NC – Millennials are the cohort born around 1980 – and as entrepreneurs they are really shaking things up.
This emerging business segment is characterized by their increasing use of technology to remain constantly connected, to seek information, and to share data for online business purchasing.
“For an estimated 78 percent of Gen Y or Millennial entrepreneurs, starting a business is a way to chart their own course – and with an adept use of technology, it gives them an edge,” says Sarah Adams, vice-president of small business at RBC. “However, some do struggle with building customer relationships and it is these human interactions that are often the key to growing a client base.”
With that in mind, Adams is offering some guidance for Millennial small business owners:
Join a professional association: These organizations provide an opportunity for engagement and increased access to industry networks.
Seek both digital and traditional advice: Digital channels are efficient, but asking for advice from experienced sources like market and financial experts can also deliver timely, relevant and meaningful information. Ask for feedback on your ideas and perspectives and invest time in a mentor.
Sell yourself: Given the number of channels including websites, social media and blogs, it is important to define your marketing plan ahead of time. Know what will differentiate you and your business.
Additional advice is available at www.rbcroyalbank.com/business/.