Quick, think of an entrepreneur. What do you picture? You’re probably picturing a young Millennial fresh out of college (or freshly dropped out), with a devil-may-care attitude and a fiery business spirit. Believe it or not, according to recent research, Millennials aren’t actually as entrepreneurial as we are led to believe. What’s worse, the ones that are entrepreneurial tend to fail. Baby Boomers and Generation X-ers are far more involved in the entrepreneurial world.
Here are some business lessons that any Millennial entrepreneur can learn and use when they start their new business venture.
Just Do It
Starting a brand new business is scary. It requires a lot of time, energy, sacrifice and, most importantly, money. What the Millennial generation of entrepreneurs fears is risk. Obviously, risk is terrifying, but as an entrepreneur, you need to be willing to take that risk. You must take a chance in order to succeed. Don’t be afraid to use Nike’s mantra: just do it. Go all in and hold nothing back.
For example, the CEO of Mogul, Tiffany Pham, was in a rather precarious position a few years back when she was trying to found her popular tech-based, female-centric app. She was in debt and had no team to help her build her business, so she picked herself up by her bootstraps and learned how to code at night while working multiple jobs in the daytime. She went all in and is now incredibly successful. Follow suit.
Focus on Others
The Millennial mindset can be a bit self-centered, particularly when it comes to entrepreneurship; that’s not good. If you’re getting into the entrepreneur business solely for personal gain, you probably won’t make it. Obviously, there’s nothing wrong with having some sort of self interest in your business, but don’t make yourself the star player. A great example of this is Nick Pena, founder of The Trade Academy. Before a sports injury caused him to take things a bit slower, he was very much self centered. However, during his healing process, he was able to think a bit more critically about his life, read about investments and from this, he decided to focus on teaching others about the importance of investing. After he changed his tune, Pena found success as a major Instagram influencer.
You Can’t, and Won’t, Do It Alone
Recently, Kylie Jenner was announced by Forbes as the world’s youngest self-made billionaire. Whether you like or dislike the American cultural dynasty that is the Kardashian-Jenner clan, one thing cannot be argued against: Kylie Jenner is anything but self made. In fact, no entrepreneur (or any person on this planet) is “self made.” It’s a nonsensical term used to drum up buzz and one’s self worth. Every person and company requires relationships, networking and partnerships in order to succeed. Do you think that Apple makes their own iPhone displays? No. They have a partnership with Samsung, their largest smartphone competitor. Even the giants know that you have to work together.
The Opes Group loves to focus on entrepreneurs looking to make a name for themselves and their companies. If you’re a young entrepreneur, you might want to focus on a few of these business lessons.