Beards, Uber, and roommates, oh my!
Imagine a scene where two friends are sitting down at a cafe, sipping sustainable coffee and discussing beard wax ingredients while waiting for their Uber to arrive. They are most likely posting their lattes on Instagram, updating their Tumblrs, and responding to another friend’s Snapchat while they carry on their conversation.
It’s possible that one of these friends is going to be dropped off at his parents’ house, where he still lives, and the other friend is sharing an apartment with a few roommates near his liberal arts college.
Junior millennials versus senior millennials
It isn’t hard to pinpoint which generation these friends belong to; millennials are synonymous with social media, multitasking, artisan products, specialty brands, expensive educations and house and ride sharing. However, within the millennial generation is a wide demographic. While many junior millennials can relate, or perhaps see themselves in this scene, senior millennials can be far removed from any of these stereotypes.
Although there is still a lack of universal consensus on the timeline for when millennials were born, we opt to observe the most widely accepted definition, stating that millennials were born between 1981 and 2000. This means that Gen Xers were born between 1961 and 1980, and Baby Boomers were born between 1945 and 1960.
Oregon Trail and AOL vs. iPhones and wifi
Every generation experiences some kind of overlap, where it might be hard to distinguish one generation from the next (when groups are born on one end of the timeline spectrum). This is especially true for millennials, though. Senior millennials–those of us born closer to 1980 than 2000, have experienced a completely different childhood and adolescence than junior millennials–those born between 1991 and 2000.
For instance, while senior millennials were raised on Oregon Trail and AOL chat, junior millennials grew up with an iPhone in their pocket and were punished by mom withholding the WiFi password. In the last 25 years, technology has advanced at such a pace that the divide between senior and junior millennials is phenomenally broad, at some points pushing senior millennials closer to a Gen X mindset than a typical millennial mindset.
More factors are at play here
Besides technology, there is the reality of 9/11 (which senior millennials can recall clearly), and the economy crash of 2008 (which directly affected senior millennials, just emerging from high school and college and entering the workforce).
These factors, along with differences in trends, parenting styles and fiscal habits, have created quite a schism within the generation. This schism affects the way that senior and junior millennials view each other; it affects the way that the generation is represented; it affects the way that brands are (or should be) marketed; it affects workplace and family dynamics.
Digging deeper into the overlap
While the millennial generation in general has been explored at length, there aren’t a lot of discussions around what it means to be a senior vs junior millennial.
We are going to return to this topic and would love to hear from you (in the comments below).
If you are a millennial, can you identify with one side of the spectrum or the other? Are you a junior millennial, frustrated by the perception that the world has of you? Are you a senior millennial, uneasy about relating to millennial stereotypes? Are you outside of this generation, making observations and puzzled by the complexities that you see?
Or maybe–it could be that you’re just tired of all of the bearded folks on their phones taking up space at your local coffee shop? I mean, really, it is a little much.
$100m reimagined convenience store startup to open 25 stores in 2022
(BUSINESS) Foxtrot is looking to redefine the convenience store as we know it. This startup is looking to make it a whole new experience.
Move over 7-11, there’s a new player in town! There’s always room for competition, even in the world of convenience stores. Yes, you read that right, Quick Trip has some serious competition from a newcomer, Foxtrot.
Foxtrot is a curated, modern convenience store offering a brisk 30-minute delivery and 5-minute pick-up. It was created by Mike LaVitola and Taylor Bloom in 2014. These stores will undoubtedly be popular in walkable areas, but also with their online ordering convenience. This modern version of a convenience store offers the combination of an upscale corner store with a digital-first e-commerce platform. Sounds pretty glorious, right?
However, the original convenience store is safe as long as people are traveling and need to stop for gas or a restroom break. If you’re from Texas, then you know and love, Buc-ee’s, the Texas-born chain. Buc-ee’s have been creating their own in-store products garnering a cult following among their customers. Still, Buc-ee’s doesn’t have an online ordering or delivery option unless it’s offered through a third party.
Foxtrot has raised $160 million in Series C funding and they are expecting to open 25 locations in many cities in 2022. There are a few different levels of funding. If a company makes it to Series C funding, they are already successful and looking to expand or develop new products per Investopedia.
According to Retail Dive, “About half of the new stores will be in Chicago, Dallas and Washington, where all of the 16 stores Foxtrot currently operates are located, LaVitola said. The tech-focused retailer is also planning to begin operations in Boston and Austin, and intends to open four or five new stores in each of those cities during the next year and a half, he said.”
Foxtrot is testing out technology equipment that would allow customers to leave the store without stopping to checkout at the counter. They plan isn’t to go entirely self-service, but as the creator LaVitola stated, “the more hours we can allocate towards sampling and storytelling and interacting with customers and less [on] tasks that don’t add on to value, like checkout, that’s great.”
Foxtrot is redefining convenience by including carefully curated products. They aim to offer local popular products as well core pantry items. They aim to make the commonly unpleasant experience of convenience stores enjoyable. Let’s hope they succeed.
What small business owners can learn from Starbucks’ new D&I strategy
(BUSINESS) Diversity and inclusion have been at the forefront of Starbucks’ mission, but now they’re shifting strategy. What can we learn from it?
Starbucks was one of many companies that promised to focus on diversity and inclusion efforts after the death of George Floyd by Minneapolis police in 2020. What sets Starbucks apart from other companies were its specific goals.
How It Started
They began with hiring targets and have now added goals in corporate and manufacturing roles. Starbucks’ plans and goals revolve around transparency for accountability. They released the annual numbers for 2021 as a way to help hold themselves accountable. The data they’ve released so far show that they’ve met nearly a third of their 2025 goals according to Retail Brew. Because of this information, we can see why they are choosing to move in the direction of manufacturing and corporate jobs. In 2021, POC’s fell to 12.5% of director-level employees from 14.3% in 2020 in manufacturing.
How It’s Going
Per Starbucks’ website stories and news, “[I]t will increase its annual spend with diverse suppliers to $1.5 billion by 2030. As part of this commitment, Starbucks will partner with other organizations to develop and grow supplier diversity excellence globally.” To put that into perspective, they spent nearly $800 million with diverse suppliers in 2021. With these moves, by 2030, it will increase by almost double.
As part of their accountability and progress, they plan to partner up with Arizona State University to give out free toolkits to entrepreneurs on fundamentals for running successful diverse-owned businesses. Another goal they’ve listed is to boost paid media representation by allocating 15 percent of the advertising budget to minority-owned and targeted media companies to reach diverse audiences.
At the heart of all this information on their goals and future plans, data transparency and accountability are what’s forcing them to look at the numbers to make specific goals. They are doing more than just throwing money at the problem, they are analyzing how they can do better and where the money will make a difference. Something that, as entrepreneurs, we should all do.
Peloton is back-pedaling: Reports of price increases, layoffs, and cost cuts
(BUSINESS) After a recording of layoffs leaks, ‘supply chain’ issues cause shipping increases, and they consult for cost-cutting, Peloton is doomed.
Is Peloton in Trouble?
According to many reports, Peloton had success early in the pandemic when gyms shut down. Offering consumers a way to connect with a community for fitness along with varying financing options allowed the company to see growth when many other industries were being shuttered.
After two years, CNBC reports that the company is “being impacted by …supply chain challenges” and rising inflation costs. According to the report, customers will be paying an additional $250 for its bike and $350 for its tread for delivery and setup.
As demand has decreased, Peloton is also considering layoffs in their sales and marketing departments, overheard in a leaked audio call. The recording details executives discussing “Project Fuel” where they plan to cut 41% of the sales and marketing teams, as well as letting go of eCommerce employees and frontline workers at 15 retail stores.
Nasdaq reported that the stock fell 75% last year, after a year where it soared over 400%.
Peloton reviewing its overall structure
According to another report from CNBC, Peloton is working with McKinsey & Company, a management consulting firm, to lower costs as revenue has dropped and the growth of new subscriptions has slowed since the pandemic. Last November, according to NPR, Peloton had “its worst day as a publicly-traded company.” It also anticipates greater losses in 2022 than originally predicted. It makes sense that the company would reexamine their strategy as the economy changes. They aren’t the only one that is raising prices amid supply chain issues.
It will be interesting to watch how Peloton fares
Peloton has a large community that pays a monthly fee for connected fitness. While growth has slowed, the company still has a strong share of consumers. Although it is facing more competition in the home fitness market and more gyms are reopening, as Peloton adjusts to the new normal, it should remain a viable company.
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