Nowadays, climate change, global garbage problems, gas emissions, and pollution are all ongoing problems that concern all of us. For more than a decade now, our planet has started to fight back the reckless actions of humans and we are all able to change how disastrous are the effects of our negligence.
Oceans filled with trash, landfills covering more space on our planet than ever, and less quality breathable air have completely changed the way consumers expect the business landscape to look like. Consumers have committed to green living and conserving the resources of our planet, so they want companies to do exactly the same.
More and more businesses go green and that goes beyond the traditional concept of recycling their waste. Eco-minded young entrepreneurs start businesses that are almost entirely relying on sustainability. But, do Millennial entrepreneurs speculate the market trends or really care about the environment? The correct answer to this question is both! They are more environmentally-aware about global climate concerns and they also know how to take advantage of this trend of sustainability.
Read on to find out why Millennial entrepreneurs consider sustainability one of the primary principles of their businesses.
Millennials prefer social impact investing
The Millennial generation often gets a bad reputation among older generations being associated with stereotypes such as being self-centered, lazy, or entitled. Yet, all those stereotypes couldn’t be any more wrong as it seems that, in fact, Millennials express a deep desire to change the world they live in for good. There are many factors that make Millennials prefer social impact investing over gaining huge profits including a better education and more access to worldwide information being only a few of them.
The Millennial generation has been born in a world that was already embracing globalization and was facing a digital revolution. Thus, young entrepreneurs have access to the internet, have the freedom to travel and to see for themselves all the environmental concerns that we are all facing.
Thus, eco-minded Millennial entrepreneurs are the result of a better-informed generation and they do really care about our planet. Their desire to approach their financial investments with an eye toward the social impact investing has made them develop inspiring solutions to challenge global sustainability concerns.
Sustainability is gaining momentum among environmentally savvy consumers
Environmentalism has become one of the hottest trends in the business landscape over the last decade. One of the most influential factors that made sustainability become mainstream is the consumer behavior that changed toward businesses that affect our environment.
Several studies have shown that young consumers are willing to pay more for eco products that come from firms with green business practices. Mostly due to the rising awareness about the environmental concerns and for health reasons. So, it comes as no surprise that aspiring Millennial entrepreneurs start green businesses to win the hearts of the consumers.
Buying sustainable makes consumers feel good
These days, consumers have two main reasons to prefer buying ecological products from companies that support sustainability. Our habitat and climate are changing and consumers have been able to notice that most of the world’s waste and gas emission problems are generated by large corporations. Thus, they no longer want to accept businesses to gain huge profits while they are causing irreversible damage to our planet.
Secondly, buying sustainable makes consumers feel part of a good initiative to protect our environment even though they have to pay more money to do it. Initiatives to challenge touching social issues are now the hot-button that influences their purchasing decisions.
Although consumers believe that their purchasing decisions are made on rational choices, in fact, they decide what and from whom to buy based on the emotions they feel towards the brand and the products.
Eco-friendly business ideas for Millennial entrepreneurs
In the fast-changing marketplace that has now embraced eco-friendliness and made it a priority, young entrepreneurs have many opportunities to start their own green businesses and win the hearts of the consumers. Here are a few green startup ideas for Millennial entrepreneurs.
- Organic local farming- Organic vegetables and fruits are gaining momentum among young entrepreneurs. They want to offer their customers organic and healthy products that are produced in an environmentally-friendly way and to contribute to the economic growth of their society.
- Waste recycling business – Waste management is one of the biggest problems that both companies and individuals face. Many entrepreneurs have started partnering with companies that can help them handle their business waste more easily. For examples, recycling machines such as Miltek balers can resize waste and make it easier to transport and manage.
- Solar panel company – Eco-friendly housing features are the newest trend in the housing market. Eco-minded consumers that want to reduce the carbon footprint of their households on our environment. Thus, renewable energy power sources such as solar panels attract customers that want greener homes.
- Organic beauty products- The beauty industry has also experienced a switch to more organic products as people become more concerned about what they put on their skin. Thus, producing organic beauty products is another eco-friendly business that is gaining momentum among consumers that change their spending habits for their own health.
Sustainability in the business landscape is no longer a niche that companies can choose to embrace or not. It has become a necessity as consumers expect businesses to go green or go home. Moreover, the green initiative is expected to become one of the leading industries in the decades to come. The Millennial generation, both Millennial entrepreneurs and consumers, has completely reshaped the keys that can make a business successful.
Video – Sustainable Growth
Sustainable growth refers to realistically achievable growth that a company can maintain without getting into trouble. It may also refer to national economies. Today, we commonly use the term when talking about the environment, i.e., growth that does not damage our atmosphere, oceans, etc.