Young Entrepreneurs: 5 Things Every Millennial Business Owner Needs to Know (From a Millennial Business Owner) by Olivia Starling
COVID has caused a massive shift in what people want, driving many millennials to bring their entrepreneurial dreams to life, but it’s important to note that getting started with your own business doesn’t just happen overnight. It is a long process that requires a lot of dedication and time.
Here are my top five tips that every millennial business owner needs to know:
1. Remember That This Is Not Your Parents' Business
The way that we do business today looks completely different than the way our parents did business. If you are anything like me, your parents might not understand what you do at all. And that is OK. Just remember they have valuable insights, but they may not align with the digital age we live in.
2. Know How to Do Every Job in Your Business
Don’t hire out a position before having some kind of basic understanding of how to do it yourself. When you first start out and it’s only you, you will know how to do everything. But once your business grows and scales, you will start hiring out various roles. Before you make decisions on how to grow, make sure you understand the job you are hiring out. I have seen well-intentioned business owners get burned because they blindly trusted that a job was being performed correctly. Before you hire, you need to know the basics.
3. Invest in a Mentor
Find someone that is where you want to be, and hire them to lead you on the path to success. You are paying to learn from their mistakes, gain their network and accelerate your growth. I have spent up to $1K a month on mentors, and I have never regretted that decision.
4. Stop Asking People for Directions to Places They Have Never Been
Be careful about who you ask advice from. Well-intentioned friends and family might throw out advice easily, but if they are not in the same arena as you, or someone you look up to in business, don’t ask them for advice. They can take you far off the path you are supposed to be on.
5. Know That It's Great Being the Youngest Person in the Room
Don’t ever feel intimidated by age. Being young is your superpower. Use your intuitive tech skills, ability to pull late nights and youthful energy as a weapon as you grow your business. You are never too young or too old to start something amazing.
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