Millennials ruined real estate, millennials ruined healthcare, they ruined education, and on top of all that, they’re lazy, entitled and sit on their phones all day. If you happened to be born after the 1980s, then you’re probably used with these tropes affecting your reputation, but the truth is that Millennials are in no way the worst generation. In fact, when it comes to business, Millennials are changing the way we work for the better and challenge outdated practices that have been holding us back for years. Focusing on the “don’t work hard, work smart” mentality, this generation is trying to distance themselves from corporate-oriented business models and create a smarter, more organic business environment.
According to a recent study, 66% of Millennials want to start their own business, and 19% of students plan on becoming entrepreneurs after finishing college. Growing up in the shadow of great innovators like Steve Jobs and Bill Gates, the generation that is now coming of age wants to transform the image of the modern workplace and do things differently. Even if this means overcoming challenges such as lack of experience, insufficient funding, high market competition and an unstable economy, most Millennials are willing to learn for mistakes and be consistent in their endeavours.
If a few decades ago businesses followed a more conventional path, the most promising start-up ideas of 2019 are fueled by the passion for tech, disruptive innovations, and creativity. Although they might not sound “corporate” in the slightest, these ideas provide an impressive ROI and can transform many industries:
1.Food and grocery delivery subscriptions
The average person spends almost an hour doing groceries, excluding the time needed to get to and from the supermarket. That accounts for more than 60 hours every year – and why waste this much time when you can use a subscription service? Millennial entrepreneurs are trying to change the way we shop, making the process smarter and faster through subscription services. Companies like Uber Eats make it possible to have food from your favourite restaurants delivered to your door, while Amazon Now allows you to schedule your grocery deliveries, so you never run out of toiletries, pet food, or cleaning supplies. Are you having trouble eating healthy? Sign up for a weekly subscription that delivers fresh, organic meals to your door three times a day! According to Hitwise, there are 5.7 million subscription box shoppers in the US alone, which makes this one of the most promising business ideas for the modern entrepreneur.
Also read, The ‘Self-Made Billionaire’ Is A Lie
2.Stocks and Forex trading
Every innovative start-up needs funds to operate, and more and more Millennials are open towards stocks and Forex trading to obtain these funds. Although these kinds of investments are associated with a more conservative image, research shows that the portrait of the modern trader is starting to change. A few decades ago, the average Forex investor was male, in his 40s, had an executive position and counted politics and economics as his hobbies. Now, the picture is more diverse. Stocks markets and Forex brokers offering CFDs are attracting young people in their early 30s, including women, who are up to date with technology and want to make money in a smart way. For many years, Millennials have avoided investments of this type because of the unstable economy, but things are now evolving. One possible reason for this is that the new generation is very tech savvy, learns quickly and knows how to self-educate. Whether it’s day trading, swing trading, or retracement, Millennials know where to seek reliable information and how to apply it.
3. Locally sourced goods
According to a 2015 Nielsen global study, three out of four Millennials are willing to pay more for a product as long as it is locally sourced and manufactured in a sustainable way. This attitude translates into proactive business practices that focus on local producers and promote the “farm-to-table” movement. This trend doesn’t just apply to food. On the contrary, more and more Millennials are becoming billionaires with start-ups that sell ethical clothing, make-up, or jewellery. The market is open towards businesses driven by social purpose and, as the interest in eco-friendly practices is expected to grow, young entrepreneurs can tap into the potential of this idea.
4. Develop innovative products based on disruptive technologies
Blockchain, Bitcoin, Fintech, AI, Big Data, electric cars, all of these are massive innovations that are disrupting the way we do business and interact with the world. And if older generations are quite sceptical towards accepting disruptive trends and investing in them, Millennials use them as fuel for their entrepreneurial dreams. Building products and services based on existing innovations, they know how to capitalize on existing market trends, forecast new trends, and develop relevant products at the right time. Here are just some startups that stood out at various competitions:
- Apeel Sciences, a food-tech startup that has created an edible coating that makes produce and fresh food last longer
- Bestmile helps companies manage and maintain fleets of autonomous cars and buses.
- Modern Meadow makes animal-free leather using a process called bio-fabrication
- Plataforma Verde, a Brazilian waste management platform on the blockchain.
When YouTube came out, most people saw it as a means of entertainment, not as a business opportunity, but now YouTube is one of the biggest online platforms for launching influencers. Whether you’re passionate about gaming, make-up, fashion, yoga, sports, or anything in between, being a YouTuber can become a viable business idea, as long as you’re willing to invest in making quality content.
Although YouTube is very competitive, it has produced a new generation of celebrities and influencers that have turned posting videos online into lucrative full-time careers. Although they started with shaky webcam videos and a handful of subscribers, famous YouTube influencers grew their communities, improved their content and used the platform has a launchpad for their careers. For example, British beauty vlogger Zoella now owns a popular beauty line and has a net worth of £2.5 million. Michael Stevens, more commonly known as Vsauce, went from making informational science videos to collaborating with Adam Savage from MythBusters.
6.Yoga and wellness
The modern human spends more time at work than ever before, and it has never been harder to achieve work-life balance. In the vicious circle of work and commuting, a yoga session can be the only thing keeping you afloat, and figures show Millennials are really taking an interest in mindfulness. One recent study shows that more than 20 million Americans do yoga every day, and the demand for professional courses is increasing. And this isn’t the only trending practice. Meditation apps, fitness, massage therapy, and aromatherapy are also part of the mindfulness movement and Millennials are ready to invest in it. New figures released by the Global wellness Institute reveal that the wellness industry is now valued at a whopping $4.2 trillion globally, which makes this a great business idea for the new generation of entrepreneurs.
Positioning yourself in a lucrative field that you are passionate about is the first step towards a successful career, but remember that along the way, you’ll have to challenge yourself, hire great partners, learn to manage risks and set a proactive company culture.