Some Myths About Millennial Entrepreneurs
Millennial entrepreneurs have a hard time making a name for themselves and getting themselves recognized by people. Young entrepreneurs have to prove the misconceptions against them wrong by being the best they can.
There are a number of myths about millennial entrepreneurs that people assume are true. But most of them couldn’t be farther away from the truth.
Here are some myths about millennial entrepreneurs:
All millennials have a business owner mindset.
Millennials have this reputation of opposing authority. This trait is not necessarily great if you’re trying to get a job. So, what are millennials supposed to do? Well, they would start their businesses obviously.
But this is a myth. While there is a percentage of millennials, who have this burning urge to start a business, but that’s the same thing with other generations.
Not all millennials want to start a business. Some, actually, a large majority of them want to get a job and climb the corporate ladder. Out of these people, some have intrapreneurial tendencies, which any organization would absolutely love to have.
So, thinking that all millennials have a business owner mindset seems to be a complete myth. Sure, some millennials have this innate sense for business and how to make businesses better, but that’s not the case for every millennial.
Every millennial entrepreneur starts in their parent’s garage.
Whenever you think of an entrepreneur and how they start their business, you always think of nerds starting businesses in their parent’s garage.
Millennials have a slightly different approach to starting a business. Most millennials are not taking the well-documented path of starting their business in their parent’s garage. Instead, a lot of these millennials are choosing co-op workspaces.
Millennials want to be social. Being social comes with a number of advantages, like being able to share your ideas with other people and improve upon them.
Millennials are more open to sharing their ideas with other people. One of the reasons being that millennials not only want to make money, but they also want to have a meaningful impact on the world at large or at least their own society.
Millennial entrepreneurs need partnerships and assistance.
In business, having a support system is essential. The world of business is uncertain, and as an entrepreneur, you need to realize that you’re going to have to face some uncertainty in your career too.
There is this myth floating around that millennials need partners and assistance to run a successful business or even get their business started in the first place.
Not all millennials prefer having partners. Partnerships come with a lot of benefits, but they also have their cons as well.
If you don’t choose the right partner for your business, you’re going to end up stuck with someone who has a completely different way of thinking than you. Now having a little bit of diversity is great, but too much of anything is going to be bad.
With partnerships, you have to have a great working relationship with them. If you don’t have a partner who understands your position about the business and who wants the best for your business, then you have a serious problem.
Millennials have been raised with technology in their hands. They are much happier to approach people online, and freelance workers help them get non-critical tasks done.
Millennials entrepreneurs can learn more about their audiences by using a live chat app. A deeper understanding of their audience will definitely help entrepreneurs make the right decisions.
Millennial entrepreneurs are much more at ease to hire a freelancer from halfway around the world than getting a partner for your business.
Some people want to have a partner. It just gives them someone to rely on, a support system. But most millennial entrepreneurs prefer to be on their own, or at least until they find a partner who shares the same values and vision for the future of their business.
Millennials are not responsible.
This is something that any young generation has to face. Young people, in this day and age millennials, are thought to be irresponsible.
This myth is not only for millennials. Young people are bound to make mistakes. It didn’t matter when they were born.
When you’re young, you think that you are better than everyone else, have more energy, etc. etc. A lack of experience of working and being in the “real world” causes you to be overly optimistic about your abilities. And when that happens, you make mistakes.
But unfortunately, there is a widespread myth that millennials are not responsible. They’re irresponsible with money, debt, relationships, etc.
Millennials have been raised in an environment where most of them are generally pressed for money. Student debt is rising, tuition is getting more and more expensive; the standard of living has changed for people; these are just a few reasons why it may seem like millennials are irresponsible.
Another thing that people notice about millennial entrepreneurs is that most of them don’t end up making their first business a hit. That’s the case for most first-time entrepreneurs, not just millennial entrepreneurs.
Social media is essential for millennial entrepreneurs.
Social media is, without a doubt, become an integral part of our lives. You just cannot be a functioning member of a wider society if you are not on social media.
Being on social media is definitely an added advantage. You get to connect and network with people all over the world. These people share the same interests as you, and so you can really build a bond on social media.
But contrary to popular belief, millennial entrepreneurs prefer to conduct important business in person. There is something about meeting someone in person that still has yet to be replicated by technology.
Millennial entrepreneurs have to face a number of myths and misconceptions about themselves. These can become a potential obstacle in their path to success.
The best thing that the general population can do is to not believe everything that you hear on the street. Meet a millennial entrepreneur, or a bunch of them and get to know them first hand.
You’ll get insights into how young people approach business and how you can use them to make your own business or career more rewarding.
Hamzah Adil is a digital marketing executive who is passionate about entrepreneurship. He is currently associated with a tech startup that has released a brand new live chat app called SwiftChat.