6 Tips for Millennial Entrepreneurs to Get a Perfect Start
Millennials are known for their imagination power, and courage to do something different. Many of them want to bring a positive change, and they are choosing entrepreneurship as a tool to achieve it. But, most of them crave guidance in order to make a perfect start to their entrepreneurial journey. Thus, I would like to share some tips for aspiring millennial entrepreneurs to help them get the perfect start.
Here are some tips for millennial entrepreneurs to help them get a perfect start:
1. Start early in life, but make sure to get some experience
Entrepreneurship is a journey and not a destination, so it’s always better to start the odyssey as early as possible. If you are involved in activities that are related to identifying problems, planning for the solution, and executing the same in an optimum manner, then you are already an entrepreneur.
Having said that, getting professional expertise for running a business is what you should learn from experienced seniors, entrepreneurship courses, TiE events etc. Also, get some hands-on experience of working in a startup environment.
2. Find a mentor
Many millennials are doing wonders and challenging traditional age-old businesses. What I feel is that many millennials need the right mentor, and direction to channel their energies towards building a successful business.
A mentor could be a friend, family member, professor, or business executive. A mentor can certainly visualize a few aspects which can help the millennial pivot his business idea in a specific direction.
3. Don’t get disheartened if your idea is not unique
There would be times when entrepreneurs think of some idea or problem to solve, and they will find that people have already thought about it and have solutions for it. However, I would like to advise them to not get disheartened at that time and focus on their own passion. Successful businesses are not those who don’t do different things but are those who do the same thing differently.
Google is the best example, the web became public to the world in 1990, but the first web search engine was introduced in 1993. And while Google dominates the web search in the world, it became available in 1998. Some of the failed web search engines, which were built before Google were WebCrawler, Lycos, AltaVista, Yahoo etc.
Also, read: 4 tips for building the perfect startup team
4. Find a co-founder who could make a substantial impact
It’s as serious as finding a life partner. A co-founder could be someone you have known or someone with whom you just feel that it will work.
In business, one quality is that everyone should bring something to the table to be a co-founder; it could be in terms of skills, experience, or money. So, make sure to look for people, who can contribute in that direction.
5. Spend your social media time wisely
Social media and millennials are inseparable. Social media time has its own advantages; as it helps us to keep in touch with recent developments in the field of our working and interest. Even our Prime Minister, in his recent interview with Akshay Kumar, said that he is actively connected to social media.
However, posting each and every activity of yours is not right; as it becomes an addiction; which in turn affects your work and goals. Thus as an entrepreneur, you must set priorities, and spend time wisely on social media.
6. Learn from failures and challenge the old ways
Millennials have a long way to go & if they are clear in what they want to do and are also passionate about it, then they can get many things done. They might get it wrong sometimes, but the learning experience always helps in future.
Also, millennials have the power of imagination. Thus they can act as a catalyst to present new ideas and challenge old ways of doing things.
As a millennial, which tip did you like the most? Share your thought below.
Priyesh along with his two friends Pankaj and Rakesh founded Coinbazaar, an online platform for silver and gold coins in 2012, and now in 2019, his platform has 10000 regular clients with a growth rate of 150% in the last two years. A certified charted accountant, he worked in the finance domain for 7 years before founding the Coinbazaar, which is bootstrapped and has an annual unique visitor count of 1 million which is growing by 20% on year on year basis.
