A Young Millennial’s Guide On Starting A Business
Millennials (defined as today’s 18 to 34 year olds) are a different breed of generation. They are more confident, really task-focused, and downright articulate. The millennials are the kind of people who will resign if they don’t feel fulfilled in their job and even if there’s no job lined up for them. They are after self-fulfillment, as having such means a strong and solid security.
Plus, millennials have the ambition to eventually set up their own business to be their own boss. Now, if you have the millennial-driven attitude to take risk and jump into the uncertain entrepreneurial road, then here’s a guide for all of you aspiring young business-minded yuppie on starting your business venture.
1) First, listen to problems and think of creative solutions.
The market is really competitive, so, what’s something you can offer in a pure competitive market? What makes your business idea stand out? Now, that gets you thinking, here’s the trick: listen closely to all the rants, problems and frustrations of your peers! Yes, their problems are the answers to your business ideas. Now that you identify a problem, it’s time to get creative with the solution, what can you offer now?
2) Then define what you’re passionate about.
Starting and growing a business is like having a baby, it will drain every drop of energy out of you as an entrepreneur. But this wouldn’t be a problem if it’s something you love doing. So, define who you are with your business. What are you passionate about? Be the master of your own game and the jack of all trades. Plus, a business built around passion makes it more than work, makes it your purpose.
3) Meanwhile, land a great job at a great company to learn.
“You work to gain skills, not to earn money,” that’s a businessman’s mindset! After getting enough experience and learning how everything works internally, bring that knowledge with you and apply it.
4) Don’t forget to heed the right advice from the right people.
Every master has once a great teacher to guide them, give them pieces of advice and to inspire them. You cannot be a know it all, even if as a millennial you have all the information around you, still you cannot deny that you are young. So heed the right advice from the best people. Find your Aristotle in this world of business to mold you into the Plato of entrepreneur,
5) Now, plan everything accordingly.
Failing to prepare means preparing to fail. Now that you have identified problems, use your passion to solve the problems, gain skills from your work and seeking advice from experts, it is time to plan everything accordingly. Plan everything out. Does it match your finances? Would the return of investment be quick? Would it play well in the market? So, plan your finances, choose a business structure to support your business idea, and pick a business name that’s memorable.
6) Create and build customer connections.
In business, you have to be friends with everyone, and we mean everyone. Welcome them with open arms, establish strong connections with every customer that walks right into your door. Your mission is build customer loyalty. To do that, you think of your mission and vision, your core values, your tagline, your brand and create social media accounts for our business. Marketing online is your affordable strategy to reach out and spread the word.
7) Be patient and work smart.
Call it an overstatement, but really, there’s no overnight success! So, take the progress well. It may be slow or fast. Either way, be patient. Save money and separate your personal finance from your business’ finance in any case you get to the top of your sales chart. On the other hand, work smart, give your undivided attention to your investment, your business only works if the captain of the ship commands the course in the right direction.
8) Now, prepare yourself for the best and for the worst.
Enjoy the perks of having a business and accept some harsh realities about the business world! As a final word, believe in yourself, believe in your business.
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