Generation Y making their mark in business

Now that they’re reaching the appropriate age and maturity, it seems more and more Generation Y are opening their own businesses, and most of them, like me, are very good at it.

You see, I am one of those horrible "Gen Y" kids who is all grown up now. Most of us have grown increasingly dissatisfied with working in “traditional” workplaces where we are often misunderstood, leaving us to venture out on our own.

Many managers view Generation Y as lazy, easily distracted, demanding and having unrealistic expectations, and they don’t know how to handle us. With this lack of understanding comes a lack of knowledge in how to prepare a Gen Y for the right position, as well as a failure to manage this group in the correct manner.  The result is that we don't get the opportunity to thrive or contribute to the full extent of our ability, so we end up moving onto bigger and better things.

This was exactly my scenario when took my first job after graduating from university. I found myself with a strong ambition for success, and an ability to quickly learn new skills, but lacking the freedom to explore these abilities because of the constraints placed upon me by my employer, who was not yet fully aware of how to get the best out of a Gen Y staff member.

This frustration fed my lust for a working environment where I could use the skills I knew that I had, in the manner in which I knew was best, to reach the outcome that I knew I could achieve. I needed to be my own boss; I needed to start my own business.

The industry I knew best and possessed the right skill set for was graphic design and branding. So I set about registering a business name and preparing myself for having my own graphic design business; and in July 2007, GrandBrands was born.

I started with absolutely nothing in the way of office equipment or clients. What I did possess though, was a burning ambition for success.

My first business computer was an ex-lease Apple 'eMac' which I purchased from eBay for $300. I scoured the shops for a cheap printer, and as time passed I once again used eBay as my supplier for things like my office chair, no-name replacement inks for my printer, and other assorted business equipment.

Within a few months and with this simple second-hand technology and basic office equipment I was producing designs for multi-million dollar companies and liaising with agencies all over the world as if we were sitting right next to each other like workmates.

About a year later, I used some of the funds that I had pooled from GrandBrands and began my second business, AstroPrint.com.au. This second business, an online printing website, was designed to be a user-driven sales experience while delivering the same level of speed and quality of service that a user would get from dealing with a typical "storefront" type printing supplier.

It's the ability to be resourceful like this, and to understand how to use technology to it's full capacity that makes Gen Y such a formidable candidate for the business world. Combine these talents with our drive for success and you have a potent recipe for a the perfect entrepreneur.

Gen Y has grown with the internet, from establishment to it's current form, and experienced a pace of technological advancement no one has ever seen before, so we have had to develop skills to use the technology and adapt to the ongoing changes and innovations in order to keep up.

While the uniqueness of Generation Y has required human resource departments to invent new management strategies, changes to technology have dramatically altered marketing strategies as well.

Social networking sites like Facebook, MySpace, and Twitter are changing the face of marketing - it’s not just about having an online presence anymore.

Consumers want to know more about you, and social networking presents an opportunity to communicate with your target market in a way that benefits both parties; it’s a two-way interaction, not just a one way sales pitch like traditional approaches such as websites and advertising.

From a service delivery stance, more businesses are turning to online suppliers such as AstroPrint because they enjoy having control of the sales process, while also benefitting from quicker response times when compared with traditional transactions.

For example, a consumer can log onto my site, generate an immediate quote, have their questions answered in real time through the online chat system, and they can also look up the business on Facebook, Twitter and Digg if they want to engage with us that way. This is the kind of connection consumers are now wanting.

To help YOU better understand Gen Y, and get the best from them, here are a few tips:

1. Generation Y need constant stimulation, so a job that enables them to work creatively or with technology is a good start
2. We are also known for our desire for instant gratification - so giving regular feedback, pay reviews or incentive schemes are great motivators for us
3. We are generally sociable creatures, so offering opportunities to get to know fellow staff and managers on a personal level is well received. Some HR departments and Managers are doing this through casual dress days, pub-lunch days, or completely taking staff off-site for team building exercises or retreats.