It's a New Day

So what is it that's rattling around in the brains of today's young adults? To understand their mindset, look again at the world in which they're growing up. Gone are the days of putting in 50 years with one firm, then retiring with a smile and a gold watch. Today's entrants to the workforce follow a switch-back trail through the professions. Four or five careers are par for the course. Moreover, the Internet has launched a stay-at-home revolution. It's the age of freelancing, day-trading, and working in one's pajamas. Careers are patchworks of varied roles and responsibilities.
This environment shapes young people into integrative thinkers, people who make the most of whatever resources they can find. But it's these qualities of youth, not youth itself, that foster new-economy success, Colony argues: "I don't think it has anything to do with age. It has to do with openness. It has to do with the ability to learn."
Flexibility and speed are essentials. "What's important is being willing to change your mind," says Web pundit and venture capitalist Esther Dyson. "If you can't change," she adds, "someone else will implement your business model better and put you out of business."
Julie Wainwright, CEO of Pets.com, describes the struggles of the old-school executives she has hired: "Sometimes they get paralyzed because they are required to move very, very quickly in making a lot of decisions."
Yet Wainwright concedes that mistakes and dead ends are to be expected when navigating mysterious terrain. She counsels CEOs to create an environment where mistakes are okay, as long as the people making them learn from them, and fast.
Like young adults who assemble hodge-podge careers, CEOs seeking to establish an Internet presence, or boost revenue overall, should exploit all the resources at their disposal. The traditional three channels—person-to-person, mail, and telephone—aren't going away. The Internet simply adds a fourth to the mix. "The artistry in this," says Colony, "is to harmonize these channels. Leverage your strength in one, two, and three to dominate the fourth." Use the Internet, for example, to publicize this weekend's giveaways at your 90-year-old corner store.
"My best advice," Colony adds, "is to swim in this technology. Go online at least a half-hour a day. Place a technologist or two on your board of directors. Visit Silicon Valley once a year. Be connected to this world." And above all, field your kids' advice. Ask them for a grand tour of the information age. They hold the key.