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How to Succeed as a Millenial Entrepreneur

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Alternate Titles:

  • Six Ways to Succeed As a Millenial Entrepreneur
  • The Ultimate Guide to Finding Success as a Millenial Entrepreneur
  • Six Things You Should Know If You Want to Succeed as a Millenial Entrepreneur

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Millenials are the largest demographic in the world today. The business landscape is now uniquely positioned to give millenials opportunities that were unavailable even a decade back. Now is the best time to test out your business skills by becoming an entrepreneur. Here is everything you need to know to become a successful entrepreneur.

The business landscape today incorporates technology, social media, and constantly emerging innovations. That makes becoming an entrepreneur today, a test of how adaptable and flexible you are.

More and more people are turning to entrepreneurship, from small self-owned art and craft shops on Etsy or eBay, to larger business powerhouses dedicated to becoming industry experts. If you want to be an entrepreneur, now is the best time to do it.

Here is everything you should know about becoming an entrepreneur.

  1. Be Purpose Driven

Entrepreneurship is a hyper-competitive industry where success is dependent on a wide variety of factors. The single most important factor that can determine whether your venture will fail or succeed is how driven you are.

You’ll be competing against people who are ready to give their all to follow their passions. Following your dreams is easier said than done, but with purpose, you’ll be able to get there.

To be purpose driven, you need to choose an industry that you’re passionate about. If you enjoy sports, then choose a health and fitness based industry to start a business in. If you like music, then you can consider anything from music production to music equipment production.

By entering an industry that already interests you, you’ll have knowledge and information going in. You may also find greater purpose in expanding upon an industry that you enjoy.

  1. Add Value to People’s Lives

Successful businesses always provide something of value to people’s lives. Microsoft brought personal computers into people’s homes and Facebook made social media accessible to everyone.

The more value you can provide for society, the more welcoming they’ll be to you in return. Look for avenues where you can improve people’s lives with your products or services. This value can also be entertainment, good food, cheaper transportation etc. As long as you’re making life better for others, your business is more likely to succeed.

  1. Create a Brand Story

Millenials today resonate with brand narratives. They want to support brands that reflect their own values and principles. To that end, you’ll need to establish a mission and vision that aims to improve the world.

In general, presenting your brand in a positive light garners more followers and engagement on social media platforms. If you aren’t sure about the kind of narrative you should establish, do a consumer and market analysis.

Establish who your largest consumer base are, take note of their behaviour and values, and incorporate that into your brand story. Once you’ve established your brand story, it’s time to promote yourself aggressively and repeatedly, until you’ve established your authority.

  1. Establish Your Reputation

Brand reputation and authority will help you build a sustainable business with loyal followers. Providing informative content to your target audience is the easiest way to do this.

For millenials, social media engagement is just as important. If you don’t have the time yourself, outsource or hire someone to constantly monitor your brand’s social media accounts. As soon as a prospective or existing customer initiates a conversation, make sure you reply immediately.

You can also make use of popular trends to initiate campaigns and ads that increase your brand visibility. Letting people know who you are, and then appearing consistently is another way to build brand authority.

  1. Don’t Lose to Distractions

Millenials are a generation that succumb to distractions pretty easily. From videos on YouTube or Netflix to a new game that was released recently, there are far too many ways to be distracted.

While technology enables distractions, it can also be used to prevent them. Consider downloading an app that helps you focus on your work, or a time management app. Get work equipment and keep them separate from your personal phone, laptop or tablet.

If you think you can’t focus on your work, then take a five minutes break before going back to work. Remember that how well and how much you work depends on your personal body, habits and lifestyle. Copying another person’s road to success may not work for you.

Be focused on your success, make a plan on how you can get there, and then walk down that road.

  1. Utilize Technology

The scale of innovative technology available to millenials is unlike anything that’s been seen before. And much of that technology can be used to help you establish yourself as a successful entrepreneur.

Data analytics and insights tools help you easily assess your competition, the market, and even your customers. Software and hardware that improve businesses and automation is consistently being worked on. Remote working is a new reality for businesses etc.

The way businesses operate today is highly centred around technology. Understanding how these tools work, and how they can work for you can make your journey as an entrepreneur easier.

A part of succeeding as an entrepreneur is knowing how to make the best decisions. One such decision could be opting for business insurance for your company. If you would like to consider getting business insurance, click here.

Sources:

  1. Reggie, DR, June 23rd 2017, ‘Seven Ways to Be Successful as a Millenial Entrepreneur’, viewed February 14th 2021,https://observer.com/2017/06/seven-ways-to-be-successful-as-a-millennial-entrepreneur-discipline-distraction-commitment/
  2. Shuford, JS, May 25th 2018, ‘Five Tips on Entrepreneurial Success for Emerging Millenials’, viewed February 14th 2021,https://www.forbes.com/sites/forbescoachescouncil/2018/05/25/five-tips-on-entrepreneurial-success-for-emerging-millennials/
  3. Tan, ST, January 29th 2021, ‘How to Succeed as a Millenial Entrepreneur’, viewed February 14th 2021,https://www.entrepreneur.com/article/363063
  4. Wiseman, JTW, September 4th 2019, ‘Top Tips for Becoming Successful as a Millenial Entrepreneur’, viewed February 14th 2021,https://missmillmag.com/top-tips-becoming-successful-millenial-entrepreneur/
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