the environment through their businesses by adopting sustainable and responsible practices.
Finally, millennials favor collaboration and sharing of resources. They are inclined to work in teams and establish partnerships with other companies and organizations in order to achieve common goals, rather than competing directly. This collaborative approach reflects their inclusive vision and willingness to build long-lasting relationships in the business world.
Focus on customer needs: Focusing on customer needs enables concrete results in terms of customer engagement and, consequently, competitive advantage.
Empowerment of human resources: Spreading a strong digital culture and promoting a digitally-oriented mindset among employees enables them to deal with change more effectively.
Considering incremental change: Addressing digitization in small steps avoids the risk of destabilizing the organization and makes the company more agile and responsive.
Collaborations and partnerships: Collaborating with other companies, start-ups, universities or research organizations encourages the development of innovative solutions through the exchange of knowledge and resources.
Investment in training and personal development: Investing in continuous training and professional development of employees helps to cultivate a skilled and adaptable workforce, ready to face the challenges of digital innovation.
A key aspect is fostering a corporate culture that encourages innovation and experimentation, valuing bold ideas and trying out new approaches without fear of failure.
The ability to adapt quickly to change and capitalize on new opportunities is crucial for young people’s businesses in an increasingly digitized world.
For millennials, as for the next generation of entrepreneurs, it is necessary to have the right preparation and training: check out our Masters in HR, Leadership and Talent Manager and our full Master offer for more detailed information.
