Why is the millennial generation so full of dynamic entrepreneurs? One big factor is that the Internet has lowered the barrier to entry for starting, financing and marketing new businesses. A second element is that millennials seem to like working for themselves rather than in massive corporations. Millennials are three times more likely to start new businesses than baby boomers of the same age were. Given this likelihood to start up, here are some things millennial entrepreneurs should consider before launching a new venture:
Develop new skills
You can never be too old to learn. Learning new skills will keep you ready to do business in a competitive and ever-changing world. It is now easier and less expensive than ever to enhance your skill set. Many universities upload course lectures onto YouTube. Khan Academy is also a good place to widen your knowledge base for free. Becoming a member of Lynda is also an inexpensive way to access thousands of lectures taught by experts in their field.
Commit to doing good
If you are a millennial entrepreneur looking to hire other millennials then you should consider adding a philanthropic element to your business. Millennial entrepreneurs are less interested in rising through corporate ranks than doing a job they consider fulfilling and contributing to the well being of the world. If you can think of a way to use your product or service for the good of society then you will find it easier to attract talented people.
Think about flexible schedules
Many older companies are fixated on keeping employees in a traditional 9-5 job. Most people consider this type of job to be a soul sucking experience because of the lack of flexibility it offers. Do not evaluate employees based on their ability to show up at work; instead evaluate them on the amount and quality of work they complete. If an employee wants to work 10 hours a day for 4 days then try to find a different metric to evaluate them by. Would you complain about an employee who was twice as productive as the rest of your team but preferred to work in the middle of the night? Obviously this cannot work in all cases, but being flexible with employees will help you attract better talent and create more loyalty from your staff. Not every employee is the same, try to create ways of evaluating their performance so that they can maximize who they are, and what they bring to your party.
Fix your credit
It is important to have good credit when starting a new business. Because a new business does not have any credit history most banks will ask for personal guarantees on small business loans. It will be much harder to get this loan without a good credit score. Paying off outstanding personal debt is a good way to make sure your company starts off on the right foot with banks.
At the same time, it is important to protect your personal assets from those of the business you are starting. Form an LLC or corporation. It will not only give you legal and financial protection , it usually provides tax benefits as well. Use a reputable company like Inc. Plan (USA) with a wealth of experience and many satisfied clients.
Overall, startup success is like any other kind. Stick with common sense and develop good habits and you will flourish as an entrepreneur!