In America, the economy is booming. Unemployment is down, and millions of people are starting their own businesses. While some of these new businesses are household names like Silicon Valley tech giants, many others are small, start-up businesses that are the lifeblood of a new generation. Let’s know more about this “new generation” of successful entrepreneurs.
The Me Generation
The Millennial generation has been called the “Me Generation,” which is “entitled and narcissistic.” But also “the most entrepreneurial of all generations” because our generation is the first to embrace the entrepreneurial opportunity.
With the latest generation of teenagers and young adults in the workforce, you might be asking yourself how to be a successful millennial entrepreneur. The answer is not as simple as it once was. This generation is prone to changing careers and finding new places to work. New research from the University of Oxford suggests that this generation is likely to work in different industries from their parents. Their expectations for work are also challenging the notions of lifelong employment.
Succeeding as Millennial Entrepreneurs
Today’s young entrepreneurs understand the benefits of being an entrepreneur. The benefits of flexibility, freedom, and being able to build one’s own business with little to no assistance from others are well worth the initial challenges. This generation is business savvy, capable, and entrepreneurial. The question is, do they know how to succeed as a millennial entrepreneur?
Here are the following actionable ways to succeed:
- Be productive by eliminating distractions. One of the most effective ways for establishing a strong, productive, and sustainable work-life balance is to eliminate distractions. That means ensuring that the time you spend at work every day is highly productive and not consumed by all the unproductive things you do at home.
- Build your brand and tell your story around it. Having a brand with a name and face is important, but it is just the first step toward thriving as a Millennial entrepreneur. You need to have a presence online to build a brand that people recognize. There are few things more important in life than building a brand. It’s the foundational cornerstone of business success, especially in today’s marketplace. But building a strong brand doesn’t have to be difficult. Joining the right community, creating a unique voice, and learning how to market to millennials are all part of the equation.
- Team up with competent people. To succeed as a millennial entrepreneur, it’s important to team up with others who have achieved similar goals. Being able to find like-minded partners is a critical part of successfully starting or growing a business.
- Optimism is the key. Life is full of adversity, and you never know what will happen next. It’s easy to get discouraged and succumb to the negative things that happen. However, with the right mindset, you can turn any situation around into a positive one. I have found that saying “this could be bad” or “this could be good,” whether you are positive or negative about something, often helps me think through a situation in a more productive way. Take a step back, think about what you can do differently.
- Develop flexibility and resilience in business. As it is with all things in life, success as an entrepreneur comes down to a combination of personal qualities, hard work, and the right tools and resources. Developing a mindset that can effectively cope with life’s inevitable ups and downs is a critical component of succeeding as a millennial entrepreneur.
Being both an entrepreneur and a millennial can be hard and confusing at times since we have two different mindsets and two different kinds of life experiences. We often have to choose between the “right” path and the “easier” path, and we often choose the easier path. But we’re actually the most adaptable and resilient of all generations. We have a lot of patience and resilience when it comes to growing a company.
Someone who has recently graduated from college can seem like there are a million things to do. On top of that, you have a full-time job and college loans to pay off. So, it may seem daunting even to consider starting your own business. But there is a way to start an online business and succeed as a Millennial entrepreneur.
The millennials are the smartest people the world has ever seen. Not only do they excel in the classroom, but they are also the most entrepreneurial, innovative, and creative generation the world has ever seen. But this is not just a fad. This is a generation that is destined to change the world. And one of the best ways to do this is to follow your dreams and start a business!