5 Important advice to aspiring millennial entrepreneurs.

Posted on 05 Jun 2019 14:19 in Startups
by Siddharth Deshmukh

Today, many millennials move out of college and begin their entrepreneurial journey, pumped up with "Instagram" motivational quotes and reading stories of unicorns of the world.

Today, many millennials move out of college and begin their entrepreneurial journey, pumped up with "Instagram" motivational quotes and reading stories of unicorns of the world.  


And at some point, the entrepreneurial storm hit them so hard that they struggle to manage the startup due to a lack of coaching and a mentoring.


A new survey puts it that many millennials are starting more companies. Around 78% are considered super successful entrepreneurs as their role model, and the main reason they aspire to follow in their footsteps is that they want to be their own boss!


However, the dark side of startups is that more than 50% don't make it to three years in business, and 46% of those fail mainly due to lack of clarity and purpose.


But the one thing that is common in millennials is their energy! They may lack in the proper planning, management but they are passionate, they do work hard for an identity with infinite energy.


They just need someone to softly guide them to channelize the energy, get focused and walk on the path to reach the dream destination. I all the time keep meeting 'wanna be' young entrepreneurs. Recently I meet Yesha, is quite much similar with all those who are entering newly into the field, so I felt the need to discuss this. When Yesha jumped into her startup, she practically was not ready in her heart but had to do it, to so call prove herself, now reached out to me for help that too in the guilt of both failing and losing quite big money.  


So here are some advice to Yesha and the young entrepreneurs. 


First thing, it's ok to fail!

Failures give you a chance to look back and carefully understand what and where it went wrong. Moreover, how this can be eliminated the next time, to overcome and succeed. Over time your mistakes only will start guiding you. 


Secondly, bring awareness.

What are you doing, what is the purpose of what you are doing, what drives you to do what you are doing, etc. and many more such questions you can ask yourself to gain the clarity to make sure that you are aware of the thing you are doing. This will later prepare you for the possible threats and perks of the business you are getting into. 


Third, recognize yourself.

Even though we are discussing this point as third, it's one of the vital points, and instead, the beginning must be from the self-recognition! It starts with what are you inside, and how do you portray that outside. Does that match or contradict each other? What are your abilities? Moreover, will those be able to be your positive attributes and help you thought out the process? In order to get your skills showcased to the world, which can be the primary platforms? What are the fears to overcome for that?


Let's discuss Yesha's example here, Yesha is in the business of glamour and lifestyle. Looking at her in person, it doesn't reflect in her at all! She looks like any other girl next door, and thus she needs verbal introduction to introduce her (No sexism or I don't say she must all the time put on glamorous outfits and makeup). Therefore she doesn't seem to influence her clienteles or business partners. Based on your profession, you must wear your style and attitude. Her fear to standout isn't really harming her profession? Maybe, yes!


Forth, you should take a stand.

As an entrepreneur, you need to have your stand. Being firm on your point should be one of your main characteristics, and this firmness should come from your own clarity, your thoughts, and these thoughts should not have any impact of the society. You should be able to stand alone on your own terms. Once this change happens genuinely, this starts reflecting in your persona. So trusting you is affluent for your audience; thus, this becomes the obvious mark of authenticity.


Fifth, be neutral

While establishing your own opinion, try not to be biased. Looking at the things as they seem naturally rather adding a right or wrong tag to it. I always have been practicing being neutral, and it works wonders. It actually develops a vision in you, which allows you to see the things through. It lets you see the thing from all the possible angles, and thus, you become well aware of the facts just by eliminating the bias filer, and this applies not only in business, but it enriches you in your life. 


You can do almost anything if you work at it and keep learning and even if you fail, it is ok, (we all do!). Just plan as well as you can so it doesn't hurt anyone or you more than you can stand.


Photo by John Schnobrich on Unsplash


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