how to mindset and run business between genz and millenial, by: group 3(MGT) Pres…

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how to mindset and run business between genz and millenial
by President University Student
lecturer: Hernawati Wibawati Retno Wiratih
BUT FIRST LET ME INTRODUCE YOU OUR GROUP
1. Fathan Ar Rasyid Diga Putra        (09) (014202400213)
2. Fitrah Naufal Annam                        (10) (014202400078)
3. Greina Felisha Tatalede                  (14) (014202400217)
4. Hawa Nazala Puteri                          (15) (014202400013)
5. Muhammad Haniif Muntazar      (20) (014202400146)
6. Nanda Citra Lestari                           (24) (014202400095)
7. Regina Herdiana Putri                      (33) (014202400014)
8. Sabri Kelana Saragi                           (35) (014202400206)
9. Suci Ramadhani                                    (38) (014202400083)
In today’s evolving market, understanding Gen Z and Millennials is crucial to effectively cater to both consumer bases. This presentation examines distinct mindsets and effective strategies for businesses to align with Gen Z and Millennial values.

The modern workforce is shaped significantly by Gen Z and Millennials, the two largest working generations today. Their distinct values, behaviors, and expectations drive changes in business strategies. To understand generational mindsets and how they affect entrepreneurial intentions, values, and strategies.

Key Questions
 - How do Gen Z and Millennials differ in their business approach?
 - What strategies are effective in engaging each generation?

Introduction

Generational Characteristics

Digital-first, highly adaptive to technology.Prioritizes flexibility, independence, and meaningful work.Prefers transparent and value-driven organizations.

Gen Z
Millennials
Known for being tech-savvy and adaptable, with strong emphasis on work-life balance.Value experiences and brand authenticity, seek purpose and fulfillment in work

Implication
Business models need to accommodate Gen Z’s digital preferences and Millennials’ emphasis on balance and purpose.

Gen Z:
High entrepreneurial drive due to a desire for independence and innovation.
Emphasis on flexibility and digital business models, but face financial constraints.
  
Millennials:
Cautious approach with a balance between entrepreneurship and job security.Often engage in “side hustles” while maintaining full-time roles.

Entrepreneurial Intentions

Values and Social Priorities

Social Responsibility: Both generations value social impact, but Gen Z has a stronger emphasis on immediate social change and environmental issues.

Business Strategy: Highlighting eco-friendly initiatives and ethical practices attracts Gen Z consumers, while Millennials respond well to purpose-driven marketing (Brown & Green, 2020).

Example: Brands like Patagonia and TOMS Shoes resonate with these values, appealing to both generations through transparent, socially responsible missions.

Digital-First Business Strategies

Gen Z:
Prefers digital-first, mobile-centric, and e-commerce-driven business models.Social media and influencer marketing are highly effective.

Millennials:
Engage with hybrid models blending online and offline experiences.Tend to appreciate traditional websites, in-store experiences, and authentic brand communication (Lee & Kim, 2022).

Recommendation: 
Companies should adopt a strong digital presence with mobile optimization, particularly for Gen Z, and provide experiential touchpoints for Millennials.

Preferred Business Models

Gen Z:
millennials:
Favors subscription models, online services, and digital content, such as video streaming or e-learning platforms.Focus on sustainability and affordability.

Lean toward service-oriented and gig economy models, including co-working spaces and consulting services.

Risk Tolerance and Challenges

Gen Z:
High risk tolerance but limited access to traditional funding.Interested in alternative financing such as crowdfunding, grants, and angel investors (Global Entrepreneurship Monitor, 2021-2022).

Millennials:
More cautious, balancing entrepreneurial ventures with stable career paths.Often choose traditional financing options like bank loans or venture capital.

Recommendation: Providing mentorship and flexible funding options (e.g., microloans, peer-to-peer lending) can help Gen Z overcome financial challenges.

Marketing Strategies

Gen Z:
Responds to short-form, interactive, and personalized content, especially on platforms like TikTok and Instagram.Influencer partnerships resonate strongly, provided they are authentic and aligned with brand values.
 
Millennials:
Prefer experience-driven marketing, such as live events, content marketing, and storytelling.Engage more with email newsletters and long-form content.

Tip: Businesses should use a multi-channel approach, prioritizing social media for Gen Z and experience-rich marketing for Millennials.

Gen Z:
Early adopters of emerging tech, especially mobile-friendly and AI-driven tools.Interested in augmented reality (AR) and virtual reality (VR) for immersive brand experiences (Lee & Kim, 2022).

Millennials:
Use technology selectively, opting for tools that enhance convenience or efficiency.Tend to be more skeptical of emerging tech until proven useful or cost-effective.

Business Tip: Incorporate AI and VR for Gen Z engagement, and emphasize proven tech innovations for Millennials.

Technological Adoption

Business Ethics and Social Causes

Gen Z:
Expects businesses to actively contribute to social causes and demonstrate transparency.More likely to support companies with values aligning with their social beliefs.

Millennials:
Focus on transparency and corporate responsibility, prioritizing ethical sourcing and fair labor practices.

Recommendation: A visible commitment to ethical practices can build trust with both generations.

Overcoming Financial Barriers

Gen Z:
Limited access to capital but shows interest in innovative funding (e.g., crowdfunding, peer-to-peer lending).Benefit from mentorship programs and business incubators.

Millennials:
Rely on traditional financial institutions but are open to investment partnerships.

Case Studies

Eco-Friendly Brands
Experience-Driven Businesses
Insight
Gen Z is drawn to brands like Beyond Meat, which prioritize sustainability.

Millennials often favor brands like WeWork that emphasize community and work-life balance.

Businesses that adapt to these generational needs tend to experience higher customer loyalty and engagement 
Durkin, M., & Jenkins, K. (2021). Understanding the entrepreneurial intentions of Gen Z and Millennials. Journal of Business Venturing Insights, 16, 101287. https://doi.org/10.1016/j.jbvi.2021.101287Jones, M., & Smith, R. (2020). Generational shifts in business ethics and social responsibility: A comparison of Gen Z and Millennials. Journal of Business Ethics, 167(3), 571-586. https://doi.org/10.1007/s10551-020-04402-5Lee, C., & Kim, J. (2022). The influence of digital tools on Gen Z and Millennial entrepreneurship. Small Business Economics, 58(4), 1427-1445. https://doi.org/10.1007/s11187-021-00521-8Brown, T., & Green, L. (2020). Gen Z, Millennials, and the new business model: Prioritizing flexibility and social value. Journal of Management Studies, 57(9), 2108-2132. https://doi.org/10.1111/joms.12646Global Entrepreneurship Monitor. (2022). 2021/2022 Global Report: Opportunity amid disruption. GEM Consortium.

References

how to mindset and run business between genz and millenial, by: group 3(MGT) Pres…

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