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4 Ways Millennial Entrepreneurs are Displacing Start-Up Norms

4 Ways Millennial Entrepreneurs are Displacing Start-Up Norms

So, you’re a millennial. Odds are, you’ve heard the stereotypes: millennials are “narcissistic,” “lazy,” and “self entitled.” The accuracy of these broad assessments – or lack thereof – is a conversation for a different day. What doesn’t get as much coverage in the press, though, and what we’re here to talk about today, is a different type of phenomena.

Millennials are entrepreneurial. In fact, they aren’t just startup-minded in the classical sense of older generations. Instead, they are approaching the prospect of business ownership in new and exciting ways, rethinking the way things have been done in the past.

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1. They Understand Flexible Work Locations

Millennials are refusing the norm of moving to the typical ‘hot cities’ to grow their startup. The train of thought used to be that you had to be in Silicon Valley, New York City, or other similar tech hubs in order to advance your startup. What Millennials are coming to realize is that, especially in the internet age, a business can be run from anywhere. We’ve found this especially true, running an app development agency where we’ve only met about 80% of our clients in person. The landscape of modern business is much different than previous generations found it to be.

2. They Think Small to Get Big

Not only this, but millennials embrace small towns. Millennials are interested in making a name for themselves and their businesses, and understand that a small city is a great place to do this. They recognize that it isn’t always beneficial to be a small fish among a pool of sharks. Instead, why not be a small fish among other small fish in a stable and startup-friendly city where the inhabitants pool resources to support local growth?

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Odds aren’t great that there will ever be another name as recognizable as Michael Dell in Austin, Texas; but, you may be able to become the Dell-equivalent success story of small but beautiful Greenville, South Carolina.

3. They Cut Costs in Creative Ways

Millennials are students of the “lean startup” methodology, where you prove your concept and bring in revenue before scaling up your costs. They are okay with bootstrapping. Aside from paying for their monstrous student loans, millennials that are business owners pay themselves just enough to get by and invest in advancing their companies instead. Not only this, but millennials cut costs in creative ways.

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An abundance of stories are shared where startup teams live in shared houses in order to combine rent and office space costs. Bootstrapping takes sacrifice but long-term vision and a desire to change the world trumps temporary living conditions. Our company, Designli.co, pulled out all the stops – including a shared house turned home-office – to bootstrap our way to cash flow, and this is not as unusual as you may think. Imagine grouping five guys’ living expenses, as well as working space, into a single monthly payment; it makes sense, right?

4. They Stay Lean

Modern company structures have even changed. Gone are the days of desiring to hire as many employees as possible. Millennials are creating platforms rather than bureaucracies. This is why companies led by millennials have the ability to scale to a near-infinite level. Companies like Uber are now the ones that reign supreme in the minds of aspiring entrepreneurs, where a company’s infrastructure can be a single app rather than tens of thousands of employed drivers. Millennials create consumer-facing apps and website platforms rather than brick and mortars.

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Have you noticed other ways in which millennials are approaching business ownership in different ways? We’d love to hear from you. You can also tweet at us @LifeHackOrg to send in your thoughts.

Featured photo credit: Neat office Desk With Book, Pen And Glasses Case / Ed Gregory via stokpic.com

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Keith Shields

CEO, Designli

woman-on-computer-startup 5 Common Habits of Effective Startup CEOs 10 Signs That You Should be An Entrepreneur and Start Your Own Company Have An App Idea? Here’s Where to Start 4 Ways Millennial Entrepreneurs are Displacing Start-Up Norms

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Last Updated on November 19, 2019

Work Smarter, Not Harder: 12 Ways to Work Smart

Work Smarter, Not Harder: 12 Ways to Work Smart

I imagine that like me, you say that you never have enough time and that you just cannot cope with 60 dozen things all at once.

How on earth do you get out of that spiral?

Many people never sit down and look at how to work smarter, rather than harder and even longer hours. But not you, you’re smart enough to try to learn effective ways to work.

So how to work smarter not harder? Here are 12 smart ways you should be following:

1. Improve Your Time Management Skills

Easier said than done? Well, no actually, because there are a few simple rules that can really help you to manage time better.

For example, when setting up a top priority task, you need to switch off the phone and ignore your email first. Then you need to abandon any ideas of multitasking as that will slow you down and ruin your focus.

Finally, set a reasonable deadline and do everything in your power to meet it.

“When you’re born, you’re born with 30,000 days. That’s it. The best strategic planning I can give to you is to think about that.” — Sir Ray Avery

2. Speed up Your Typing and Use Shortcuts

These days we’re all keyboard slaves. So why not speed up your typing and try to get rid of the two finger syndrome. In fact, when you save 21 days per year just by typing fast!

This is exactly what I am doing now, so I cannot honestly say I am practicing what I preach!

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But help is at hand. Try some of these apps and games to help you type fast: 8 Most Effective Games and Apps to Learn to Type Fast

Using shortcuts on the keyboard is another time saver and can speed up your work.

For example, press F2 to rename a selected file, while CTRL + I will put selected text in italics.

There are so many of these. If you make the effort to learn them, they really can be helpful.

3. Learn How to Use Productivity Tools

It is well worth downloading all the useful tools and apps that can highly boost your productivity. Take a look at these 18 Best Time Management Apps and Tools and install whatever fits your needs.

Now that is really a great way of working smarter, not harder.

4. Use Your Phone Wisely

Instead of writing emails, sometimes it’s better to pick up the phone and talk to the person responsible. It saves time, especially for important or urgent discussions.

If that colleague works in the same office, it is even better to go and talk to him or her. It gives you a break, you get some exercise and you actually make human contact which is becoming quite rare in this electronic world.

5. Keep a Tab on Your Tabs

If you are like me, you might well find that you have a ton of tabs open at the top of your browser.

In order to find the one you want, you have to search for them as they are off screen. Having all these tabs open slows down your browser too.

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One solution is to use OneTab which can keep a neat list on the screen of all these tabs when you want to quickly get to one of them or you want to remind yourself which ones you have open.

6. Use a “To Don’t” List

We all know about to do lists and I find that they are generally great. They give me a great sense of achievement as I cross off the tasks done.

But often, I find that we are doing non-essential tasks or ones that can easily be postponed. That is why many people recommend the to don’t list.[1]

Some people prefer to savagely prune the to do list while others prefer to have two separate lists, to do and to don’t. You just have to work out what works best for you when you are trying to save precious time to become more productive.

7. Expect Failure and Fight Paranoia

When failure rears its ugly head, some people get a bit paranoid and fear that this may become a trend.

Projects will go wrong and failure should be expected rather than feared. Learning lessons from failure and analyzing what went wrong is the best way forward.

“Do not be embarrassed by your failures, learn from them and start again.” — Richard Branson

And here you can find 10 Great Lessons Highly Successful People Have Learned From Failure.

8. Be Concise

Rambling on at meetings, in emails and even when introducing yourself to new clients can waste a lot of people’s time.

One way is to practice and sharpen your “elevator speech,”[2] which tells people in 30 seconds or less why they need your skills and how they can benefit from doing business with you.

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Just think of the many situations where this could be useful:

  • Making new contacts
  • Talking about yourself at a job interview
  • Meeting people at conferences or parties
  • Phone calls to new clients

9. Ask the Right Questions

“You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.” — Naguib Mahfouz

How do you get feedback? The secret is to ask the right questions at the right time.

When you do this, you are gathering the information you need to help in decision making. This will save you time and you will be able to cut meetings to a minimum.

Forbes magazine reports on research that they carried out on asking the right questions.[3] When that happens, the positive effects are increased by 400%. There are also other benefits in staff motivation and a positive impact on the company’s bottom line.

Lifehack’s CEO Leon has shared about how to ask for feedback to learn faster: How to Learn Quickly And Master Any Skill You Want

10. Learn as Much as You Can

You should always be on a steep learning curve. Look at your skills profile and determine where you need to fill a gap. Talk to important connections and network in your niche.

Keep up to date on trends and developments. It is a fact-changing world. When an opportunity arises, you will be the best equipped to seize it because you have never stopped learning. Just another way of working smarter.

“Live as if you were to die tomorrow. Learn as if you were to live forever.” — Mahatma Gandhi

11. Look After Your Greatest Resource

No, your greatest resource is not time. It is YOU.

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If you do not get enough sleep, exercise and relaxation, you find that you become less and less productive. You begin to work longer and longer hours, which is the exact opposite of what you want.

What you should be doing is making sure you are in the best shape. It is useful to remember that you need a break of 15 minutes after every one and a half hours of work.[4]

Taking breaks and getting fresh air and exercise is one of the best ways of working smarter, not harder.

12. Don’t Fall into the Trap of Working Smarter and Harder

As a society, we are obsessed with doing everything smarter so we are more efficient and we save time all around.[5]

But the most important thing to remember is to accept when we are ready to switch off that computer and not fill up the time with even more work!

The Bottom Line

The key to greater productivity is to work smarter, not harder. Working smarter saves precious time and energy for the things that really matter — your life goals, your personal growth, your health and your relationships.

Stop working for more hours and start working smarter!

More About Working Smart

Featured photo credit: Unsplash via unsplash.com

Reference

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