Although millennials may consider themselves creative and innovative, the number of successful millennial businesses is quite small. For example, less than 4% of this generation is entrepreneurial, which is a drop from Generation X (5.4%) and the baby boomers generation (6.7%). This has resulted in far fewer millennial entrepreneurs. Therefore, consider these tips.
Anticipate Future Trends
Although millennials consider themselves innovative, many do not anticipate future trends. Innovation requires that an entrepreneur be the first on the scene. You anticipate a future problem and figure out a way to solve it before anyone else can or does.
Also, you can look at today’s products and services and find ways to innovate around them. For example, build a product or service that supports an existing product or service. Instead of coming up with the newest, best smartphone, invest in an app that makes it work better or that people need. Focus on making it easier to use a product rather than producing a new product.
It is tempting to dip your feet in the water to check the temperature before diving in. This is just as true in business as it is in swimming. Building a business is risky, but you will never build it successfully unless you jump in with both feet and don’t look back.
If you don’t have the money to start a major company, start a small one. Take classes or teach yourself the skills you need to solve the problem. For instance, if you have a new social media platform idea but you can’t afford to hire coders, teach yourself code. When you get a workable prototype, you can seek financing and investors to expand. Create valuable partnerships that can help you get started. For example, if you have an idea about a new product, search for a manufacturer you can work with.
Identify Your Motivation
Many millennial entrepreneurs want to start businesses to make a lot of money. This is not enough motivation to get through the challenges you will face. Focus on solving a problem for humanity rather than putting yourself in a better financial position. How will your company empower, teach or help others?
Build a Team
Many entrepreneurs start out thinking that they have to do everything themselves. They quickly realize that they need a team to truly achieve success. Therefore, seek out business relationships and strategic partnerships. If you know someone whose skill set complements your own, or someone who has the skills you need to start or grow your business, develop a partnership. Don’t be afraid to outsource.
You can follow in the footsteps of other millennial entrepreneurs by following these tips and taking advantage of the vast number of tools and platforms available to you.