Benefits that new companies can accrue from using coworking spaces written.August 8, 2016
How to connect to the millennial generation written by: professorherbert
As the older Baby Boomers’ generation tires and retires every day, the millennial generation is slowly becoming a pivotal point in the economic growth and success of our nation. The focus is steadily shifting from the older generation and the millennial generation is becoming the reference point. Who exactly are the Millennials and why are they that important to the nation?
The millennial generation
, is the group of people born around the dawn of the new millennium, hence the name. These are people born between 1980 and 2002. They were born in the wake of computers and technologies and this has greatly influenced their ideologies and way of life. They are the largest generation in the USA and are poised to potentially become the wealthiest generation of all time. It’s a generation entering its prime spending span of life making it a target for various brands and the job industry. Understanding the needs and preferences of this generation, is therefore important in order to ensure a smooth transition in the global workforce and a large consumer base for the various products and services.
How the Millennial Generation works
The millennial generation is very different from its predecessor. Technology is an integral part of their day to day living. It’s baked into every Millennal’s DNA. Social media is their favorite hub to get and share information. Their high affinity for technology and social media is slowly reshaping how we do even the most basic of things like shopping.
They are literally infusing technology to every aspect of life. Late marriages and self-employment are just but a few trends that are easily noticeable in this generation.
From mobile applications to TV remotes, they are looking to make work easier and more enjoyable than their more reserved predecessors
Their love for convenience and technology is pushing brand marketers to set up online stores and social media marketing strategies just to cope with them. It’s easier for this generation to make an order online and sit in the house doing something else while waiting for the delivery, than going out to the store to purchase the same item.
Their perspective of work and employment is different as well. Unlike their predecessors who worked in organizations with very large corporate hierarchies, they are a more teamwork based generation and prefer flat management structures. This explains their love for self- employment.
Establishing a Connection with the Millennials
For different brands to succeed, they need to properly establish and connect with the Millennial Generation. They are the largest spending group of people making them a target by various brands. The Millennial Generation however, is highly skeptical and it takes great knowledge and understanding by the brand ambassadors and marketers to successfully connect with these people.
Statistics in America show that a staggering 92% of Millennials are likely to love a product based on their friends’ thoughts rather than the information provided by the advertiser!
One characteristic of this generation that makes it tedious to connect with this smart generation is their herd mentality. They are also more likely to click and check out a product on their friends’ Facebook timelines rather than click on official sponsored links. It therefore calls for brands and their ambassadors to plan and produce fun, engaging and entertaining content that the Millennials can readily share.
Millennials and entrepreneurship
Millennials are not only potential customers and consumers of various products and services but also the best group of entrepreneurs
. Statistics show that there is almost thrice as many new business ideas injected into the market today by this creative generation compared to those of their predecessors. With the help of technology, such budding entrepreneurs are managing bigger staff and aiming for higher profits than their parents. They also tend to discover such new businesses and ventures at an early age.
The main areas of focus of the Millennials in starting new businesses and start-up are normally in technology, e-commerce, retail and investment management. The old Baby Boomers’ professional service jobs have also benefited by getting their various components and management systems integrated with technology.
One important aspect that has contributed to the massive success stories of Millennial Entrepreneurship, is their love for teamwork and coworking
Coworking among Millennials
Coworking is a new and exciting style of working that involves sharing a common working environment even if your work or job description is not in a common field. It involves sharing a common office even though you are not working for the same company or organization. This style of work suits people who enjoy working with other people with whom they share values and aspirations.
Coworking has been attributed to the great success of most start-ups by Millennials today. Actually, research shows that in the USA, start-ups developed through coworking are four times more likely to succeed than those that don’t employ coworking. The Tech community especially has greatly benefited from coworking as it makes it easier to brainstorm ideas and make needed adjustments to products.
Coworking brings together people with various talents and skills together to form a large community. The coworking community not only motivates you when you are working on a project but also acts as a mine-gold of useful information and ideas.
Coworking also helps Millennials to build networks. The fact that each individual or group is separately working on individual projects means that there is an array of opportunities and possible future businesses. Sharing ideas and business insights not only help to better the original ideas but can also result in solid and successful business partnerships. Coworking spaces are of great interests to millennials.
The importance of a good coworking space to Millennials
A good coworking space is more of a lab in which the ideas and start-ups are baked by entrepreneurs to start new businesses and products. A good coworking space like us at Sbrubble helps save money. They are far cheaper to rent than traditional corporate offices. This is important to Millennial Entrepreneurs looking to start businesses.
A coworking space further provides the perfect and conducive environment to research and steadily develop the idea. The availability of cheap internet connectivity makes it easier to do extensive research and consultation about various things.
It’s no surprise therefore, that the tech community and people of Orlando at large are flocking to Sbrubble because slowly, they are discovering how amazing the coworking space is. Coworking in Orlando is becoming popular because the locals are realizing how effective it is. It is the perfect spot for them to learn, connect and engage with others, create amazing products, share their ideas with others and inspire one another all at an affordable cost.
The rate at which coworking is growing and the love it’s getting from Millennials, I could see it replacing the traditional office set up completely.