Tips and Ideas for Millennial Entrepreneurs—From Another Millennial Entrepreneur

Over the past decade, many businesses have been started by Millennials. How do they differ from Baby Boomer or Gen-X entrepreneurs? What advice on entrepreneurship should they seek? Olivia Starling, the founder and CEO of Starlette Galleria, a jewelry brand, shared some insightful thoughts from her perspective as a Millennial entrepreneur. But first, let’s delve into some research and stats about these entrepreneurs to understand them better.

Guidant Financial conducted a study called “2019 Trends – Millennials in Business,” providing insights into Millennials in business in 2019. Here are some key findings:

– Millennials represent the most diverse group of small business owners compared to other generations. A Millennial entrepreneur is 77% more likely to be African American than a Baby Boomer small business owner.

– One-fourth of Millennial small business owners are Hispanic, whereas only 11% of Hispanic Boomer entrepreneurs fall into this category.

– Women make up 28% of Millennial small business owners, which is 12% higher than the national average. Additionally, Millennial entrepreneurs are 22% more likely to be women than Boomer entrepreneurs.

– The majority of Millennial male small business owners express high satisfaction with their work, with 53% reporting a happiness level of nine to 10 on a 10-point scale.

– Conversely, Millennial women tend to report moderate happiness levels, with 10% fewer women than men falling into the nine to 10 range on the happiness scale.

– Overall, 52% of Millennial entrepreneurs are very happy as small business owners, a figure comparable to the 54% of very happy Boomer small business owners.

Olivia Starling believes that while starting a business can be overwhelming, there are ways to make the process easier, enjoyable, and successful. Here are her top five insights for every Millennial business owner to consider:

1. Acknowledge that this isn’t your parents’ business. The way Millennials conduct business today differs significantly from previous generations. Your parents may not fully understand your business, and that’s alright. While their insights are valuable, they may not align with the digital age we live in.

2. Familiarize yourself with every aspect of your business. Before outsourcing any role, ensure you have a basic understanding of how to perform it yourself. Starting out, you’ll handle everything, but as your business expands, you’ll hire for various roles. Before making hiring decisions, understand the job to assess performance accurately.

3. Seek mentorship. Find someone who has achieved what you aspire to and learn from their experiences. Access their network and leverage their guidance to accelerate your growth. Spending time with mentors is a decision that rarely leads to regret.

4. Be selective about advice. Avoid seeking guidance from individuals who lack experience in your industry or aren’t successful entrepreneurs themselves. Well-meaning friends and family may offer advice, but if it doesn’t align with your business goals or come from a credible source, reconsider its value.

5. Embrace your youth. Don’t be intimidated by age. Being young offers advantages such as intuitive tech skills, social media awareness, and boundless energy. Utilize these strengths as you build your business, remembering that age is no barrier to starting something remarkable.

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