Theyâ€™re taking over the world! Thereâ€™s no denying, more and more millennials are successfully entering the world of entrepreneurship. No matter how much one tries to label and put down the millennials, thereâ€™s something amazing about them and their thought process that gets them to succeed and lead businesses like never before.
Every generation has called the other one out for something or the else, butÂ letâ€™s keeps aside those differences and takes what we can from this generation of feisty entrepreneurs,Â and dig deeper into their success secrets.
Table of Contents
What you didnâ€™t know about the Millennial entrepreneurs
1. Make your passion your business
The motivation that keeps an entrepreneur up at night working, making them first one in and last one out of the office, stems from pure passion for what they do. Millennial entrepreneurs have first looked for their passion, and then discovered a problem to solve; this has led them to start successful businesses.
For the millennial mind, it is very important to love what they do, and the service/product they provide has to gel well with their aesthetic, personality, and interests. This is a sure shot to never giving up, even on the hardest day and being firm in their faith with what they provide to their customers.
This was the case of WeFix founder Alex Courie; “Initially, it was when I was solving my own problem. Then it was when I posted my first CapeAds ad and my phone rang 15 times on the first day. I thought that there might be a business here.”
2. Focus in satisfaction, money will follow
Talent, aptitude and the need for self-actualisation drives young millennial entrepreneurs. While money is the end result of a well-run successful business, success is also important in terms of everyday satisfaction. Some millennial entrepreneurs enjoy intellectual conversations every day, some love the role of being the leader, some gain satisfaction by showcasing their talent, and many have a philanthropic goals too.
Sam Shames; founder and CEO of Embr, the man who engineered the core technology for his signature product: Wristify, is a firm believer in embracing and leveraging his unique set of skills, abilities, and aptitudes. This in turn will provide satisfaction every day, instead of waiting till the end of the financial year, or the quarterly meetings to see if youâ€™re successful.
3. Social Media Marketing is everything
Social media is running the marketing strategies in allÂ companies. And you wonâ€™t believe how many young millennials started their businesses purely based on word-of-mouth launched off their social media handles. ToVch founder Thabo Khumalo,Â had difficulty in the initial stages of his clothing business, he primarily used social media and word-of-mouth to market.
“On social media, people share your brand with others simply because they want to. Itâ€™s a powerful platform, and it does not cost anything.” His companyâ€™s social media presence, and dedicated fan following is what is helping him survive and succeed every fashion season.
4. Adjustment and understanding
Sometimes a business idea looks great on paper and would be the ultimate for the consumer once they try out the service/product. But in reality the world of innovation is rather different, certain products/services need creation of market, the consumers donâ€™t know how much they would benefit from the product.
Hence, adjustments in the overall idea/concept are needed by understanding the market. This enables making the best product for the consumer at the time. Millennials have a more creative and broader outlook to people and mentalities, this gives them an edge in being flexible, as they value the skill for themselves too.
Silulo Ulutho founder; Luvoyo Rani shares his experience “We realised we had recognised a market but, that the market hadnâ€™t recognised itself,” Rani explains. “People need technology, but we were pitching to a market that simply didnâ€™t know how to use what we were offering.” He goes on to explain that; “Sometimes you need to adjust your offering to suit the market.
You canâ€™t expect the market to adjust to you, simply because you are offering something. Find what they want or need, and then give them a solution.” This led him to succeed in his business.
5. Bathe in the ocean of knowledge
Millennials take their knowledge seriously in the entrepreneurship world, it not only helps them be more informed, but also inspires them. The millennial entrepreneur is not in it for himself alone, they are constantly looking for ways to share their experience and uplift others along the way.
Many do this by using their social media, and some even make videos on their lives on YouTube. This not only spreads awareness about their business, but also helps in getting a stronger grip on their market. They have them hooked for life, making marketing and sales an even more precise process.
6. Support structure when they fail
Sure theyâ€™re aiming high, but they are well aware of failure in the land of business. Millennials are well acquainted to self-care, and with the increase in awareness on therapy millennials know thereâ€™s help out there. They are smart enough to pick the right kind of people to find motivation and security with.
Social media is also enabling young millennial entrepreneurs to connect with others and know about their stories and struggles. They are not as rigid, and have more support, and this secret to having a good support system, mindfulness and meditation enables millennials to overcome their failures and strive harder.
We canâ€™t ignore the circumstances of the Millennials as they came into being, they were surrounded by entrepreneurs, are the largest in number, and have learned to collaborate and negotiate from a very young age. These traits put the millennial entrepreneurs at a lead, and as more and younger girls and boys succeed in launching their businesses, the millennial only gains more motivation and inspiration. They are the digital superstars, and are creative with their abilities to capitalize them into businesses.
Quotes courtesy: Lifehack.org and Entrepreneurmag