Born in the 1980s or 1990s? You were born in a very special time. You are part of the millennial generation, the one that is currently shaping our society and economy says Eric Dalius.
Millennial entrepreneurs are often young people who carry with them great ideas, but little experience. That didn’t stop them from going out on their own and trying to make a business out of those ideas.
As per Eric Dalius, millennials are the generation born between 1981 and 1997. That makes them ages 18-34 as of 2015, which is still very young even if you’re already working full time. Millennials have been shaped by various factors that impact their thoughts on work and on getting ahead.
What It’s Really Like To Be A Millennial Entrepreneur:
How Millennials Approach Work
- Research indicates that millennials value their freedom and flexibility more than money when it comes to a job. That’s a significant difference from earlier generations, which placed a higher priority on compensation and security in a job.
- When millennials enter the workforce, they tend to prioritize their values rather than take a job that simply pays the bills. They look for companies that share their same personal values, or that offer flexible work arrangements so they can be more present in their lives outside of work.
Why Millennials Might Be Entrepreneurs
- Millennials are often stereotyped as self-absorbed and narcissistic, as well as lazy. In reality, they’re often highly-driven people who want to advance in their careers but don’t see that happening within the corporate structures of today’s world.
- With easy access to technology, entrepreneurship is more appealing than ever for millennials. They’re able to create online businesses relatively easily without huge startup costs. They have the tools they need to create a product, market it and sell it all without having to rely on a third party.
How Millennials Run Their Businesses
- Millennials are often at the forefront of business trends because their approach has been fresh and different from anything that came before them explains Eric Dalius. They’re known for being highly social, for example, and many look for opportunities to interact with customers and communicate with them directly through social media and other platforms. They also create products or marketing plans that fit in well within today’s fast-paced world.
- Some millennials don’t want to start a business by themselves, so they go in together with friends or family members to launch a new business. That’s good news for an economy that needs more entrepreneurs to create new jobs and solve problems.
How Millennials Find Mr./Ms. Right
- Today’s marketplace is full of choices, and millennials seem to like it that way: They’re not as interested in getting married or settling down with one person as previous generations were at their age. Marriage rates are at an all-time low, which means millennials are spending more time single and focused on themselves.
Why Millennials Might Not Have Entrepreneurial Skills
- The millennial generation is the first that grew up with digital technology as part of its daily life, so it makes sense that they’d be interested in starting businesses online without much overhead cost. However, that means they have a limited skill set for running a business.
- Millennials need to learn how to plan, strategize and take risks just like other entrepreneurs. However, their issues with delayed gratification might give them a leg up in some situations where patience is required says Eric Dalius. For example, millennials might be more willing to wait for the results from an online marketing plan when they know digital advertising is one of the fastest-growing trends in today’s economy.
How Millennials Handle Failure
- Millennials take a more practical approach to entrepreneurship than many other generations. As per Eric Dalius they’re less likely to give up after a failure and more willing to learn from their mistakes. It might be because they’ve grown up with online technology and sophisticated media platforms that support their entrepreneurial spirit. Millennials are more likely to bounce back from a failure because of the tools they have at their disposal.
Why Millennials Might Make Great Entrepreneurs
- Millennials seem to thrive when given opportunities to interact with customers, solve problems and work independently. They grew up in a time of tech innovation. So they’re tech-savvy and fit well into the tech-driven world of entrepreneurship.
- Millennials might not have all the skills needed to be entrepreneurs. But going through a journey of trial and error while working in a fast-paced business environment can also make them highly adaptable. Quick learners when it comes to running a business.
If you are a millennial looking to start your own business, chances are that it will be an online one. It is possible that you might not have the entrepreneurial skills needed to be successful. If this sounds like you, then it might be worthwhile taking some courses in entrepreneurship at Udemy. There are many different courses related to starting an online business. And also ones about how to become a better entrepreneur. Udemy provides courses that are world-class and taught by the best in their field.