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. Last week we looked at 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? Here are a few more:
Stop Making Excuses
An article in Entrepreneur Magazine points out that although millennials are known as the most entrepreneurial generation, that is not necessarily so. As mentioned in last week’s article, there are actually fewer millennial entrepreneurs than there were in other generations, the millennial just tend to pit more irons in the fire, causing the number of ventures to rise, but not the number of successes. Entrepreneur Magazine suggests that one of the biggest reasons for these failures is excuses. The millennials have a huge gap between the ambition that they have to start a new business and the number of ones who actually do it. Anything from lack of education to lack of funds is an excuse not to get started. But excuses do not create businesses.
If you have not had the education to learn social media marketing, and cannot afford to hire a social media marketer, then you can teach yourself. In today’s digital age, information is always at your fingertips. There are even colleges that allow you to take classes for free online. Although the classes won’t usually count towards a degree, they will teach you all that you need to know to market your own brand. The same is true of website creation, marketing copywriter, and almost any other task you need to be completed. Lack of funding and/or education is no excuse when you are capable of doing the work yourself.
Spend Your Money Wisely
Take an honest look at where you spend your cash. Millennials are a generation of organic water and $12 coffees. While going all gluten/dairy/carb-free super-venti vanilla bean organic espresso (with one sugar-free whip cream, please) may be the popular way to go, is it really necessary? Do you really have a medical condition or food allergy that requires you to spend over 10 bucks on a coffee? You may think that you look cute with that huge name-brand coffee cup in your hand on your Facebook post, but those dollars will add up. That cash could go back into your business and give you a much greater chance of success than having your friends click like on your morning coffee post. Track your cash inflow and outflow for a few weeks. Be realistic and keep up with every single dime, and it won’t be long before you see where your potential nest egg is bleeding from.
Those are a few tips more for the millennial entrepreneur. 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.