Why Baby Boomers and Millennials Should Cofound a Company

April 5, 2015

4:00 pm

The story of baby boomers as co-founders is unfolding in an interesting manner. If you take a look at the generation of people born between 1946 and 1964, you will find they are hard-working and good managers. On the other hand, their associated stubbornness and aversion towards technology can make them a misfit in today’s world. Then there is the next generation “boomers” (in a sense), i.e. the Millennials, born mostly between in the 1980s and 1990s. Considered a bit lazy and lacking in communication skills, Millennials are nonetheless tech savvy and dream about a positive world.

Although the two generations might seem very different, they do actually share some similar interests. They both have that particular entrepreneurial zeal. While Millennials crave freedom and greater earning potential,  Boomers are more driven by the desire to build something. Thus the question that naturally arises is will it be possible for the two generations to meet and co-found something for own and society’s benefits?

The Unique Positions of Millennials and Boomers

Taking a look at recent job trends and it seems that Millennials may be struggling to land lucrative job offers (yet, a recent study may show a good reason for that). Although respected as the most-educated generation, a latest survey by The Kauffman Foundation revealed some thought-provoking facts. Around 27 percent of Millennials are self-employed while 72 percent are desperate about job changes. There’s also a weighty 35 percent that have started side businesses.

On the other hand, Boomers don’t feel comfortable with their retirement sums, and many of them are showing an inclination to start something on their own to raise their incomes. Thus it may be a wise idea for Boomers and Millennials shun their differences and start something together.

A Different Kind of Management Approach

Baby Boomers are better known for their micromanaging whereas Millennials are more inclined towards a hands-off management style. This can prove to be a perfect combination, as the best management style shouldn’t be based on one specific pattern. So, these two generations can offer a unique management style that can be applied to handle diverse situations.

Broad Focus on Business and Tech

The Millennial is renowned as the tech-savvy generation, but you can’t overlook a Boomer’s tech capabilities. After all, this is the generation which presented some successful technology companies like Apple, Microsoft and Amazon. If Boomers and Millennials decide to work together, this would ensure innovative product development by applying latest technologies, along with a conscious effort to fulfill customers’ needs.

Creation of a Unique Company Culture

The Boomer work ethic can help to guide Millennials about practical workplace expectations and behaviors. Similarly, Millennials could teach Boomers how to lessen the workload in the office from time to time to help rejuvenate workers. This two-way teaching and learning would surely help develop a healthy workplace with sound work ethics – a unique company culture that may not exist in solely Millennial- or solely Boomer-founded startups. The dynamic can also lead to eco-friendly business plans and more effective communication channels in the workplace.

Related: “Why You Should Invest in Older Startup Founders”

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Alex is a Editor-in-chief at hmirrorwall with a passion for wearable tech, robotic innovations and artificial intelligence.

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