Are you a millennial entrepreneur or small business owner? Are you optimistic about your business future? If you answered yes, you fall in line with most of your peers. Most millennials are more likely to be risk takers and are less likely to settle than your older counterparts. This week’s Trending on Thursday has more insights into this new generation of entrepreneurs, as well as tips for avoiding a summer slump and keeping up with modern technology.
Keep reading for this week’s #smallbiz news roundup and tweet us at @MarlinBusiness with how you keep productivity up during the summer.
- While they’re often seen as impatient and entitled, millennials are breaking stereotypes when it comes to starting their own businesses. According to a recent study of millennial small-business owners (SBOs), reported by Rose Leadem at Entrepreneur, millennial SBOs are in a more “committed relationship” with their businesses than older SBOs. Eighty percent of millennials surveyed said they hope to grow their businesses over many years and even pass them down to their children. However, only 66 percent of older SBOs said they share this goal. Millennial entrepreneurs also characterized themselves as risk-takers and believe they have a bright a future.
- What should entrepreneurs do about plunging productivity during the summer months – either their own or that of their staff? While it’s a natural instinct to want to take a breather during the holiday season, taking the accelerator off too dramatically could cause long-term problems – and a range of research suggests that’s exactly what happens. Some 43 percent of firms said they suffered because they had fewer staff available than at other times of year, while 29 percent said their employees tended to slip into holiday mode over the course of the summer.
- Are you moving to a new office space this summer? Or maybe you’re just starting to think about it? Whether your business is headed down the block or across town, a poorly managed office relocation can quickly spiral into a huge headache for employees and clients alike. Worse, when you’re knee-deep in boxes and bubble wrap, it’s easy to overlook important details, like updating your business’s address online. Forgetting this can send would-be customers and clients to the wrong address. Brian Hughes at Small Business Trends has some helpful tips for efficiently moving your business and avoiding potential pitfalls.
- Keeping up with today’s technology developments can be stressful and expensive. Small business owners especially often feel overwhelmed, causing them to cling to old, familiar technologies. Pedro Hernandez at Small Business Computing says that’s a mistake. Hernandez has put together a list of five technologies small companies can leverage that are relatively inexpensive and wholly worth the investment, including going mobile and beefing up your analytics.
- One of the biggest challenges in business is fighting complexity. The more complex things are, the more confusion and misunderstanding reign and the lower our efficiency becomes. People are not afraid of hard work, they’re afraid of failure. When we cannot see how we will be successful, this can cause our teams to quit or not try as hard as they might. Gordon Tredgold at Inc. has some useful habits you should start doing today to increase simplicity at your small business.