It was certainly 'the' buzzword in the latter half of 2015 and is set to continue well into this year. But what exactly is a millennial, and how come they've now got their very own conference, happening in April?
UKBF spoke to the conference founder and entrepreneur Rupa Ganatra about the upcoming Millennial 20/20 Summit and young business owners in general.
Millennials (or Generation Y) are the demographic cohort following Generation X. There are no precise dates when the generation starts and ends; anyone born from the early 1980s to the early 2000s can fall under this term.
According to a recent report on millennials by PwC, it's expected that this generation will make up half of the workforce globally by 2020.
Ganatra says it's clear the millennial workforce is already becoming a powerful generation of workers.
'One of the key attributes that sets them apart is their use and knowledge of technology; they have grown up with smartphones, laptops and social media. They have also grown up in a time of a global economic crisis and therefore place different levels of importance on different aspects of work. They are known to be ambitious, wanting rapid progression, a varied and interesting career and constant feedback,' she tells UKBF.
'From an entrepreneurial perspective, some of the most disruptive and exciting business models have been launched by the millennials in recent years,' notes Ganatra,
Indeed, many new, large-scale tech companies, including Tinder, Facebook and Instagram were launched and continue to be run by this generation.
Ganatra is a former investment banker-turned-entrepreneur and has launched, along with her business partners, the online retailer www.yes-sir.com and digital publication www.boemagazine.com.
'I come from a family of entrepreneurs so it wasn't uncommon to discuss business ideas around the table from an early age. It was my interest in business, passion for problem-solving and my belief in value creation that led me to leave my job in investment banking and to start my own businesses,' she tells UKBF.
This, in turn, led her to starting, most recently, the world's first exhibition and conference covering the the Future of Next Gen Commerce for consumer-facing businesses, Millennial 20/20.
With over half of new businesses being started by the millennial generation, according to Ganatra, it's an interesting market.
'The generation is well educated, entrepreneurial and business-savvy, and many of them want to change the world. The two day summit is the world's first millennial business summit and is taking place in London. It will focus on four industry tracks, host 150 speakers, 40 exhibitors, live showcases and networking opportunities throughout the event. We have been very fortunate to have some incredible partners on the marketing front,' she tells UKBF.
Ganatra's got two business partners working alongside her at the event, entrepreneurs Viktoria de Chevron Villette and Simon Berger.
Speakers include the CEO of Intercontinental Hotels Angela Brav, entrepreneur and The Pitch 2015 judge Mike Balfour of Fitness First, managing director of Forbes, Charles Yardley and CEO of the British Fashion Council, Caroline Rush CBE.
Ganatra says they took a very curated approach to all aspects of the event.
'We work on a top-down approach about the content for each stage and conference track and from there we go out to find the most innovative, relevant and cutting-edge speakers to discuss the topic. Everyone at the Summit; from the speakers to the attendees has a raison d'être for being there.
As someone who's a young, successful entrepreneur, we asked Ganatra for her advice for other aspiring millennials. She had four key pieces of advice:
UKBF spoke to the conference founder and entrepreneur Rupa Ganatra about the upcoming Millennial 20/20 Summit and young business owners in general.
What's the importance of millennials in the workforce?
Millennials (or Generation Y) are the demographic cohort following Generation X. There are no precise dates when the generation starts and ends; anyone born from the early 1980s to the early 2000s can fall under this term.
According to a recent report on millennials by PwC, it's expected that this generation will make up half of the workforce globally by 2020.
Ganatra says it's clear the millennial workforce is already becoming a powerful generation of workers.
'One of the key attributes that sets them apart is their use and knowledge of technology; they have grown up with smartphones, laptops and social media. They have also grown up in a time of a global economic crisis and therefore place different levels of importance on different aspects of work. They are known to be ambitious, wanting rapid progression, a varied and interesting career and constant feedback,' she tells UKBF.
'From an entrepreneurial perspective, some of the most disruptive and exciting business models have been launched by the millennials in recent years,' notes Ganatra,
Indeed, many new, large-scale tech companies, including Tinder, Facebook and Instagram were launched and continue to be run by this generation.
What's your background?
Ganatra is a former investment banker-turned-entrepreneur and has launched, along with her business partners, the online retailer www.yes-sir.com and digital publication www.boemagazine.com.
'I come from a family of entrepreneurs so it wasn't uncommon to discuss business ideas around the table from an early age. It was my interest in business, passion for problem-solving and my belief in value creation that led me to leave my job in investment banking and to start my own businesses,' she tells UKBF.
This, in turn, led her to starting, most recently, the world's first exhibition and conference covering the the Future of Next Gen Commerce for consumer-facing businesses, Millennial 20/20.
What inspired you to start the conference?
With over half of new businesses being started by the millennial generation, according to Ganatra, it's an interesting market.
'The generation is well educated, entrepreneurial and business-savvy, and many of them want to change the world. The two day summit is the world's first millennial business summit and is taking place in London. It will focus on four industry tracks, host 150 speakers, 40 exhibitors, live showcases and networking opportunities throughout the event. We have been very fortunate to have some incredible partners on the marketing front,' she tells UKBF.
Ganatra's got two business partners working alongside her at the event, entrepreneurs Viktoria de Chevron Villette and Simon Berger.
Speakers include the CEO of Intercontinental Hotels Angela Brav, entrepreneur and The Pitch 2015 judge Mike Balfour of Fitness First, managing director of Forbes, Charles Yardley and CEO of the British Fashion Council, Caroline Rush CBE.
Ganatra says they took a very curated approach to all aspects of the event.
'We work on a top-down approach about the content for each stage and conference track and from there we go out to find the most innovative, relevant and cutting-edge speakers to discuss the topic. Everyone at the Summit; from the speakers to the attendees has a raison d'être for being there.
What's the best way for a young aspiring entrepreneur to get started?
As someone who's a young, successful entrepreneur, we asked Ganatra for her advice for other aspiring millennials. She had four key pieces of advice:
- Take risks and don't be afraid of failure. The most successful businesses did not end up being the same business model or the exact vision that the company started as. Failure allows you to start again more smartly and is an invaluable learning opportunity
- Don't be afraid to change your vision as you go along or pivot your business model. Sometimes what you thought would be your strongest USP may not be and you may uncover other revenue opportunities that you didn't know about. Instagram is one of many examples of this - it didn't start out even with the name Instagram (Burbn) and it's business model was totally different initially
- Find a mentor. It can be daunting when starting out in a new industry or starting your own business. Don't be afraid to ask people for advice and mentorship. You will be surprised how many people are willing to help entrepreneurs and you will be surprised how much you can gain from mentors who know your industry and can open doors that would take you ten times longer to open
- Build a network before you need it. Somebody gave me this advice at the very start of my entrepreneurial journey and it was invaluable
