<p>In his 1995 book, The E-Myth, Michael Gerber discusses several misconceptions most American&rsquo;s have about the traditional entrepreneur. In the book, Michael goes onto list off the development cycle that most small businesses must go through in order to become truly viable sources on income. Since the release of his book there has been a flurry of activity surrounding his work, but what is concerning is the lack of attention being placed on the gravest of all misconceptions about business, the Gen Y E-Myth.</p> <p>The Gen Y E-Myth has two layers, both as equally damaging to the future of business as the other. The first misconception is commonly held by Generation Y themselves. The Gen Y E-Myth states that Generation Y believes that business is something that is seen in a short term context versus the reality of business being conducted over the long term. From the further integration of immediacy into the way Gen Y lives are conducted to the issues of conformity, Generation Y is fundamentally concerned with the relative now. Not being entirely the fault of one party or another, this presents a problem when it comes to traditional lessons of acumen.</p> <p>Business must be seen as a gradual process of developing a plan and implementing it over a fairly lengthy period of time, depending entirely on the industry. Without the ability to either plan or calculate the impact of their actions on more than their own bubble, Generation Y puts themselves at a disadvantage in business. Just as Generation Y has a major misconception about how business conducts itself, so too do older generations.</p> <p>The Gen Y E-Myth states that the traditional means for conducting business no longer see the reality of commerce either. Falling into this category would be Baby Boomers and Generation X. As managers Boomers and Gen Xers regularly deal with Generation Y as new employees. As a result of numerous generation gaps, Yers (in one group) and Boomers and Xers (in another group) fundamentally disagree on principles of community. This is the second misconception in the Gen Y E-Myth, the importance of a free flowing community in and out of the work place.</p> <p>For decades past, business has been about doing strictly business, not that it has changed much, but the way employees do the job has. What employers must come to recognize is that Gen-Y employees are a fluid bunch and that the hierarchy or yesterday must become flat and widen to allow for greater access by Gen Yers. In the view of baby boomers, business does not allow for this relative ease of communication, everything must be done in triplicate! In the economy and workplace of tomorrow (arguably of today) communities must be allowed to develop and grow as healthy relationships based on collaboration and the flow of ideas form the basis for the Gen Y working style.</p> <p>The Gen-Y E Myth is something that has only recently become available in the minds of marketers. As both business administration and marketing become more Gen Y savvy, so too will the understanding of the misconceptions of how to conduct business. The responsibility for Generation Y to understand that business is more than just a pay check and the short term is incredibly important to realize. In addition, for Baby Boomers and Gen Xers to continue to ignore the impact that the stifling of community development will have on the workplace is also significant. The Gen Y E-Myth lives on.</p> 2008-12-30T04:56:06Z -13.4842 359 2629 true 5 20520 the-gen-y-e-myth 1 2008-12-30T19:12:53Z 2008-12-30T19:12:53Z

The Gen Y E-Myth is the untold challenge facing Generation Y and business.

0 2009-02-24T09:48:08Z