Now that we’re more than halfway through 2018, we’re curious about how the year has been treating entrepreneurs especially those that are millennials.
This March, JPMorgan Chase surveyed leaders of small and midsize businesses to create a snapshot for Chase for Business of today’s current business environment.
The Business Leaders Outlook 2018 study included an infographic that examined how millennial-led businesses are faring in the current economic climate. Do these business owners have a negative or positive outlook when it comes to their companies? As it turns out, millennial ‘treps see the glass as half full — possibly more than half full, even — when it comes to their startups. Let’s take a moment to explore what attributes are paving the way for this kind of behavior.
1. Excitement for their own company.
84 percent of millennial-led businesses are over the moon for their small business — and that in itself is pretty awesome. While it’s great to be passionate about the products and services your business offers its market, much of the enthusiasm stems to other aspects of their companies too. While 54 percent admit that growing sales and revenue still remains challenging, 82 percent of millennial-led businesses anticipate an increase in profits within the next 12 months. 72 percent of the majority of small business owners say that they have always wanted to run their own business and millennials are a part of that community now.
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2. The positive effects of social media.
For all of the trolls and negativity social media platforms tend to generate, millennials are choosing to see the glass as half full. 65 percent of millennial business leaders revealed in the infographic that social media has had a positive effect on their company. Positive word of mouth and the ability to reach and engage with wider audiences has been extremely beneficial to millennial ‘treps at all stages of business. They are also more likely than boomers to invest in marketing their companies (25 percent to the boomer 10 percent) and at a whopping 78 percent seek out new technology on a regular basis to manage their business.
3. Growth of the business and ability to give back.
One of the greatest challenges facing most small business owners today is finding and retaining great talent. 42 percent of millennial business owners also express concern in this department, but are not letting it keep them from seeking out and hiring new employees that are a fit for their companies. In 2018, 63 percent of millennials who run businesses will continue to keep hiring new talent to join them with 61 percent increasing employee compensation. (Not a bad retention move!)
As if this isn’t positive enough news, millennials are also making good on their overall mission. 55 percent are prioritizing working with vendors that give back to the community. Not only is this good news for the local economy, it’s also exciting to see companies align themselves with other like-minded individuals and businesses that share the same values that they do. This has a nice domino effect on the business’ longevity in that it continues to draw talented, passionate employees to the company, customers who hear great things about the business in the news and online spaces, and helps to increase revenue across the board.