According to a Wall Street Journal analysis, the percentage of business owners under 30 has decreased by 65 percent since the 1980s. This statistic proves that even though the economy is doing slightly better with wage increases and a steadily growing workforce, entrepreneurship proves to be dismal – at least in the millennial generation.
It has been quite some time since the field of entrepreneurship has seen its peak, with self-made businesses reaching the proverbial ceiling over a decade ago. Millennials now surpass those in the Baby Boomers group, giving them the highest population in the nation. This group has a lot of power to shake things up, however with the rise of college debt, graduates and fellow millennials alike are hesitant when it comes to joining the ranks of entrepreneurship because of the risk factor. But, despite the financial woes and challenges that come with running a business, there’s a lot of satisfaction that comes along with it.
We’re a firm believer that starting your day off early leads to a more productive day. A report done by the Wall Street Journal stated that 4:00 a.m. is the most productive time of the day. There’s a multitude of reasons why this ungodly hour is the best time to do things that get you energized and get those creative juices flowing. This part of the day provides less distractions, such as social media having fewer updates so millennials won’t be checking as much. Moreover, this hour can be used to clear your head, work out or get a jumpstart on answering emails. This small change may help make your mornings run a little smoother.
Financial stresses and woes are one of the major obstacles that millennials aren’t comfortable enough to leap over. But with the power of the internet, knowledgeable mentors and fellow colleagues, there are plenty of resources and support to help you get started. First and foremost, utilize the free reports and resources that are out there. Multi-billion dollar companies such as Google, Microsoft and Apple have started off in garages, starting from a small seed and developed into a larger-than-life enterprise. Start small and work your way upp; the outcome will be worth it in the end.
When starting your own business, look to financial resources and loans to help get your business off the ground. Though it’s best to first focus on the numbers and assess whether you truly need a loan or not. Establish what your business needs before entering a financial partnership with your bank or other financial institutions. The term “loans” may seem daunting at first, but after careful assessment and evaluation, it may be the step that your business needs.
When it comes to running a company, there’s so much to do and so little time. Given that companies typically start off in smaller teams, strong, skilled entrepreneurs quickly learn that they’ll constantly be wearing multiple hats.
Going back and forth between writing an email and prepping for a meeting may seem like you’re saving time, but instead, you’re actually being less productive by splitting your attention in two. Entrepreneurs should be able to multi-task, and do it well. Long commutes (via public transit) provide a window of opportunity to get some of the work done — so don’t waste that valuable time! Spend these precious minutes answering emails, catching up on industry related news or prepping for that big meeting with investors.
As one who tends to say ‘yes’ to a lot of business opportunities, ‘no’ isn’t a common word in my vocabulary. Saying yes to everything, such as sponsorships, partnerships and the like, can quickly backfire. It’s best to continually remind yourself what your brand’s mission and focus are – and stick to your guns. Do your research before jumping the gun and getting into partnerships that you’ll regret later down the road.
Millennials, it’s time to suit up. Get your shoes waxed, dust off your briefcase and look your best, because it’s time to start your own business. With an array of resources out there, it’s time that entrepreneurship regain the prowess it once had. Do you have what it takes?