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Nov 23, 2016 12:55 PM EST

How the Millennial Mindset Redefines Entrepreneurship

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Who is Sebastian Kurz, the 31-year-old set to be the next Austrian Chancellor?
Millennial Mindset
Here is how adopting a millennial mindset can transform your strategies when it comes to entrepreneurship.
(Photo : Credit: WPA Pool / Pool)

Who are the millennials? The millennials are those who are not only born after 1980 or 1990, there's more to it than that. The millennials are those who are digital natives to the very core, those who have a unique, wild and fascinating mindset to create new ideas or to make an existing model a lot better.

With the complexity of today's environment, millennial entrepreneurs are able to compete with their competitors by making a good use of their unique mindset. And how do they do that?

1. "We think and operate globally. Our ventures generate millions from customers around the world, and that means running support teams and operations across multiple time zones. Sleep isn't exactly a priority around here," explains Ryan Cresswell, a co-founder of Momentum Ventures.

Not only do they refuse to sleep, they understand the value of respect building relationships with their customers. In return, this encourages customer loyalty which is a significant factor in driving success for a business.

2. "Our sales ramp-up at lightning speed because we only sell high-quality products and only to those who truly believe in the integrity of our brands. As a result, our customers come back, repeatedly, and tell their friends and families along the way," says Ben Weir.

"For us, sales ignition is the patiently engineered outcome of a community's belief in what we do."

To millennials, this means investing not in something that will increase online visibility, but rather, in a community that supports the same vision and passionate about the same thing.

3. After being able to establish communities, millennials know how to deal and acknowledge customer problems and address them effectively.

"We listened and responded. Every Wired Guitarist instrument is thoroughly inspected by a qualified technician before delivery to customers. Nearly one in every six units are rejected during inspection and are rebuilt for the customer until the product is right," says Bhogal.

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