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What A Millennial Entrepreneur Can Teach You About Business

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The following guest post is by Jerry Jao, CEO of Retention Science.

You have heard it a thousand times – the millennial generation is lazy, entitled, relies predominantly on technology for social interaction and likes their information in small, digestible bites. But, this can’t be an accurate representation of the entire generation, as millennials are also behind some of the most interesting and innovative startups and technologies today.

What we ARE is resourceful. And, this resourcefulness lends itself well to entrepreneurship, since we embrace the challenge of making difficult things happen with very few resources.

After four years and three companies, I have learned a thing or two about applying my millennial resourcefulness. Here are my most important lessons to date.

Only use “no” as a last and final option – Always take a meeting, no matter if it’s with a prospective customer that isn’t big enough, a trade show producer even if you have no sponsorship budget, or a candidate for an executive leadership role that you are not currently looking to hire. It is easier to be selfish with your time and say no, but I believe you can always learn something by talking to somebody new, even if it's learning about what not to do or who not to partner with. Some may consider these types of meetings a waste of time, but every introduction may open a door down the road. I receive on average 70 or more cold emails and introductions each week, and I do my best to reply to them all.

Be smart, not cool – I get that everyone, especially in my generation, wants to capture the “cool factor” when building a startup. However, as we all learned at our high school reunion, coolness has a limited lifespan and it can actually be very costly in a business situation. At Retention Science, we joke about being in an unsexy industry, as we are not building the next Facebook or the hottest apps du jour. However, our team is dedicated to building a great technology and is passionate about solving a difficult problem together, and we feel cool in doing that. We don’t throw parties, sponsor events or spend fortunes on stylish office space. Instead, we think through every dollar spent and focus on building lasting relationships. Even Mark Zuckerberg, the poster child for millennial CEOs who was famously nicknamed “Toddler CEO,” recently proclaimed that being cool is passé and not a goal of his.

Stay speedy and scrappy – If your company is getting bigger and moving slower because you have more people to manage and more processes in place, it is time to regroup. You should never implement a process because someone said it is a best practice. Don't let rules and rigor tie you down. We remove any unnecessary processes that are "nice to have," but do not serve a real purpose. We ensure to have a clear objective for each meeting or else we should not waste the time. We also encourage the team to never write long-winded emails. Speed to execution is everything in business. Otherwise, a scrappier company will come take what’s yours.

Don’t be independent – Team and collaboration are the essence of every business, so we make a concerted effort to foster it within our company. Millennials can be especially good at this because we see beyond age and rank. Give everyone a voice and recognize and reward people who deliver high value – interns included. At our company, regardless of seniority, everyone has the same title. We want to find the best and most passionate talents who are interested in building a company together, not individual fighters who care more about a fancy title. Collaboration is the true catalyst to seeing results, and it drives innovation, tests weaknesses and strengthens teams.

Back-to-basics business etiquette – It is well documented that millennials love technology. However, manners are sometimes lost in translation. Pick up the phone, send a handwritten thank you card, schedule a lunch date…and make sure you are genuine in your communication. Use the same etiquette inside the walls of your business as you do on the outside. We get so many cold calls at our office that I admit it can get very annoying to answer all of them. But, I have had several conversations with the entire team about always being respectful and courteous to whoever is calling us – even if they can’t help us. I answer our phone too and I make sure I set example. You never know what others will say about you and your brand, so always keep in mind that every interaction counts.

Be the example – I think this one is often easier said than done, especially when you are the CEO and you’re often managing business affairs externally, rather than taking care of things “at home.” I push my team very hard and I let my actions speak rather than words. You will find me and co-founder Andrew Waage doing everything from washing dirty dishes and picking up the cups that were forgotten in the conference room to hiring the interns. I cannot expect my team to work hard if I fail to demonstrate my commitment to my responsibilities. I cannot ask my team to show care for others and contribute to building a culture that we are collectively proud of if I do not share my own values. I make darn sure that I do it first before asking anybody to do it.

Finally, as entrepreneurs, we will experience all sorts of emotional roller coasters, but having the right attitude will get you through the toughest times. I remind myself everyday that I am very lucky to get to do what I do and I make sure I don’t take anything for granted. I make sure my team knows that as well, although I try not to sound too much like a broken record in doing so. My attitude and personal motto is to be grateful, and as cheesy as it is, it’s even reflected in our Wi-Fi password. Who says millennials are entitled?