Say what you want about millennials but they’re a generation to be reckoned with. Sure, they may an undying love for avocado toast and have this unspoken sense of entitlement for everything but despite their funny and sometimes annoying quirks, you can’t deny their hunger for success, especially when it comes to entrepreneurship.
According to Fortune, millennials entrepreneurs are now being called “millennipreneurs.” This 20 to 35-year-old generation is outperforming their parents in the business world. Here’s where the difference comes in. The parents of millennials grew up in an era where hard work and a little elbow grease is what determined how successful you were. In today’s day and age, it’s about working smart, not hard, and the millennial generation has discovered the secret to that and isn’t letting it go.
The millennial generation is managing much bigger staff than ever before, they’re exceeding profit margins than previous generations, and of course, they’re getting finding they’re own know-how to start their own businesses. With the advancements in technology, the ability to start your own business is all around you… you just have to be hungry enough to get the process started.
Although, millennials seem to have it all figured out they definitely don’t. People think the same thing about Generation Z but these two generations are as bad as you might think, especially from an entrepreneurial point of view. Millennials are so far into the stars that they don’t know when good advice is being given to them to not accept it… after all, they’re entitled to good advice, right!? Take a look at some of the best entrepreneurial advice for millennials on the brink of becoming business owners.
Success Never Was, Never Is, and Never Will Be a One-Man Show
Okay, so one aspect common among millennials is that they feel they can do it all… the truth is that there are a lot of things you can do in running your business on your own but you just can’t do it all… you’re going to need help somewhere. Whether you need an accountant to answer the phones and emails while you handle the daily operations of your business. For millennials, this can be hard because they don’t care to share credit when it comes to the success of their business; they do it but boy oh boy is it hard for them to do it… millennials… you have to give credit where credit is due.
The Success of Your Business is Dependent on How Well It’s Protected
Because millennials are the masters of working smart and not hard, it’s not uncommon for them to try to cut corners and find reasons why their business doesn’t need business insurance until it gets bigger. The funny thing about this is that for millennials to have such a high sense of entitlement, they sure don’t realize how quickly they could lose their business if they don’t properly insure their business.
Whether your business is big or small, you should make business insurance one of your first business purchases. Without it, you’d be setting your business up for the potential of enduring business calamity with no way of being able to cover the damages.
Go All-In or Go Home
There are tons of millennials who say they want to be an entrepreneur and be their own boss but they’re not making actionable moves to really make it happen. The real question is why? There are so many millennial entrepreneurs out there that are making moves starting their own businesses but then there are also the millennials who want the life of a boss but aren’t willing to put in the work necessary to do it… their theory of working smart and not hard could be getting in the way of their own dreams and success.
With entrepreneurship, in order to be remotely successful, you have to go all-in; you can’t be lukewarm in your approach… you’re either one of those people who are hungry or you’re one of those people that says “I could eat” when asked if they’re hungry. The latter is bad for business… If you’re not going to be all-in for a business venture of this magnitude, you need to set your sights in a different business arena.
What Will You Do?
If you are an aspiring entrepreneur that’s part of the millennial generation, you have the mindset to do great things and achieve great success from an entrepreneurial point of view, you just have to go for it and not let your own quirks get in the way. Sure, working smart and not hard is a great way to go about lots of things in life but when it comes to building your entrepreneurial empire, you need to get ready to put the work in because it’s going to require a lot of time and effort from you… are you willing to put in that kind of work?