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5 Attributes and Skills Millennial Entrepreneurs Need to Succeed in Business

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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.

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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 January 13, 2022

15 Best Places for Expats to Live (And Why)

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15 Best Places for Expats to Live (And Why)

Many of us dream of living abroad but can often be scared to make such a big change to our routine lifestyles and leave our home countries behind. Daunting as it may be, living abroad can be a rewarding and fulfilling endeavor and can give you the quality of life you have been looking for.

From a warmer climate to a more easy going way of life, there are many foreign countries favored by expats who stay for a long time – and sometimes forever. Taking into consideration livings standards, opportunities and social aspects, here are our top 15 best places to live as an expat and why.

1. Thailand

A hot spot for expats, the ‘land of smiles’ as it’s commonly known offers expats a tropical climate, a huge array of sandy beaches and islands to explore, and a rich culture. The cost of living in Thailand is extremely low, and when combined with the friendly tax system means that disposable income can be very high.

Bangkok, Thailand’s capital city, offers expats great employment opportunities.

2. Switzerland

Another popular destination for expats, Switzerland offers exciting employment packages and a high standard of living. It’s great for those who love the outdoors, as there are many beautiful lakes, mountains to hike in and skiing in the winter. The school standards for expats are also excellent, making it appealing for those with children. English is also widely spoken so day-to-day living can be stress free.

Unemployment in Switzerland is low and expats moving here don’t need to worry too much about finding a job before they arrive.

3. Australia

Many foreigners who visit Australia don’t want to leave as it offers a great quality of life, beautiful beaches and a warm climate. Making friends in Australia is easy too, due to the lack of language barrier and the large number of expats who already live here. Australia is a great place to move to if you have children because of its wide range of schooling possibilities and recreational outdoor activities.

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Low population levels and high quality of life are two of the main reasons expats choose Australia as a place to live.

4. Singapore

Expats in Singapore can benefit from generous financial packages, great career opportunities and low tax rates. Although education is expensive here, it is rated one of the top places for raising children abroad due to the quality of the education system and the array of schools.

Public transport such as buses and MRT (Mass Rapid Transit) are cheap and very reliable in Singapore.

5. South Korea

South Korea offers expats a unique range of opportunities and a very different way of living. Jobs for expats are easy to find and usually very well paid, with apartments provided by the employer on the most part making living costs even lower. There are also many tight-knit expat communities in South Korea, making it easy to socialize and meet new friends. The excellent education system is also a pro for families wanting to move to this culture-rich country.

South Korea has a cheap public healthcare system and offers great medical care, with most doctors speaking English.

6. New Zealand

New Zealand is constantly on the lookout for skilled workers to expedite to the country – especially those under the age of 30 – and skilled migrants can be granted a stay for up to five years. It offers a good climate and although income levels can be lower than other countries, quality of life is high, with its awe-inspiring scenery, low crime rate and state sponsored healthcare.

New Zealand is great for those looking for a laid back and active outdoors lifestyle.

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7. Canada

Its national healthcare system, friendly locals and very high quality of life are just a few of the reason expats choose Canada as a place to live. It’s very welcoming to expats and skills shortages encourage foreigners to move here in order for the country to grow economically. It’s easy for expats to feel comfortable quickly in Canada due to its multicultural environment.

Canada was largely unaffected by the economic crisis, making it a very popular country for expats.

8. Qatar

Qatar is becoming increasingly popular among expats with an estimated 500 new arrivals every day. The salaries are generous and are tax free too, making disposable income very high. Car and housing allowances are part of many remuneration packages, and education for your children and airfares are often included.

The cost of living is lower in Qatar than in other UAE countries but salaries can still be just as generous.

9. Hong Kong

Where east truly meets the west, this bustling island has a population of over seven million people. If you’re looking for a fast-paced environment and an active nightlife, Hong Kong is definitely the place to be. Benefits for expats include its advanced healthcare system and elevated standards of schooling for children, along with great employment opportunities. The cost of living in Hong Kong can be high, so trying to negotiate a housing allowance with your employer can be beneficial.

Hong Kong is great for those looking for high incomes and career advancement.

10. Japan

As an expat destination, Japan offers a rich culture and a chance to experience a very different day-to-day life. Currently around two million expats live in Japan, and in the larger cities such as Tokyo a large portion of the population speaks English. English speakers are also in demand and there are a large number of opportunities for language teachers, especially in the capital.

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Japan offers a high standard of living for expats and a good education system for those with children.

11. Spain

Spain is a very popular destination for expats due to the high temperatures and year-round sunshine. EU residents don’t require a visa to work here, meaning the move can be a lot easier. Skilled foreign workers also continue to be in demand with jobs such as engineering, customer service, skilled trades and language teachers widely available.

A huge 14% of Spain’s population are expats from a variety of foreign countries.

12. Dubai

Two of the main attractions of moving to Dubai are the tax-free salaries and the warm climate. Some of the most popular jobs for expats are in construction, banking, oil and tourism. You can also enjoy a busy social life in Dubai as the expat community is thriving. Although it can be an expensive country, the tax-free salary means you experience a higher quality of life than in other countries.

You will need a work permit, residence visa and an Emirates ID card to live in Dubai as an expat.

13. Germany

Germany is one of Europe’s most populous countries, with around 82.4 million people. It’s a lively and inexpensive country to live in as an expat, and if you have children the education system is great and healthcare is to a high standard. An estimated 250,000 expats live in Germany currently, with the numbers rising every year.

If you are already an EU citizen, you don’t need a visa to live and work in Germany.

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14. The Netherlands

The Netherlands is a great place for expats who love the outdoors. Cycling is one of the main modes of transport and looking after the environment is widely recognized. There are a lot of English speakers in the Netherlands too, but learning the language can work to your advantage and make day-to-day life that little bit easier. Skilled expats can also benefit from a tax-free allowance equivalent to 30% if they meet the correct criteria.

It is often more important to be able to speak fluent English than to speak Dutch when looking for employment in the Netherlands.

15. China

China offers expats great employment opportunities with little competition. Those who embrace the culture and decide they want to live in China long term can see a host of employment opportunities as its economy is growing rapidly every year. Economists predict it will overtake the US as the world’s largest economy by 2018. China also offer expats low living costs and high disposable incomes, which is why many look to live here for a higher quality of life.

Shanghai and Beijing are the most popular destinations for expats who live in China.

Featured photo credit: Saulo Mohana via unsplash.com

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