One of the biggest concerns that millennials have is the idea that they’re not making a difference in their workplace. The reason why this is so troublesome for them is due to the fact that some of them have the unrealistic expectation of making a difference from the first day in their workplace.
Needless to say, the only way to make this work is to actually be the person in charge, which is why millennials seem to be showing a surprising amount of entrepreneurial spirit.
Still, the business world often turns out to be a place unlike what they’ve expected it to be. Therefore, here are six things they need to know to be ready for what lies ahead.
Understand why so many people fail
The first thing you need to do is figure out why so many enterprises fail.
For instance, there could be no market need for your business, you might lack a competent team or your competition might be too tough.
Also Read: The millennial force: changing the workplace and its culture
One of the ways to look at this from the right perspective would be to take a look at the list and try to see if any of these concerns would be true in your particular case. Once you get this out of the way, you’ll drastically increase the odds of your own business making it.
Invest in proper education
Another thing you should think about is your investment in education.
One of the biggest problems that millennials (even non-entrepreneurs) face when it comes to financing, is the fact that they’re both confident and lack knowledge in the field.
Therefore, you need to invest in your own education by either looking for a competent mentor or by finding the right online course to embark on. Even the concept of microlearning can turn out to be quite beneficial for an aspiring entrepreneur.
Become more resourceful
Perhaps the most important thing for making it in the business world is the concept of being resourceful. What this means is being able to achieve a maximum effect with what you’ve got.
Also Read: This app helps Indian millennials enhance their mind and soul wellness
You see, when it comes to boosting the profit of your enterprise, the majority of people heavily focus on increasing income. What they fail to realize is that reducing the costs of running a business can get you there just as fast (sometimes even faster). You can do this by saving power, embracing more effective business practices and reducing the cost of office supplies.
Drop deadweight
Making the right team is incredibly important, however, sometimes, when hiring, you’re not looking at all the right traits of potential employees.
For instance, in your quest for ideal candidates, what you’ll be looking at is their performance, their work experience and their education.
Still, this doesn’t reveal their personality. There are some types of people who can run your business into the ground by just… well, being themselves. We’re talking about emotional vampires, backstabbers and more.
Don’t wait for too long
By waiting for too long, you risk missing your window of opportunity. You see, any data that you’ve gathered has an expiry date, which means that if you do your research, determine that it’s not the right time to start your own business at the moment and wait for a year or two, the validity of the data will become quite questionable.
Factors change and keeping track of them might become harder and harder as the time progresses. Why? Well, because you will carry your prejudices (from previous research sessions) with you. Planning is great but eventually, you need to get into the middle of things.
Prepare for the unexpected
As Mike Tyson once said, everyone has a plan until they get punched in the mouth.
The same thing will happen to your business. Even if you do everything right, prepare enough cash, do a survey on your target demographic and hire the most competent of teams, you’ll have to face a scenario where things don’t go according to plan.
The most important thing here is that you understand just how normal this is and try to adjust, rather than waste too much energy trying to steer everything back on the previous track. Flexibility is the key to surviving in any industry.
By embracing these points, you’ll ensure that you’re not as easily surprised, startled or caught off-guard. Sure, it’s impossible to be ready for all that lies ahead, nonetheless, by remaining flexible and proactive you’ll become a lot more resilient.
The most important thing you need to understand is that just because things are not doing as you’ve expected, this still doesn’t mean that they’re going in the wrong direction.
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Image Credit: Brooke Cagle.
This article was first published on September 11, 2019.
The post Startup pointers : essentials for aspiring millennial entrepreneurs appeared first on e27.