Business model of car or vehicle rental script business

Vehicle rental platforms have emerged as an interesting startup option, and are building their footprints across the world. If you are also planning to clone a successful peer-to-peer vehicle rental platform like Expedia, here is the business model, tips, car rental script features and related details that you must keep in mind:

Let’s start with the business model of an car rental script, and learn how people earn money from it.

Business Model for starting a vehicle/car rental business

Businesses like Expedia, LYFT, and Orbitz offer a platform where you can easily rent your vehicle, Vehicle when it is lying free. The implicit online business of vehicles is made from the vehicle owners who charge a fee to rent out their vehicle using a platform.

The renters can easily access a vehicle and pay only for the time they are using the vehicle. Such businesses provide a platform for Vehicle bookings, boat bookings, bike bookings and so while charging a fixed percentage of the fee as commission to the platform owner.

buisness model of car rental scriptThe revenue model of businesses built using car rental script

Commission on the booking fee

The vehicle platform owner can charge a nominal booking fee on every vehicle booking made using the platform from the renter.

Banner Ads and On-Site vehicle promotion

Banner Advertising or Featured Listing for vehicle owners who are willing to pay some extra money to get more bookings.

Subscription Packages for vehicle owners

Yearly/Monthly subscription to vehicle spare products or regular bookings to users that helps them to manage instant & secure vehicle sharing (with features like GPS tracking, tamper detection, & engine lock) through smartphones.

Types of users who’ll be using your vehicle renting platform

Vehicle Renter

Users who are looking to book a vehicle on rent. They can search for a vehicle as per their requirement and get them on rent after providing necessary details and make payment either before or after their ride.

Vehicle owner

Users who list their vehicles on your platform with features and cost. When renter books a vehicle, the respective vehicle owner is notified.

Admin

From content management to users and listings management, the platform administrator has complete control of the vehicle renting platform. The admin can also manage bookings and generate reports.

Vehicle Renter Features

 

user panel car rental1. Registration

  • Via Email-ID
  • Email-ID Verification via verification link on Email
  • Via Google+
  • Via Facebook
  • Phone Number Verification (For all types of Registration)

2. Login

3. Forgot Password

4. Manage Account

  • Manage Profile Details
  • Change Password
  • Trip History
  • Past Bookings
  • View Details
  • Give Reviews to Vehicle Owner
  • View Past Ratings and Reviews
  • Upcoming Bookings
  • Booking Details
  • Booking Status
  • Cancel Booking
    • Cancelled Bookings
    • Cancellation Status

5. Vehicle Search Tool

  • Location
  • Pickup Date & Time
  • Return Date & Time

6. Search Result Listings Page

  • Categories and Search Filters
  • Price
  • Pickup/delivery
  • No of passengers
  • Booking Availability
  • Instant Booking
  • Normal Booking
  • Mileage limit
  • Vehicle type
  • Make & features

7. Page View

  • List View (Brief detail of Vehicles with an image)
  • Map View (Pointed Markers for available Vehicles Location)
  • Highlight Listing on Map on Hover Listing

8. Vehicle Detail Page

  • Vehicle Name and Model
  • Vehicle Features and Specifications
  • Photographs
  • Interiors
  • Exteriors
  • Vehicle Renting Cost Details
    • Hourly Rate
    • Daily Rate
    • Weekly Rate
    • Mileage Cap
  • Vehicle Cost Calculator
    • Availability Chart
    • Pickup Date & Time
    • Return Date & Time
    • Total Cost
  • Vehicle Owner Details
  • Vehicle Usage and Maintenance Instructions
  • Pick-Up Location Information
  • Available Booking Options
  • Share with People
  • Email
  • Social Media Channels
  • Reviews and Ratings

9. Vehicle Booking

  • Booking Details Confirmation
  • Personal Information
  • Driver Details
  • Payment Gateways
  • Credit card
  • Debit card
  • PayPal
  • Payment Confirmation & Booking Receipt

10. Help

11. Blog

Vehicle Owner Features of  vehicle rental script

 

vehicle owner of car rental script

1. Registration

  • Via Email-ID
  • Email-ID Verification via verification link on Email
  • Via Google+
  • Via Facebook
  • Phone Number Verification (For all types of Registration)
  • Subscription Package

2. Login

  • Forgot Password
  • Manage Profile
  • Manage Profile Details
  • Change Password

3. View all Bookings

  • Past Bookings
  • View Details
  • Give Reviews to Vehicle Renter
  • View Received Ratings and Reviews

4. New Bookings

  • Booking Details
  • Confirm Booking
  • Reject Booking

5. Cancelled Bookings

  • Search Filters
  • By Date Range
  • By Listing Name

6. View Vehicle Listings

  • Listing Details
  • Average Ratings
  • Number of Bookings
  • Search Filters
  • By Date Range
  • By Vehicle Name

7. Create Vehicle Listing

  • Vehicle Basic Details
  • Vehicle Features and Specifications
  • Photographs
  • Interiors
  • Exteriors

8. Vehicle Renting Cost Details

  • Hourly Rate
  • Daily Rate
  • Weekly Rate

9. Availability Details

  • Mileage calculation
  • Vehicle Usage and Maintenance Instructions
  • Pick-Up Location Information

10. Available Booking Options

  • Instant Booking(Immediate Approval)
  • Normal Booking (Approval/Cancellation in specified hours)

11. Insurance Options

12. Paid Promotions

Admin Features

 

Admin panel of vehicle rental

1. Manage Users (Vehicle Owners and Renters)

2. Manage Listings

  • Create/Edit/Delete Listing
  • Approve Listing
  • Reject Listing
  • Manage Country/State/City
  • Manage Vehicles/Brand Name/Model Feature List

3. Manage Bookings

  • Manage Payments and Transactions
  • Manage Reviews and Ratings
  • Manage Payment Gateways

4. Manage Blogs

  • Blog Posts
  • User Comments

5. Manage Featured Rides

6. Manage Banner Advertisements

7. Privacy Policy etc.

8. Manage Subscription Packages

9. Reports

  • User Reports
  • Transaction Reports
  • Listings Reports

10. Email Notifications

  • Email notification for account confirmation
  • Email Notification for approval of listing from Admin

11. Payments received by Vehicle Owner

  • Trip Request by Renter
  • The trip confirmation status/cancelled by the Vehicle owner
  • Trip cancellation by Renter
  • Payment Receipt for Renter
  • Notification from Admin

NOTE: All of the email notifications will be sent on the basis of email settings preferred by renter and Vehicle owner.

Detailed features and flow processes for car rental script

High-Level Flow Process for listing a Vehicle

business models

High-Level Flow Process for Hiring a Vehicle on Rent using a car rental script

 

renter workflow business model Key metrics you should focus to make your vehicle rental business a successful one

The vehicle rental features discussed above are analytical in nature, and you invest in needs them all to get the design and functionality perfect. Also, add to this the below mentioned key metrics that’ll help you grow your vehicle rental script.

  1. Verify Renters and their license carefully.
  2. Tying up with good insurance agency and roadside service provider will be a great thing for Renters and vehicle owners.
  3. Ensure Booking confirmation timings. Delay in booking won’t do any good for a Renters business.
  4. Make process convenient, both online and on-road as both are part of your successful business.
  5. Invest in a mobile app for both Android and IOS users. If possible consider having a web app too.
periscope clone

Note :

With in-depth market research and analysis, we have presented here the list of all beneficial inclusions that help your business to maintain a competitive edge. These above-mentioned features and functionalities may not be readily available in our versatile script. But, our scalable solution can be customized swiftly and effortlessly to include these additional features and thereby making your business stand out from the crowd. To know more about the cost and time frame for these inclusions in our script, you can contact our customer help desk.

Wrapping it up

If you haven’t started optimizing your business for today’s vehicle rental marketplace, then the time is ripe to start doing so.

Remember, the businesses who think ahead of their competitors and take efforts to keep their customers happy are able to generate maximum profits. Make use of the strategies discussed in this article to optimize your vehicle rental business and satisfy your customers, both now and into the future.

Interested? Talk to our marketplace experts to develop On Demand Vehicle Renting Script.

The post Business model of car or vehicle rental script business appeared first on Appkodes.

Appkodes

How to Start a Business from Scratch: 24 Steps to Becoming Operational

Starting a business is daunting.

There is so much to think about and so much to do.

It’s hard enough trying to figure out how to build and grow a business. The last thing you want to think about is figuring out how to put together an operating agreement or pick the right accounting system.

The good news is that all of the things that need to get done in order to start your business have been done a million times before. Even if you’re starting from scratch, you don’t need to reinvent the wheel or waste brainpower on figuring out what to do.

There are at least 24 things that you should do when starting a new business and I will walk you through each one of them step-by-step. These are the exact steps I take and the tools I use to start my businesses.

I cannot stress enough the value of building like you are going to grow from day one. I get that you are probably the only person in your business right now. You should operate as if you are an organization of people, not just yourself. This will save you an incredible amount of headache down the road, and also leave you room to try and fail in areas that you won’t want to fail when you do have a sizable organization.

I’m going to assume you already have a business idea, and I’m not going to show you how to build or grow your business in this article. These are the practical steps necessary to begin operations.

First, define your business

1. Put together a very high level and basic business plan

Don’t overthink this. You just need to be able to answer two big questions:

  1. What do you need to do in order to get to profitability?
  2. How are you going to pay for the things that you need to do in order to get to profitability?

If you think long and hard about these questions, you’ll end up with a good starting plan. Be realistic about what it’s going to take. Do your research, and know your numbers. Put it all to paper, and the business plan will evolve into a useful tool and true north for at least the first 6–12 months. You can use this business plan template to get started.

2. Come up with a name

Coming up with a name can be harder than doing the business plan! Your name is…well…your name. It has to be good. It does not have to be perfect and it does not have to be a fancy, made up word like Google or Yahoo. But, you will be saying this name a lot and it will be your url, too, most likely.

I wrote an entire guide to How to Buy the RIGHT Domain Name, which you might want to check out. Generally speaking, here is what matters:

  • You have to be confident in the name. Honestly, this is probably all that really matters. It’s definitely the most important aspect of coming up with a name. If you don’t love it, then you can’t sell it. You’re going to be selling it 24/7/365 for a long time. At least that is the plan!
  • You need to pick something unique. The general rule of thumb is that when you search Google for the name there isn’t an established business or product that already has the same name.
  • Your name must be memorable, brandable and simple. You don’t want to make it harder than it already is to be found and known.
  • You need to have the .com of your name. This is critical! It’s unbelievable how many people take this for granted and just completely disregard their domain name. If you want people to take your business seriously, make sure you have the .com.

A good process for coming up with a business name

  1. Brainstorm words, concepts, ideas, beliefs, descriptors, etc.
  2. Brainstorm names based off your initial brainstorm in step 1.
  3. Check the names in Google. Delete any options that are already a known business — especially not one in your space.
  4. Make sure the domain name can be acquired. Check out our guide on how to buy a domain name for help here. Do not expect to register a domain name for $ 7/yr and call it a day. You really need to invest in a domain name for your business name. If you have a tight budget, get creative! You can get a great name that checks off all the boxes for under $ 1,500 if you put in the effort.
More tips for coming up with a name
  • Imagine your name with a logo on a big sign in your future office space.
  • Imagine your name on a T-shirt.
  • Say your name out loud. “Hi, I’m Name from Business Name.” How does it feel? Do you like how it sounds?
  • Bounce your options around and talk to people about it.
  • Spend some time thinking about it and let it sit for a while. Do you continue to come back to the same name?

Next, create your business and marketing collateral (V1)

3. Buy your domain name

Again, do not take this lightly!

Your domain name is not an area it makes sense to be cheap. I use Domain.com to buy my domains — you can read more about why in our review of the best domain registrars.

Depending on your business, you might say the url as much or as often as you say the actual name of your business. The more budget you have for your domain name, the more you’ll be able to do.

4. Secure social media accounts

It’s tough enough to find a good name where buying the .com is possible. Chances are, you won’t get exact match social media handles as well. Do everything you can to get them, but if that fails — get creative. Your social media handles / urls are much less important than your website, but they’re still worth putting effort into.

You can choose how much effort to put into your social media right off the bat — you can simply get the name and hold them, you can populate them with a few images and pieces of information, or you can go all out. That’s up to you. For now, I just want you to make sure you have the handles.

5. Develop a brand identity

It’s nice to have a logo, colors, fonts and a general look and feel to go along with your name. You can always update your brand identity down the road, so the initial run just needs to be good enough. 99 Designs is a great option for a full brand identity package. You can run a design contest that allows you to pick from hundreds of options.

Unlike your business name, your brand identity isn’t locked in stone. It’s more than OK to go with a “starter approach” here — it doesn’t need to be perfect (or expensive); it just needs to get done. You can always come back around and do another design round — most businesses do.

6. Set up a G Suite account

G Suite is the most important tool for our business. I do almost everything using G Suite. My team’s emails and calendars are all on G Suite, too. We also rely heavily on Google Drive / Docs.

You’ll need to get this set up as soon as you have your domain name. Then you can easily get your business accounts set up. As of April 1, 2019, a Basic account is $ 6 per user.

7. Create a basic, foundational website

Your website can be a very big project depending on your business. In some cases your website could be the business. That’s why the focus here is simply on a basic, foundational website.

It’s good to have a one-page site live with information about your company. Then you can build further from there.

You can be up and running in a matter of minutes with Squarespace. Once you’re ready to do a full feature website, it’s easy to switch over to WordPress, using our guide on how to create a website with WordPress.

8. Get some business cards

Your brand identity package from 99 Designs will come with business card designs. You can use them to get business cards printed online by Vista Print.

This might seem like an antiquated idea to you, but believe me. Once you start your business, you’ll be talking about it and every person you talk to should be handed a card with your information on it. I like to keep my phone number off the card, and hand-write it on there for people who I would actually want to call me. It makes it easier to hand the cards out freely — and it lets the people who I do give my number to know that I really mean it.

Now, get your business legally squared away

9. Find an accountant and an attorney

This one is easy to put on the back burner. You’ll save yourself a lot of hassle and potentially save your business altogether by getting ahead here. Line up the legal and tax pros ahead of time. There are lots of great options and your accountant and attorney can both be remote.

I haven’t personally used it, but I’ve heard a lot of good things about Upcounsel.

10. Set up an LLC

You can use your attorney for this, or you can use an online legal service. Setting up an LLC is simple, so it’s a good spot to save some money by using a service like LegalNature or Legal Zoom.

11. Get an EIN

Getting your Employer Identification Number is something you can take care of along with the LLC. They typically go hand-in-hand. You’ll need that to do just about everything, including business banking.

12. Create an operating agreement

Even if it’s just you, an operating agreement is needed. Unless you have other people involved with your business, you can definitely get away with LegalNature here. Chances are, things will evolve and you will update your operating agreement down the road anyway. If you do have other people involved, have your attorney help out here.

13. File necessary paperwork with your state

If you’re using a lawyer, they can do all of this for you. Otherwise you’ll need to do some research into the requirements in your state, which also vary depending on the type of business you’re starting.

14. Open a business bank account

Pretty straightforward. You’ll need that EIN. It’s typically most convenient to go with the same bank you’re already using for your personal accounts.

One thing to watch out for is the upselling that many of the bigger banks do. For example, with Bank of America, I went ahead and took them up on an offer for Intuit Payroll. It ended up being a terrible user experience. The people at Intuit recommended that I sign up for a new account directly with Intuit because they couldn’t figure out how to solve some of the problems we were having. They put the blame on Bank of America. This ended up working out because instead of signing up for Intuit Payroll, I researched other options and found Gusto, which is much better.

The point here is to use your bank account for a bank account and be wary of using them for other offers or services.

Sign up for your key operating tools

15. Set up a payroll service for employees and contractors

As I said, I really like Gusto. They are very good. I use them and find the service to be superior to Intuit Payroll.

You won’t need to worry about this until you start paying employees or contractors. It’s good to have it ready and on deck though. Not only will the service automate your payroll, but it will also take care of taxes and forms that need to be filed.

16. Set up QuickBooks

A QuickBooks account is essential from day one. This is how you’ll manage your books and ensure you always have good records. Going back and importing historical data isn’t fun. The sooner you get it set up the better.

17. Put a basic accounting system in place

The best bet here is to work closely with your accountant. A good approach is to ask your accountant what you need to be doing throughout the year to make things easier when tax season comes and to make sure all quarterly obligations are met.

QuickBooks does all of the heavy lifting, but there are still things you’ll need to stay on top of. There is some crossover with what’s already been outlined here, but Shopify put together a good guide on small business accounting.

18. Start using a project management solution from day one

The biggest thing here is to get in the habit of tracking all of your work. Even if you are the only person in your company, you should operate like an organization because someday you will have no choice. The other benefit besides creating good habits is the historical information and data that will come from working like this starting day one.

It’s very valuable for new people to come into your organization and be able to look back at what work has been done in the past. It’s context that will help them (and your business) be successful going forward.

It doesn’t matter what tool you use. You’ll likely change it a bunch of times anyway. We use Trello. There are dozens of great tools.

19. Build an internal wiki system from day one

Just as you should use a project management tool from the very early stages, it’s extremely valuable to start documenting everything right away.

If you ever want to scale your startup, you’ll need your brain to scale too. Your internal wiki is like your brain. Giving your future team instant access to your brain is huge. If you already have a disciplined approach to documenting things in the wiki, your team will follow suit.

It’s not fun figuring out the value of a wiki system 3 years down the road, 50 people deep. You’ll think of an endless number of documents you wish you’d have written out as you went along.

We use Confluence.

20. Set up a Slack account

Everyone loves Slack. It just works. Mobile communication is key. There is a Free plan that’s a good place to start. It’s about $ 7 per user per month for the next plan up, which grants you controls like guest access to different channels, and more storage and app connections.

21. Set up a conference call number

Many businesses will need to do conference calling at one point or another, and GoToMeeting makes that easy.  Instantly join, host or manage a video, audio or web meeting from a conference room, your desk or a remote location via your Mac, PC or mobile device. Visit GoToMeeting to signup and get started in just minutes.

22. Set up 1Password

By now you are starting to see the theme here: Reduce future headache! Set up your systems now and you’ll be able to focus on growth moving forward.

1Password is an excellent tool for managing all of your passwords and sensitive data. It makes it easy to securely share logins with your team — which is key because Centrify estimates that lost passwords cost $ 416 in productivity per person.

23. Create a subscription tracker

This is easy but often overlooked. 1Password is great for keeping track of your subscription logins. You still need some way to quickly see everything you have and what you are paying for, especially as you grow and have more people using and signing up for different tools and subscriptions.

A simple spreadsheet is all you need. Track the subscription, cost per month or year, terms (if any), payment method (what account or card is it tied to?), and renewal date.

Now, plan your goals for your first year in business

24. Create a strategic plan for the next 12 months

Like your business plan, your strategic plan doesn’t need to be complicated.

Here’s how to write a simple startup business plan for year one

  1. Come up with one big goal for the next 12 months.
  2. Determine what you need to do in order to reach your goal. What projects or activities will you need to perform?
  3. Figure out what metrics or parameters you can use to monitor progress. Put in place a system for tracking them.
  4. Review and challenge monthly. Make any necessary adjustments.

Even in a one-person shop, taking the time to do this will force strategic thinking and purposeful action. It will help you avoid being reactive and randomly doing whatever comes your way.

It becomes even more important when you have a team that needs to know what direction to march. They will need that context in order to do their jobs.

Other guides written on how to start a business are pretty general. I don’t see a lot of value in reiterating what is already out there, so here is a list of guides that I would recommend for further reading on how to start a business:

Quick Sprout

Adrenalead raises €1 million to boost its unique “Web Push Notifications”

Lyon-based startup Adrenalead has raised €1 million from SIDE Capital, and with the support of BPI France, to help companies activate their customers using “Web Push Notifications”. Adrenalead now intends to accelerate the development of its network and extend its influence on a European scale.

Founded in 2018, Adrenalead aims to offer new alternatives to conquer and retain customers for e-commerce on a constantly (r)evolving digital advertising market. Using AI, and powerful predictive and behavioural targeting algorithms, the marketing platform developed by Adrenalead allows e-merchants and retailers to design and distribute campaigns  to their users by “Web Push Notifications” via computer or mobile. The “Web Push Notification” is, according to the startup, a virtual way of realigning the interests of advertisers, the media and internet users. Basically, it lets advertisers send precisely the right message at the right time to the right person.

The digital advertising market has become a hotspot for company spending, but can also cause collateral damage for companies, the best known being deterioration of brand image, lack of transparency, fraud and the increasing adoption of adblockers by internet users. Guided by new consumer expectations and the strengthening of personal data protection regulations, Adrenalead offers a more transparent and respectful advertising alternative for internet users, with prior and explicit consent from the user.

“Beyond allowing brands to regain control of their audience, the platform offers a complete suite of audience extension solutions. Any brand can now reach profiles similar to its “look-alike” audience and this in real time,” explains Edouard Ducray, one of the co-founders.

EU-Startups

ZeBrand Automated Brand Identity Development Startup Moves to New York

Upstart AI-driven Brand Development startup ZeBrand, a Japanese startup developed by a hundred-yea-rold type foundry, is relocating to New York. The company, which uses deep machine learning to simplify the branding process for new businesses, is aiming to expand into the global  English-speaking design market.

ZeBrand’s service is unique, offering users the ability to quickly and effectively construct a documented brand identity that can maintain conceptual continuity across a variety of mediums. These mediums might range from web sites and video ads to marketing circulars and business cards.

The service uses intuitive, user-driven development tools to create and preserve a brand identity unique to each particular business team. By answering a series of simple questions, people with nascent businesses can quickly craft a distinct visual vocabulary particular to their individual enterprise.

Easy access to simple brand-building tools are terribly important for the development of new businesses. A 2016 Entrepreneur article asserts that “for every five startups that are still around, more than double have failed due to lack of branding.” Investopedia, likewise, cites “strong brand identity” as a make-or-break factor for new businesses.

ZeBrand develops brands that encompass culture creation, mission and values, team building components, overall tone, symbolism and imagery, typeface, typography standards and, of course, a logo.

By making use of powerful machine learning, ZeBrand is able to offer most of its basic brand-building assistance for free. This compares quite favorably to the traditional agencies, which can charge anywhere from $ 50,000 up to even $ 200,000 for a complete branding package, according to recent articles in Forbes and TechCrunch.

You can try ZeBrand out for yourself by navigating to zebranding.com and filling out a 5-minute “business personality questionnaire” that provides a fun way to help you learn about your business’ culture. Questions like “would you describe your approach to business as ‘slow and steadfast’ or ‘fast and daring’?” will guide you towards a better understanding of your own ideas.

Once your questionnaire is complete, you will be presented with a downloadable branding style guide offering a matched collection of color schemes, creative imagery, brand phrasing, typefaces, logo ideas and other free IP designed to help your brand express itself to the world in a cohesive manner.

ZeBrand CEO Ryo Kikuchi explains that “ZeBrand allows startups to have brand identity at a cheaper rate, and with a self-narrated, yet guided, approach.” The site’s AI was trained on 25,000 other brand identities that had already been developed in the traditional manner.

Kikuchi was Chief Innovation Officer for ZeBrand’s parent company, Morisawa, a typography company headquartered in both San Francisco and Tokyo. Founded in 1924, Morisawa counts Adobe Systems, Fuji Film, Kodak and SoftBank Commerce & Service Corporation among its clients. ZeBrand also won the WeWork Japan Pitch Contest called “Let’s Make It Happen 2019” which was covered by Forbes – Forbes Japan Pitch Contest – prior to their U.S. launch.

“Right now, brand identity is a mostly two-dimensional proposition,” Kikuchi advises. “We plan to take our A.I. a massive step further in the near future, focusing on using our ever-evolving algorithm to create 3D and 4D brand identity experiences for businesses.”

Photos
ZeBrand

The post ZeBrand Automated Brand Identity Development Startup Moves to New York appeared first on KillerStartups.

KillerStartups

Wave Makes A Play To Overthrow ESPN And Bleacher Report As Sports Leader Of The Social Age

I spoke with Co-Founders Brian Verne and Ishaan Sutaria about the vision behind their company, the future of sports media and their plans for building a social entertainment empire.
Forbes – Startups

Managing Gen Z Employees: A Detailed Guide

If Gen Z employees are the latest hype at the workplace, then people who handle them are probably going to be the most successful employers ever.

But what if they don’t want to be handled?

Then, you start managing them.

Well, easier said than done. Even though Generation Z is marking its presence across various platforms, hiring and managing them is still considered a gruesome business. Their need to constantly be socially connected and post everything on the web, get paid accordingly,  limited authority intervention and never to jeopardize social and cultural integrity has been frequently questioned by those in power.

But, is there more to their emotionally hyperactive brain and how are they making significant contributions, after all, let’s find out.


Advantages Of Recruiting Gen Z Employees

Gen Z employees might have certain characteristics that seem to be very unprofitable at first, but when used properly, these features can help you grow your organization.

Extremely Competitive

Gen Z, unlike millennials, keeps a keen eye on their competitor and how they can combat extreme competition. They are constantly looking for better practices to enhance efficiency in the organization. This can help the organization to grow at an unprecedented rate.


Entrepreneurial Mindset

Gen Z experienced their loved ones getting affected by the great depression of 2008. This made them rely more on themselves and develop entrepreneurial skills. This skill set allows them to look for income sources in the most scarce conditions.

In fact, according to research, More than 60% of school students prefer entrepreneurship over being employed by someone else. The primary reason for this sort of inclination is the high rate of dependency on jobs experienced by the millennials in the past. Getting a job straight after college did not only increased the competition but also increased the chances of landing with no job at all.

They Are Influencers

Gen Zs are not like any other generation of employees when it comes to impacting their environment. They are far more concerned about their workplace and they make sure that their voice is being heard. They are not looking for credits, all they wish to experience is a change in a positive direction. They would prefer thrift stores over high street brands, and won’t take a second call before calling out a brand for adopting unclean practices.

Like it or not, millennial’s might be socially connected but they cannot still act as influencers on social media platforms. With a large following, Gen Z brings with itself an army of dedicated followers for your brand and make sure to display their influencer skills.

Negligible Reservations

Gen Z acts on emotions and is constantly discovering ways to find peace in what they do and once, they have found their drive, there is no looking back. They commit to their work, irrespective of the time it demands.

One of the prime accusations levelled against Gen Z employees is the high pace of hopping from one job to another. This is because of a lack of satisfaction they derive from their work. Once they enjoy the tasks they are assigned, they can arch over their boundaries easily.


They Are Waiting For Constructive Criticism

Due to their competitive spirit, they value every constructive criticism that they can get hold of. They are not just dedicated, but make sure that they are headed in the right direction.

Feedback once in a week enhances employee retention. Gen Z wishes to be heard and seen through their work, and feedback gives the same impression from the organization’s side.

All these traits can be well embedded in a profitable organization if recognized and harnessed in the right way. Given below are some of the ideas which can be adopted by managers while handling this hyperactive generation of bellwethers.

Effective Ways To Handle Gen Z

Gen Zers had a tough time dealing with parents who had to face acute economic slowdowns. Further, the boost of the startup ecosystem provides hope for a better future.

So, expecting them to do a job in the same manner as it has been done since the past 50 years is a blot on their superb capabilities. Here are a few quick ways to manage them effectively.

1) Let Them Decide The Manner To Complete A Task

As much as big brands want to hold onto their great grandfather practices, now is the time to start deviating from this strategy. Allow the Gen Zs to find their methodology or own process to do their thing. You can, however, pull the strings back while negotiating the time frame to assess their methodology.


Head To Teamwork If Necessary

If you are not sure about a particular employee, you can form groups that are headed by a senior employee. This will have a lot of advantages

  1. Communicating within a team working on the same task is much easier than turning to an entire organizational hierarchy.
  2. Employees will be able to recognize the importance of teamwork.
  3. It will save a lot of time as unnecessary doubts can be resolved within the group under a supervisor.

Allot A Time Frame

If your tried and tested method takes a month to yield results, then provide Gen Z employees with a time frame of 3 weeks to design the entire strategy. This will not only challenge them but also help them to work on their skills.

However, managers need to put this idea on hold, in case they are dealing with a newcomer. Proper time should be given for them to understand the organization and how it operates.

Ask Them To Stick To The Core Principle

Organizational principles should be appropriately communicated while allowing Gen Z’s to devise their strategy.

For eg, if they wish to increase the price of an essential commodity produced by the company’s during a food crisis, then the company’s price policy should abstain from doing so. Communicating this policy, hence becomes important.


2) Go Flexible With The 8-Hour Schedule

Millennials have always been wanting to get rid of this conventional on desk face time practice, which keeps an eye on the number of hours dedicated. Gen Zers are looking forward to putting their focus on productivity rather than the time dedicated to the job.

Managers need to understand this trait and get a bit flexible with the timing.

Sync In The Availability

First and foremost, managers need to make sure that there is a proper communication channel between employees, task leaders and employers sometimes. Even if it’s not all the time, a common time of availability can help to clear major doubts and send all the necessary instructions.

Work In Shifts

Don’t allow all the employees to do work from home. Some shall stay put in the office, while others get the comfort of their house. The pattern and the employee can change each time.


Schedule Days For Work From Home (Or Remote Work)

For organizations working from office for years, shifting to ‘work from home’ criteria can impact the psyche of the employees. Hence, going for a few days of work from home can result in positive results rather than going full overboard.

3) Diversity – Not A Goal But A Need

Gen Z employees have been treading the borderlines since school. They intend to make friends beyond a certain group, region or nationality. Hence, to crave their need to identify with a diverse group, companies need to focus on engaging employees from all walks of life.

Create Groups With Sufficient Diversity

Forming groups that consist of members from different backgrounds can help the gen Z feel much more comfortable in their new space. This will also allow the entry of different perspectives for each project, which will be an insight for someone fresh.


Honour Various Cultural And Religious Practices

Floating holidays should be the new norm and employees need to be given the chance to celebrate and share various cultural and religious practices. This will promote a diverse culture in the workspace.

Gender Pay Inequality Is A Strict No

Gender pay difference is one of the chief reasons for women to either resign from their positions or give up completely. Equal pay will foster a strong work spirit among all the genders and will ensure proper coordination.

4) Get Personal With Perks

A universal pattern of offering greater time controls might have worked 5 years back. But, Gen Zers are not identical twins and their needs and wants to differ from each other, with so much on their plate.

Hence, now is the time to start identifying what everyone wants from their job and start honouring those as perks.

Steps to put this in practice include

  1. Start identifying the motivation behind every employee’s work
  2. Make it a part of the product strategy to gain more productivity from employees
  3. Ensure that the perks are communicated in advance to get positive results at the end of the day

For instance, if an employee has a wedding to attend and needs extra pay, then you should allow him to work in advance or indulge in overtime and then pay him in advance for the purpose.

However, a different employee might require a holiday for the same wedding purpose. You should then allow him/her to complete the assigned task in advance to attend the wedding.


5) Explore New Areas Of Social Interaction

If brands are ecstatic about how Gen Zers conduct their social gatherings online, now is the time to address this issue. A weekly informal dinner or a monthly social gathering for the employees and a few dignitaries might give them a chance to address their quench more effectively.

Karaoke Night

Even though this sounds purely informal, it will give all the employees a chance to look at the creative side of one another. Although, it is advisable to keep it at a bare minimum, organizing it can prove to be a major step in team building.

Professional Workshop

A workshop intended for a special purpose can help Gen Z’s feel much more included in the organization. This will also help them to expand their interaction across people of much expertise.


Volunteer For A Cause Together

Companies are already aware of their social responsibility. Even though these are for various causes, it’s time that firms start looking at it from an organizational perspective. Using the fund and volunteering for a common cause will help Gen Z employees to get some values from their millennial supervisors.

They will also be able to understand how their day to day work is having a positive impact on their surroundings, leaving them with utmost satisfaction.

Final Word?

Gen Z employees are a huge asset to any company. They don’t just look out for new opportunities, but they can invent even more for others.

Companies today’s, in such a globally competitive world, are much more sensitized about the requirement of such employees. Hence, it’s better to help them explore their avenue under your umbrella rather than letting them decide themselves, and then further increase competition in the market.

Go On, Tell Us What You Think!

Did we miss something? Come on! Tell us what you think about our article on Managing remote teams better in the comments section.


Feedough

We Needed a Bigger Room – The Lean Educators Summit

It’s a bit bittersweet. We used to be able to fit all the Lean Educators in my living room and have space left over. No longer.

Turns out we needed a bigger room for the Dec 4th-5th Lean Educators Summit.

The good news is that if we’ve turned you away or you were on the waiting list we moved to a bigger venue.


It’s been almost a decade since we first started teaching the Lean Methodology. It’s remade entrepreneurship education, startup practice and innovation in companies and the government. But in all that time, we haven’t gotten a large group of educators together to talk about what it’s been like to teach Lean or the impact it’s had in their classrooms and beyond. It dawned on us that with 10 years of Lessons Learned to explore, now would be a good time.

This one class launched the National Science Foundation I-Corps program, (designed to help turn our country’s best academic research into companies), the I-Corps @ the National Institute of Health, I-Corps @ the Department of Energy, I-Corps @ NSA, Hacking for Defense and Hacking for Diplomacy, Hacking for Cities and Hacking for Non-profits. Hacking for Oceans is coming next.

Educators Sharing Best Practices
So, for the first time ever, Jerry Engel, Pete Newell and Steve Weinstein and I are getting all educators from all these groups together for a “share best practices” summit – December 4th – 5th.

We’re going to cover:

  • The effectiveness of our programs [including I-Corps and Hacking for Defense]: What we have learned so far and how to make it better
  • Customer Discovery and Lean Innovation in Academic Settings vs Non-Academic Settings such as incubators and accelerators
  • Tech Commercialization: innovators vs. entrepreneurs –  motivating scientists and engineers
  • Lean Innovation in the Enterprise, Not-for-Profit and Government – what’s different
  • International: Success and Challenges of Lean Innovation and Customer Discovery in  Europe and Asia [and South America? Australia?]
  • What’s next for Lean and entrepreneurial education
  • and much more…

Agenda is below.

Register here

See you there!

Steve Blank

6 Ways Gossiping Leads To A Toxic Workplace Culture

secret-gossiping-lips-to-earAs an entrepreneur, you should treat gossip among the members of your team as a reduction in productivity at best, and at worst, an indication of unhappy, un-empowered, or non-collaborative employees. As a leader, you should be asking yourself if you are the problem, and working hard to improve the situation before it gets out of hand, causing lost clients as well as lost productivity.

Occasionally I see articles, like this one from Monster.com, that claim gossip in the workplace can be beneficial in getting unspoken information out in the open for leaders to see, or it allows people to release pent-up negative energy before it explodes. Good gossip, as opposed to the malicious kind, some argue, might promote camaraderie and accountability on the team.

I personally think that good gossip is an oxymoron, since most dictionary definitions agree that the essence of gossip is sharing personal details about others that are not confirmed as being true. In any case, it behooves every entrepreneur and business leader to keep their antennas up for an increase in gossip, and know how to address the problem without causing more.

I recently saw some good insights on this challenge in the classic book “The 15 Commitments of Conscious Leadership,” by Jim Dethmer, Diana Chapman, and Kaley Warner Klemp. They concur with me that gossiping is a key indicator of an unhealthy organizational culture, and one of the fastest ways to derail creativity. They summarized the following key motivators for gossiping:

  1. Make others appear wrong. Many team members relate to others on the team from a one-up or one-down position: They see each person’s position as either less than or more than their own. Gossip is a way to engage in one-upmanship, relieving them from feeling inferior. It allows people to twist reality to make others wrong so they can be right.
  1. Gain validation for a personal view. People’s egos live in a world where they are either right or wrong. Since they don’t want to be wrong, gossip allows them the opportunity to validate their righteous perspective. Gossip provides the vehicle to bounce off our thoughts with friends and associates to gain validation and support.
  1. Control others not under their authority. By gossiping, team members feed their judgments to others, manipulating the information flow and attempting to control the beliefs and behaviors of others. This is often driven by fear of their real persuasive ability, or lack of confidence in the organizational hierarchy or decision making process.
  1. Get more individual attention. Absent something meaningful to share with others, team members may choose to reveal a critical or private story about someone else to keep some attention on themselves. Unfortunately, spreading gossip or rumors is like buying attention; it’s temporary and has little foundation.
  1. Divert attention from possible weakness. When someone feels vulnerable, gossip is a great way to shift potential negative attention to someone else. For example, team members may gossip about the personal lives of their boss or business leaders to highlight faults, making their own faults less significant.
  1. Avoid face-to-face negotiation and conflict. A popular reason for gossiping in teams is a concern that direct opinions or preferences are going to upset someone. Thus they vent to people not directly related to the issue, such as friends and other team members, somehow hoping that will get the message across with having to confront anyone.

Gossip doesn’t work without a willing listener, so agreeing to listen is really as contributory as speaking it. Team members who refuse to listen will kill gossiping as effectively as no speakers. The authors agree with me in observing that candor and authentic expression of feelings and facts are more effective in communication and maintaining the health of the organization.

The only way to really clean up gossiping is to reveal both the gossiper and the listener to each other, to the person about whom they have been gossiping, and to clearly delineate the relevant business facts from the stories. People who refuse to change need to be removed from the team before they destroy it.

Every business needs creative energy and collaboration to survive in today’s competitive environment, and these are undermined wherever gossip is present. It only gets worse if you pretend you don’t hear it.

Marty Zwilling

Startup Professionals Musings