Current Entrepreneurship Articles of Interest
"17 Things You Need to Learn About Tomorrow's Customers"*
In the age of consumption, there is a new consumer market emerging with needs and wants - the millennials! A report released by Goldman Sachs reveals potential opportunities in demographic shifts for America's generation born between 1980 and 2000.
Take notes, entrepreneurs!
1. Demographics are destiny, sort of.
They are the largest generation in numbers: 92 million.
2. Multigenerational living.
They are living at home with their parents for longer than any other generation in history.
3. Less money, at least for now.
Higher unemployment and faced with higher student debt.
4. They're getting married later.
5. They're having kids later.
6. They don't really care about luxury.
7. They value ownership...
93% of millennials in the report want to own a home eventually.
7a. ...But they're still renting.
8. They don't care about cars.
60% of millennials expressed no interest in buying a car.
9. They are digital natives.
Born in a technologically advancing era, their affinity for technology is unparalleled.
10. Health and wellness matter.
They value an active and balanced lifestyle.
11. Millennials don't like smoking and drinking.
12. They care most about value.
Price is the most important factor when they shop.
13. Think about their parents.
14. Think about their older siblings.
Older siblings to millennials, are most likely Generation X-ers, with some discretionary income.
15. Think about the straddle generations.
Nevertheless, the majority of Americans are represented by Baby Boomers and Generation X-ers, who also presents opportunities for entrepreneurs.
16. Consider the sharing economy.
Consider taxi companies like Uber, the millennials value effectiveness and sharing of resources.
17. Focus on experiences over things.
*Murphy Jr., Bill. "17 Things You Need to Learn About Tomorrow's Customers." Inc.com. March. 2015.
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5 Personality 'Flaws' That Are Entrepreneurial Gold
In this article, John Rampton puts an interesting twist on common "personality flaws" that may, in turn, be the building blocks of success for entrepreneurs. Employee characteristics that may be sought after in the corporate world differ from what it takes to be a founder of a start-up. To found a business you must be driven, robust, dedicated, observant, and instinctual. Rampton is not suggesting that abhorrent qualities be mistaken for entrepreneurial precursors of success, but rather he is encouraging shifts in perspective to see certain qualities in a different light.
1. One track mind
Obsessive and overachiever ring a bell? Sure, they might be said with negative connotation but ask any successful entrepreneur what got them to the top and they will tell you it is their underlying drive, or obsession, and need to succeed.
2. Problems with authority
Maybe it is your career and not your personality, the greatest entrepreneurs tend to be robust in nature.
3. A sense of failed relationships. Or none at all.
Really it is not that you can't commit, it's that you are in love with your entrepreneurial success, what is going to get you ahead - and there is nothing wrong with that.
4. You're an introvert-hermit-recluse.
No you are not painfully shy or anti-social, actually you are a highly skilled observer and exceptionally detail-oriented; all necessary characteristics of an entrepreneur.
5. You're arrogant.
At onset of your entrepreneurial venture, the one person that has to believe in your project is you. If you want your start-up to get off the ground, humility won't work in your favor.
Rampton, John. "5 Personality 'Flaws' That Are Entrepreneurial Gold." Entrepreneur.com. March. 2015.
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