Does anyone else have a dual desire to succeed in business and to teach the next generation? Now for the hair-raising question… Does anyone else have a challenge connecting and leading Millennials and Gen Zers with completely different perspectives than you may have? I’m of Generation X and I’m sure my Baby Boomer elders had their challenges with my generation too, so this is no condemnation of any generation.
Don’t fret as this piece will impart critical business principles applicable to your business, but more than anything we have to realize that business is made up of people. People are everywhere as either your customers, partners, or employees. I am confident seeds of great insights will surely be derived out of this personal clash of the generations experience.
Mr Miyagi
I didn’t realize the impact the movie “The Karate Kid” (1984) played on how I came to value hard work, patience, dedication and the journey. As the movie unfolded and it was apparent that Mr Miyagi wasn’t just using Daniel(-san) to wax his cars, but was indeed training him through hard work, repetition, and apprenticeship… At that point we realized the genius of this wise man. I wanted to one day become the wise Mr Miyagi, planting seeds of business and life skills through apprenticeship for the next generation to soar with, while still getting my hypothetical car waxed.
“There is no such thing as bad student, only bad teacher. Teacher say, Student do.”
– Mr Miyagi
I realize too that patience is a virtue of Mr Miyagi. I’ll admit my story has no storybook ending, but this is just the opening act of the movie. I honor that I have taken part in planting the seed of a few business and life principles that I look forward to seeing my apprentices blossom into and eventually express in the way they choose. The business principles touched on include:
Negotiations
Customer Lifetime Value
Contracts and Reducing the risk to the customer
Customer Relations
Win-Win Opportunity
We all know Gen Zers (born 1995-2012) are completely immersed in creative uses of digital technology from creating memes to amateur video editing on platforms like TikTok and others. Enter now the Coronavirus (Covid-19) Stay-At-Home control efforts that have created a glut of budding talent stuck at home. Eureka!... a mutually beneficial opportunity to tap into a pool of raw talent while getting a much-needed upgrade to the cover art for my blog pieces was conceived.
The personal mission to mentor the next generation became an even more personal mission as I first reached out to a couple family members age 19 and 25. And I was determined to teach the lessons Mr Miyagi style. Well to keep a long story short… there is no surprise to any parental figure that imparting delayed gratification lessons to Gen Zers wasn’t quite that easy.
It’s still early in the game, but I haven’t (yet) gotten either to take on a long-term engagement with me. This is particularly disappointing as some of the initial samples they produced were simply amazing. The incredible graphic art featured in my last blog post was done by the 25 year old, while the 19 year old also produced inspirational options well beyond my original concepts.
One talent realized it was just not something he would be able to do with passion, so he walked away from the opportunity. The other talent doesn’t yet appreciate the pricing dynamics of high supply / low demand as he considered the rate offered as taking advantage of the situation.
As a sidebar, I am proud to say my 8yo and 10yo sons have a firm grasp on the supply/demand concept as they surprisingly explained to me why iPhones and Teslas go for a lot while grass seed goes for so little… ah proud poppa moment.
Below are just a few of the business and life concepts I got to share with these budding entrepreneurs:
Life Lessons
Take the Leap: The path will be lit up for those that go for it. Just move with Principle, Passion, Perseverance, and Prayer!
Be Your Own Man/Woman: Own your decisions/actions, and the results that come with it.
“Daniel-san, never put passion before principle. Even if win, you lose.”
– Mr Miyagi
Business Lessons
Negotiations: Have a BATNA (Best alternative to a negotiated agreement). If you have no BATNA, you have no leverage. If high near-term income is their desire, then their opportunities are seriously diminished while the pool of raw talent looking for something is abundant, and they haven’t created a track record and following for their product/service.
Lifetime Value: Figure out how a customer is more than a one-time sale. In this situation the opportunity for them could be:
Lower the Barrier: Reduce customer perceived risk, especially when first developing a relationship.
Customer Relations: Setting clear terms up front is ideal, but don’t treat every situation so black and white. Understand the relationship and adjust accordingly.
These lessons are as critical in million-dollar enterprises as they are to budding entrepreneurs. I hope this to be the case for you as it was for them… The seeds have been sown, and I look forward to being alongside them and you as we all spread our wings. Subscribe to the blog below to receive more real-world business concepts to consider for implementation in your venture.
The subject matter herein was a cross between teaching business principles and a personal experience I am sure we all deal with in the clash of the generations. With that, I’d also like to leave you with a wonderful leadership Ted Talk by Simon Sinek. The subject matter may help you better connect with the Millennial and Gen Z segment as employees, customers, or even family. I wish you all the success and fulfillment in the world.