Millennials have grown up in an environment where they have been told, time and again, that they can be anything and do anything they set their minds to, by their elders and their peers.
With dozens of studies conducted on millennials, the data tells us that a majority of millennials are not inclined towards crafting their careers out of traditional 9 to 5 office jobs, ones which their Gen X and baby boomer predecessors pursued. These previous generations idolised upper management of huge conglomerates whilst the millennial generation has seen the likes of Steve Jobs completely transform Apple, Mark Zuckerberg build a billion dollar business out of an idea.
Need of the hour
Dozens of survey reports show that millennials who had entered college had done so with the desire to own their own businesses. There has been an explosion of entrepreneurial programmes at universities around the globe. Entrepreneurship has become one of the most popular business majors for the hundreds of business schools that offer it as a formal major. Business-owning, independent millennials have skipped traditional educational and career paths to follow their dreams. Their attention to detail, process oriented focus has made them a significant force in today’s business world.
The startup boom in India today also comes from this new Millennial generation who is heavily reliant on technology. This new breed of entrepreneurs are not afraid to take on giant players in the industry and will stop at nothing to find the fastest and most digitised way of doing just that.
The solution? Virtual services.
Owning a startup business is no joke, especially when you are up against companies who have been in the game longer than you, but the one way millennial business owners have cut down on the liabilities of such competition is with the help of the virtual lawyers. These virtual lawyers take care of all things legal, such as incorporation of the company and other such legal formalities, allowing business owners to focus entirely on their business.
Related Article: How Millennials Are Shaping Mobile App Design
Why it works
What is interesting to note is that most of the available virtual services are started by millennials, but it is only in recent times that we have seen these services extend to governmental and legal companies. As time has passed, we’ve seen that the legal industry itself is ready for modernisation.
Millennial entrepreneurs don’t just use the latest technology tools, but they are actively finding new ways to work more efficiently through the use of technology. Millennial entrepreneurs want things to happen faster, cheaper and more efficiently. This way of thinking not only manifests in their workspace, but also in their need for virtual services across the board.
Millennial entrepreneurs are not averse to increasing their legal capabilities without blowing up their budgets and virtual lawyer services provide just that. Virtual lawyer services are often practical, due to the fact that they are easily accessible online and flexible. Virtual lawyer services do not hold constraints of having only one way of payment or reach to their users, and are often economical in terms of the services they provide as well as in their options for payment.
In an influential blogpost on April 13, Ambrogi proclaimed a boom in legal tech startups based on listings on startup directory AngelList. Several legal tech startups are going after attorneys who need better, cheaper ways to sort through the avalanche of legal filings, rulings, and spider webs of citations between cases, across all levels.
Virtual services in today’s economy
As India is moving faster and faster towards an economy powered by the digital age, we increasingly see how almost every service, even governmental services, are becoming more important for today’s tech savvy, young entrepreneurs.
Studies have claimed that millennial entrepreneurs are 2.5 times more likely to be early adopters of technology than older generations. The last of this generation is just now entering the workforce and those of us who work with these entrepreneurs believe that they will be a generation that can have a transformational impact on our economy through their passion for entrepreneurship and technology. Top industry experts feel that by 2017, Millennials will be the largest consumers of anything tech and online, leaving behind the baby boomers!
This leaves no question in everyone’s mind that the services industry is ready for modernisation, and many companies have started to make the most of this by giving the new generation what they what. Millennials have grown up with the habit of having everything at their fingertips and are used to the fast paced lifestyle were they get everything on demand. This new wave of virtual services provide just that, ensuring these time conscious entrepreneurs have access to faster processes that are just a click away.