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5 Attributes and Skills Millennial Entrepreneurs Need to Succeed in Business

5 Attributes and Skills Millennial Entrepreneurs Need to Succeed in Business

A shifting trend has witnessed many millennial entrepreneurs joining the ranks of young business owners – 18% started their own companies in 2014 according to a global report.

Additionally, an ever increasing number of millennials consider themselves “entrepreneurial”; 70% were cited as saying that they would ditch working in traditional businesses to become full-time entrepreneurs, while one in five would quit their jobs and form their own company to become young entrepreneurs.

Did you know that the average millennial will most likely have four or more careers in his or her lifetime? No matter what industry you choose, as a young and ambitious entrepreneur, here are five skills and attributes you’re going to need to be successful in your line of business:

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1. Tap into Your Emotional and Social Intelligence

In the hyper-digital world where news gets around fast, you need to learn how to sharpen your emotional and social intelligence skills. The power of social media lets us easily connect with thousands to millions of people around the world. However, many believe that this has led to a general lack of creating real connections and meaningful person-to-person relationships. It’s important for a number of reasons and helps in building and retaining clients.

Communication mediums like email and instant messaging tend to put a cap on our ability to display certain emotions such as empathy and sincerity. As a millennial entrepreneur, you must understand the limitations these platforms pose, and learn a thing or two about effective communication. It’s all about making your client feel special and approaching them the way they’d like to be approached.

2. Be Your Own Best Manager

The number of professionals and freelancers working from remote locations has more than doubled over the past decade – millions today are seamlessly working without the need of any direct on-site supervision. However, to maintain high efficiency, you must develop exceptional self-management skills such as managing your own schedules, lines of communication, daily tasks, projects etc.

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Nobody knows your priorities or mind as well as you do. It is important to be in control of yourself and be your own manager. While you may need someone to manage your work, never count on them to manage you.

Tools like Basecamp, for example, can help you stay on top of daily to-dos and stay in touch with your team at all times to see what milestones are being achieved in real time. These tools also work great to let teams do “daily check-ins” and keep tabs on what they were able to achieve on a day to day basis. It’s exactly this type of consistent communication that allows every team member to own up to their tasks and eliminate the possibility of any bottlenecks.

3. Save Time by Utilizing More Productivity Tools and Third Party Resources

Being a millennial entrepreneur means you need to understand early on that time is one of your most valuable assets. You must know how to make good use of your working hours. Consider registering yourself on platforms like Upwork where you can save plenty of time by hiring experienced freelancers to oversee some of your daily business functions.

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Personal productivity tools such as Feedly and Evernote make it more convenient to stay organized, act on actions quickly and communicate with your team more effectively.  As your business start to explode and the time comes when you have to register your company, make sure you are with pros and cons of setting up different types of companies.

4. Capitalize on Mobile Digital Marketing

In the days of old, entrepreneurs had to make do with hard-to-scale and expensive marketing channels. As a millennial entrepreneur, however, you have the luxury of mobile digital marketing which makes its much more practical and quicker to identify your prospects’ needs, work on product ideas and test those ideas extensively before making your offer available.

Millennials are spending most of their time on smartphones – more than 65% of Facebook’s 8 billion video views come from handheld devices.

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If you truly want to be successful at selling and be an influential figure in today’s online business economy, you need to know how to tap into social media to get your message across. There’s such an overwhelming amount of meaningful content being produced every day on social channels that you need to stand out as a millennial entrepreneur. You might want to consider hiring a digital marketing firm with an established track record to take care of this aspect.

5. Understand How Financing and Investments Work

Owing to the 2008 worldwide financial crisis, a number of millennial entrepreneurs are still intimidated by the financial system. They’re using bots and computer programs instead of real financial advisors just to play it safe, and in some cases, not investing at all.

Financial information is something many people find overwhelming – to make matters worse, there are conflicting opinions or complex investment routes that millennials are often not willing to bet on. In reality, all you need is a good understanding of financial elements like debt vs. equity, cash flow statements, compound interest, balance statements and tax implications with regard to various financial decisions. Understand these and you’ll have full control over your financial goals and personal budget.

Good to know:

  • A new generation of millennial entrepreneurs is outperforming their baby boomer counterparts.
  • Millennials are embracing entrepreneurship much earlier than boomers did.
  • Millennial entrepreneurs today are generally more open to failure than boomers. They are also far more likely to keep going.
  • Millennials are focusing on much larger profit margins; 75% expect their profits to increase in the following year, which was 42% for boomers.
  • Facebook creator Mark Zuckerberg was a young millennial entrepreneur at the age of 31, when he became one of the richest people in the world, with a net worth of over $42 billion.

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Ahmed Raza

CEO of Samurais.co

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Last Updated on November 5, 2018

20 Best Places to Work for a Great Career in 2018

20 Best Places to Work for a Great Career in 2018

Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

Take a look at these 20 best place to work for a great career:

1. Salesforce, San Francisco, California,

    Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

    Find out more about careers in Salesforce

    2. Wegmans Food Markets Inc.,Rochester, New York

      Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

      Find out more about careers in Wegmans

      3. Ultimate Software, Weston, Florida

        Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

        Find out more about careers in Ultimate Software

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        4.The Boston Consulting Group, Inc., Boston, Massachusetts

          Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

          Find out more about careers in The Boston Consulting Group

          5. Edward Jones, St. Louis, Missouri

            Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

            Find out more about careers in Edward Jones

            6. Kimpton Hotels and Restaurants, San Francisco, California

              Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

              Find out more about careers in Kimpton Hotels and Restaurants

              7. Workday, Pleasanton, California

                Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                Find out more about careers in Workday

                8. Genentech, South San Francisco, California

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                  Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                  Find out more about careers in Genetech

                  9. Deloitte, New York, New York

                    Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                    Find out more about careers in Deloitte

                    10. Baird, Milwaukee, Wisconsin

                      Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                      Find out more about careers in Baird

                      11. Quicken Loans, Detroit, Michigan

                        At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                        Find out more about careers in Quicken Loans

                        12. Capital One, Mclean, Florida

                          Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

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                          Find out more about careers in Capital One

                          13. Cooley LLP, Palo Alto, California

                            Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                            Find out more about careers in Cooley LLP

                            14. Southern Ohio Medical Center, Portsmouth, Ohio

                              The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                              Find out more about careers in Southern Ohio Medical Center

                              15. American Express, New York, New York

                                American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                Find out more about careers in American Express

                                16. Adobe Systems Inc., San Jose, California

                                  The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                  Find out more about careers in Adobe Systems Inc.

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                                  17. The Cheesecake Factory Inc., Calabasas, California

                                    The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                    Find out more about careers in The Cheesecake Factory Inc.

                                    18. Sap America, Newtown Square, Pennsylvania

                                      If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                      Find out more about careers in Sap America

                                      19. NVIDIA Corporation, Santa Clara, California

                                        NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                        Find out more about careers in NVIDIA

                                        20. KPMG LLP, New York, New York

                                          Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                          Find out more about careers in KPMG LLP

                                          All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                          Happy job hunting!

                                          Featured photo credit: Pexels via pexels.com

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