A few weeks ago we looked at millennial entrepreneurs and the effect that they have had in the workplace, particularly with the rise in coworking and shared office spaces. For the next couple of weeks, we are going to go over a few tips for the millennial entrepreneur. As Forbes shares, millennial entrepreneurs have “been described as lazy, narcissistic, entitled and unable to stay in one job, have also been described as the most purpose-driven and potentially the most entrepreneurial of all previous generations.” Also known as “Generation Y,” the article describes the millennial as a generation that prioritizes purpose in their work, and are driven by security, growth and a balanced lifestyle. Millennial entrepreneurs typically start at a younger age. Where Boomers usually didn’t start their own business until after the age of 35, millennials, on average, start much younger at 27. So what are some good tips for the millennial entrepreneur?
Don’t be Distracted by Your Fear of Missing Out
Another article in Forbes says that the fear of missing out could be a real liability for the millennial entrepreneur. While it can be exhilarating and productive to pursue more than one venture at a time, millennials may be harming themselves while doing so. In fact, although there are actually a smaller number of millennials who are starting their own business, most of them who do tend to start more than one at a time. People have long been warned of the dangers of “having too many irons in the fire,” yet millennials tend to have 3 or 4 things going on at once. Unfortunately, this can lead to a lack of focus on most or all of those pursuits. As Steve Jobs said, “People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully.”
Don’t Stress Over Likes and Shares
Another area where the millennial entrepreneur may tend to go a bit overboard is social media. While Facebook, Twitter, Instagram, and a slew of other social media platforms can be a great place to market and build your brand, it can also be a huge distraction. While getting likes and shares is a good way for your product to be advertised, millennials can become almost obsessed with the number of clicks that their posts are getting. Spending time on social media for marketing purposes is a necessary evil in today’s digital age, but it is important that the millennial entrepreneur stays focused on their venture more than they are on likes and shares. For this reason, it is probably a good idea for the millennial entrepreneur or any entrepreneur to hire a social media marketer instead of handling their social media themselves.
While We’re Talking Social Media
While on the subject of social media, time is not the only thing that millennials may not be spending too much of because of these distractions. A study reported by Forbes shows that millennials tend to overspend on cash as well because of social media. Today’s version of “keeping up with the Jones” is a lot harsher than it was before social media put the Jones in our faces every day. Millennials tend to make more rash buys because of what they saw in their feeds. As many as 71% of millennials admit to spending money so that they can show it off online and show their friends that they are enjoying their lives as well. As many as half of all millennials spend more on going out than they do on mortgage or rent. And 88% believe that social media causes them to compare their wealth and lifestyle with other that of other people.
Those are a few tips for the millennial entrepreneur. We will look at more of them in next week’s article. Any entrepreneur who is looking to start their business in the Wellington, New Zealand area might choose Offix as a place for their business office. Unlike traditional office space, Offix has open office space to rent in Wellington which can be leased by the day, the week, the month, or by the year, depending on your needs and budget. With amenities such as cleaning services, and private desks, private offices, meeting rooms, 24/7 access, video conferencing rooms and more, these shared and coworking spaces might be the perfect office solution for you.