About a month ago, I had a meeting with my staff about our upcoming Teen ContentCamp. We are planning on including a brief historical discussion of communication with our group of 25 tech-savvy teenagers.
“What if I showed them a typewriter,” my business partner Philip said sarcastically. “I bet they wouldn’t even know what it was.”
So much has changed since I was a teen when I had to type out book reports on typewriters. I still have my old typewriter somewhere in my basement. But sometimes I feel like I want to go back to the analog world with the typewriter because looking at smartphones and computers can be mentally draining.
It seems like other people have the same idea and yearning for the days of old communication. I hope I can convey to the kids that typewriters are still cool.
I went to a seminar last week on how to market products and services to Millennials and Baby Boomers. I know it is trendy to cater to these large demographics; however, I find it amazing how most marketers totally forget about a smaller demo sandwiched that is just as important – Generation X.
Gen Xers are considered to be those born between 1965 and 1980. I fall near the tail-end of the demo. I don’t have much in common culturally and economically with Millennials, but marketers seem to think I fall into the younger demographic.
Let me give you some reasons more attention should be given to Generation X:
Spending Power: Gen Xers actually have more spending power than Baby Boomers and Millennials. As a matter of fact, while we currently make up more than 25 percent of the American population – 65 million people, we have higher incomes than the other two demos. We also have the highest rate of brand loyalty. This will become more evident as Boomers start to retire and, well, many Millennials continue to live at home with their parents.
Financial stability: Statistically, Gen Xers are more responsible with their money. We save more money or invest it into buying homes, leaving more money for our family and starting businesses. In my opinion, I think this need for financial security is caused by the fact that we are the first generation to come into the working world without pensions offered by employers.
With all this said, why is Generation X always overlooked? Many marketers literally don’t know how to communicate with us. We came of age at the dawn of the current technological revolution, with one foot in the analog world (Boomers) and the other in the social media/Netflix/iPhone world (Millennials). The best and most useful tool for Gen Xers is email communication that is tailored to our personal needs. Email, not Twitter, is my thing and that is how I mainly talk to my cohorts.
Also, marketing should be geared to our financial and life responsibilities. As we grew up as latchkey kids, we are very independent-minded and make safe life decisions. I am always looking for the best and financially sound ways to run my business, pay my bills and take care of my family. I tend to research most products or services online and finding deals before deciding to purchase. So a coupon or a nice discount, preferably in an email marketing campaign detailing said product or service, would be great.
Gen Xers are more nostalgic. At least once a week I say “things were so much better in the 90s.” Really, everything was more interesting in the 90s – MTV actually showed music videos, hip-hop was real music (as was Pearl Jam and Nirvana), The Fresh Prince of Bel-Air and Living Single were awesome shows, the OJ Simpson trial was the greatest reality TV show, Rodney King’s black life mattered, everyone wore ‘X’ caps and Bill Clinton was president. So we tend to spend money on things that support our nostalgia. It is no wonder there are so many TV shows and movies from the 80s and 90s making a comeback and Salt-n-Pepa would be used in a Geico commercial.
My main point here is that Generation X matters. Don’t forget about us in your next marketing campaign!
A few weeks ago it was announced that Zimbabwe will use the Chinese yuan as an official currency. In exchange, China will cancel the southern African country’s $40 billion debt. Mind you, the US dollar and the South African rand are also de facto currencies in Zimbabwe. Many economists may argue that using the yuan is a good idea to getting around American sanctions.
This is just the latest maneuver by China to further penetrate the African continent through trade and development. According to the International Monetary Fund, of the 20 countries worldwide projected to grow the fastest by next year, 10 of them are in Africa. Africa’s population is also expected to double to 3.5 billion by the 2050.
So it would make sense for China and other countries to make a move on potentially big economic opportunities related to the continent’s rich resources and minerals. Approximately over a million Chinese people have moved to Africa in the last 10 years alone as part of a new scramble for Africa. However, many feel that China is doing more harm than good.
Journalist Howard French wrote a book a couple of years called China’s Second Continent: How a Million Migrants Are Building A New Empire in Africa. He traveled to half a dozen African countries to meet with these Chinese migrants about their motivations. They work in a wide variety of occupations, including factory owners, farmers and even prostitutes. Many of them come to Africa because they are either tired of the competitiveness, lack of freedoms and/or lack of economic mobility back in China.
The book left a really bad taste in my mouth and a fear for the worst. Many of the Chinese interviewees sounded the same way European colonizers did during the original Scramble for Africa over a one hundred years ago. Most of the interviewees speak of Africans in a very racist manner, commonly calling them the derogative hei ren.
The biggest gripe with the Chinese businesses is that they hire other Chinese workers – not African workers – to construct big development projects in Africa. The Chinese businesses say they do this because they feel the Africans are not smart enough, childish, and don’t eat bitter, or work as hard as the Chinese. Then when Africans are hired for jobs, they are paid low wages with very limited benefits and in dangerous environments. But many of these problems stem from African governments allowing Chinese business to come into their countries while ignoring their labor laws.
It seems like China is setting up these African countries to be totally dependent on them by just hiring only Chinese workers. It would be more valuable for the continent to practice capacity building, where they train Africans to build and maintain their own infrastructure. Sure, American aid and development projects in Africa have also been known to have shady, ulterior motives in the past as well, including most recently with PEPFAR, but at least Americans mostly hires Africans to work on African projects. Even when I work on any media development projects in Africa, we make a conscious effort to hire locals because the whole point of development is all about, in my opinion, “ teaching someone how to fish.”
There is also a Chinese presence throughout the Caribbean. In Jamaica, where my family is from, there have been similar complaints about Chinese development projects, mostly in the tourism sector with resorts. Recently I was in Kingston and I noticed that the Chinese community self-segregates themselves from other Jamaicans and don’t usually hire locals in their businesses. Jamaicans that are hired are treated poorly. Because of this there is growing hostility towards the Chinese migrant community. A Jamaican friend once told me, “We have replaced British colonization and exploitation with the Chinese. They are only here to exploit us.”
What is most interesting about the Zimbabwe situation is that introducing Chinese currency into the country’s economy takes the Chinese neo-colonialist agenda to a whole new level. China, a country that has a long rap sheet of human rights abuses, is hooking up with Zimbabwe, another country with serious human rights problems. Furthermore, despite the fact that he has been an egomaniacal despot in recent years, Mugabe was originally a freedom fighter 40 years ago who helped Zimbabwe become a free country. Now it feels it feels like the country is moving back into colonialism.
Ghanaian business executive Ed Brown said the best quote in French’s book:
“This [relationship] is going to be determine Africa’s future for the next fifty years. This big question is whether African countries are dynamic enough to take advantage, or whether they’ll end up being the appendage of somebody else all over again.”
A couple of weeks ago I was invited to speak to a group of college-bound high school seniors who are interested in pursuing careers as entrepreneurs. The common questions from them were “Do I need to go to business school” and “What does it take to be an entrepreneur.”
Regarding business school, this depends on many factors. However, you don’t need an MBA to start a business. I didn’t go to business school; my college background and my main career has been in journalism. Some of the greatest entrepreneurs like Sir Richard Branson, Steve Jobs and Bill Gates didn’t go to business school either. Actually all of them dropped out of high school or college.
Most of the core competencies needed to run a business are not going to be taught in a business school. Entrepreneurship is a field you have to “learn from doing.” For example, if you want to run your own restaurant, it be a good idea to work in one or two or ten restaurants to get firsthand experience first. You would need to know how to do every job in the restaurant to have a well-rounded experience – waiter, cook, janitor, maitre’d, dishwasher, busboy etc.
When I started thinking about starting a business, I got jobs and internships working for other entrepreneurs to gain experience and mentorship support. When I first started freelancing as a journalist and getting Global Wire Associates off the ground, in the beginning I had to learn how to do all my own accounting, marketing and other administrative work by myself because it was only me doing it. Having that well-rounded experience taught me how to run my businesses better for all angles.
Other skills you need:
Patience: Successful businesses don’t happen overnight. It was probably a good two or three years into Global Wire Associates’ operation before I started making a comfortable income. It takes time to build a client base and grow trust the right way.
Resourcefulness: Sometimes things don’t go the way you want them to or as planned. This is why you need to have a Plan B, C, D, E, F and G. You always have to anticipated the worst can happen in a situation, be creative and think about an alternative solution.
Be Proactive: Successful entrepreneurs and successful people in general are the ones who take initiative to make things happen. Don’t wait around for others to do something you can do yourself.
Networking Skills: Always find an opportunity to sell your business to others, whether you are at a conference or a supermarket. While there are many tools for online marketing, It is always more valuable to do face-to-face interaction and have a business card to share.
Willing to try new things: Businesses have to evolve with the times and trends to stay relevant with customers. It is always good to try new ideas in your business to challenge yourself. Sometimes it can be risky, but you never know how risky it is until you try it. Even if the new idea doesn’t work, at least you can say you tried it.
Hard work: Entrepreneurship is not a 9-5 job. Expect to work long hours and sacrifice some time in your personal and family life, especially at the beginning.
Reward Supporters: Bring on people into your company who support you and your dreams and return the support. Most of the people I started Global Wire Associates with still work for me because they support me and I support them.
Now this is not to say that you shouldn’t go to business school. If you are planning on going back to school, here are some things to think about:
Cost: College is very expensive these days. Are you willing to spend the money if you have it? If you don’t have the money, are you willing to take out the loans? How are you going to pay back the loans after graduation? You might have to get a part time job since your business might take a while to generate income.
What type of business school: There are difference types of business schools based on what type of business you would like to pursue. For example, if I wanted to go to business school, I would go to one that specializes in international business, with a focus on development economics.
What you will get out of it: Does the school have a good mentorship program? What kind of access do you have to professors and how experienced are they to help you? What can you get out of the network of graduates?
A lot of things to think about to be an entrepreneur!