Anyone can make the decision to be an entrepreneur. But then, not all are born to succeed in the field of entrepreneurship, let alone have what it takes to maintain a successful business. Those who managed to grow their brand had to endure a number of hardships and are likely to face many hurdles in the future.
Millipreneurs, or millennial entrepreneurs, still have a lot to learn from the previous generations of entrepreneurs. But then, they also have their fair share of success stories that are worth sharing with others. The question is, what really sets millipreneurs apart that made them successful despite the demands of modern entrepreneurship?
Respect for Sustainability
Millennials are known to be advocates of sustainability. They want to do their part in protecting the planet by being more mindful of their habits and decision-making. As for running their businesses, they keep the environment in mind when making any business decision.
Millennials want businesses to be more ethical, from how they source their materials to how their products are packed and how services are rendered. They know that one of the best ways to run a business is by embracing ethical business processes. They utilize the fact that their fellow millennials are also after sustainability and are willing to offer just that for the sake of their corporate social responsibility.
This is evident in how millipreneurs choose materials, equipment, and suppliers for their products. Those in the manufacturing business make sure to consider the sustainability of the materials before choosing. This is one reason why many manufacturers are now into sustainable materials like engineered wood, rectangular stainless pipe or tubing, recycled materials, and the like.
They take into consideration the quality of each material as well as the efficiency of every piece of equipment they buy. For millennial entrepreneurs, sustainability is one of their obligations to the environment. This is one reason why many businesses managed and owned by millennials boost eco-friendly and sustainable offers.
Willingness to Start Multiple Businesses
Most entrepreneurs would only focus on starting a single business and growing their brand. Even if they decided to expand the company, they only intend to do so by opening other branches and offering more products and services. But millipreneurs are often not afraid to start several businesses instead of one.
This is called serial entrepreneurship. Serial entrepreneurs have a reputation for starting more than one successful enterprise. For them, three enterprises at a time are the usual bare minimum.
Serial millipreneurs can handle the stress of running many businesses at a time through efficient delegation, outsourcing, and financial management. If a venture fails, they are willing to move on and sell. While serial entrepreneurship has its cons, millennials find this business method to fit their preferences.
Being Open-minded
Millennials came when more people were receptive to changes, innovations, and transgressions. They are tech lovers, embrace creativity, and are willing to make the necessary changes if one thing no longer supports their goals. Their open-mindedness helps them achieve more and become better at running a business.
For instance, their willingness to listen to their customers and staff helps them identify issues damaging their brand. They welcome suggestions and consider suggestions made by their top talents. They don’t simply make decisions based on what they know is right.
This is also one reason why more millipreneurs make unconventional business choices. This involves hiring remote workers, outsourcing certain services, and digitizing business processes. They are making waves in the business industry by allowing themselves to change and not simply go with the flow.
Willingness to Learn
Some older entrepreneurs would rarely take business advice from those they think are not at the same level as them. This specifically applies to those who already made a name for themselves. On the other hand, millennials know that the best way to become more successful is to never stop learning.
Millennials learn from the mistakes of others, their own experiences, and the experts of every field. They don’t stop after knowing how to do things. They make sure they themselves understand how things work, the best way to do something, and how to keep up with the changing market.
They are also likely to face other entrepreneurs twice their age and experience. Millennials make sure they think outside the box. They use their love for creativity, resourcefulness, and innovation to foster business success.
Millennials may not be the most entrepreneurial generation. But there are those who managed to be successful thanks to their open-mindedness, resolve to learn, willingness to take more risks than usual, and respect for sustainability, to name a few. These are just four examples of things that set them apart from other generations of entrepreneurs.
No comments yet.