Millennial magic: Doing business with millennials

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By Glenn Townes

According to a study released last year from the Bureau of Labor Statistics---ambitious millennial's---the much ballyhooed group of people born between 1980 and the early 2000's, are the fastest growing of entrepreneurs in the country---a relevant stat that makes some people grin and others grimace.

There are about 80 million millennial in the country—according to various federal and independent statistics. By 2030—less than 10 years away—millennials or Generation Y, will comprise of about 75 percent of the entire workforce. In some cases,  millennial's are viewed as self absorbed, narcissistic, immature and averse to lugubrious work.  On the flip side, others see the group as tech savvy professionals that not only created the digital age, they continue to take Artificial Intelligence (AI) and Information Technology (IT) to levels never seen before.  “Digital media has changed how young African Americans create and consume information in art, entertainment and even social justice,” said Don Lowery, senior vice president of government affairs for Nielsen Holdings—the New York City-based international provider of ratings data and consumer trends. Lowery added that millennial's are the undisputed savants when it comes to technology driven social media. “Our research shows that millennial's use social media more than anyone else---they are likely to sleep near their smart phone or I-Pad.”

Another example of how the digital divide is favoring a millennial driven entrepreneurial empire is that banks and credit unions are slowly moving away from traditional human assisted lending and funding options and opting for digital self service. Lauren Brigham, vice president of Stascom Technologies—an IT placement and consulting firm based in Lake Hopatcong, NJ said, “Millennials crave flexibility and creativity and want to make a social impact.” To that end, Brigham added that fewer millennials are going into the technology industry immediately out of college than in the past. “Many are opting to start their own businesses rather than got to work immediately after college,” she said.

Lastly, in the popular bestselling book, Marketing to Millennial's, author Jeff Fromm writes that millennials are the generation that will shape the economy for years to come. He writes, “Millennials are indispensable in every industry and with the rise of technology, millennials will be the new way forward. Millennials are the new avatar of this decade.”

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