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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 July 10, 2020

Feeling Stuck in Your Career? How to Break Free and Get Ahead

Feeling Stuck in Your Career? How to Break Free and Get Ahead

Have you ever caught yourself in a daydream where you’ve gone for that upcoming promotion, and you’re now the boss at work? Or how about the one where you’ve summoned up all your courage to quit a job where you’re feeling stuck in your career and live your dream instead? Or when you’ve changed career paths to do what really makes you happy?

Then, you snapped back to reality and realized that you’re not the boss, not living your dream, and not even happy in the career path that you’re on.

Over the years I’ve worked with hundreds of individuals who’ve told me they feel stuck in their careers, that something had to change for them to break free and be happy, but they lacked the confidence to take that step. My mission is to make sure that nobody feels stuck in their career because of a momentary lapse in bravery that’s dragged on for too long.

Read on to find out how you can stop feeling stuck in your career, break free, and get ahead at work. .

Here are my top ten tips for becoming unstuck in your career.

1. Make Time for You

If you’re feeling stuck, frustrated, or unhappy with how your career is panning out, the first step is to work out why.

Maybe you’ve arrived in your current career by accident and haven’t ever made time to deliberately think or plan what you’d love to do and how you’d get there.

Prioritizing time to think is the first step you need to take to stop feeling stuck and start getting ahead. Book some time into your day where you can have an uninterrupted meeting with yourself. This is your thinking time.

Work out what makes you happy at work, what doesn’t, and where you might want to go. Decide on the steps you want to take to progress your career in the direction that you want it to take.

For example, are there training days, evening courses, or online learning that you can do? Have you considered getting a mentor to help you get ahead?

By booking in a meeting with yourself, it signals it’s important (to you and your colleagues) and also stops others spotting a gap in your day and filling it with a meeting.

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2. Grow Your Network Before You Need It

Who you know is more important than what you know for career progression. Don’t wait until you’re feeling stuck in your career to start expanding your networks. Do it now.

Adam Grant, the author of Give and Take, says you’re 58% more likely to get a new job through your weak ties than through your strong ones. Your strong ties are those in your immediate circle whom you interact with often. Your weak ties are your friends of friends. They move in different circles to you, they know different people, make different connections, and are more likely to introduce you to new and different opportunities[1].

When I was thinking about setting up my current company, Lucidity, I turned up to every networking event. I drank a lot of coffees with a lot of different people to understand what they did, to ask for advice, to unpick what their problems were, and to look for opportunities for collaboration and connections.

It paid off because, when I launched my business, I let my network know how I could help them, and soon I had my first clients.

Pay attention to building and nurturing your networks and focus on how you can add value to other. That’s where your next career opportunity is most likely to come from.

3. Surround Yourself With People Who Inspire You

According to Tim Ferriss, “You are the average of the five people you most associate with,” and his associations with different people ebbs and flows depending on what he’s working on and trying to achieve[2].

For example, if you are trying to be fitter, it’s easier if you hang around with people who love doing exercise–they help you to up your game.

If you want that promotion, a career change, or to set up your own business, seek out people who are excelling at it already. They’ll have valuable things to teach you about breaking free and getting ahead.

4. Work on Your Personal Brand

Jeff Bezos defines a personal brand as “what people say about you when you’re not in the room.” People will talk about you when you are not in the room anyway, so you might as well be deliberate about what you’d like people to say!

Your personal brand isn’t about pretending to be something you’re not. That can actually keep you feeling stuck in your career. It’s really about being your best “real you.” It’s about owning your strengths and being purposeful about how you want to be perceived by others.

What do you want to be known for? By being more deliberate about how you want to come across and what you’re looking for in your career, you’ll increase your chance of attracting the right opportunities.

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Once you’ve given your personal brand some thought, make sure that you show up online. Is your LinkedIn profile up to date? And if you don’t have one, get one. Make sure it communicates what you want to be known for and that it’s consistent with your other social media profiles.

Try these 5 Steps to Master Networking Skills and Perfect Your Personal Branding.

5. Be Accountable

Achieve your career goals faster, and grow and learn by making yourself accountable. Tell other people your goals and a timeline. and have them to hold you accountable.

For example, you might want to get a promotion by the end of the year, have decided the sector you want to move to by the end of the month, or have got your new business idea before the next pay day. Whatever your ambitions are, you can tell a friend or a colleague, or share this with a mentor or a mastermind group.

When we tell other people our goals and intentions, they hold us accountable, and we are more likely to make progress faster.

6. Make Sure Your Values Are Aligned With Your Company’s

All the professional development, goal setting, and networks in the world won’t make you happy if you’re working for a company that ultimately has opposing values to yours.

Figure out what’s important to you in a job. For example, does your company’s product help people live a better life? Do you feel strongly about your company’s ethics and social responsibility? Does the company culture allows employees to be themselves and shine? Or maybe flexible working and more holidays for employees with families is where your heart is?

Some companies put their employees well-being at the core of their business; others put profits first. If you feel that your values don’t match the core values of your employer, it could be a reason why you’re feeling stuck in your career and unhappy.

It’s important to work through this and identify whether it’s the job that is not right for you, or if it’s a great job but the organization or sector is wrong for you.

7. Get out of Your Comfort Zone

Your comfort zone is your safe place. For any change to happen, you have to step out of your comfort zone.

It’s actually much easier not to change anything and to keep grumbling on about how you’re stuck and unhappy in your career than to step outside of your comfort zone to address the fearful unknowns associated with change. It’s part of human nature that we’d put up with the devil we know rather than risk the devil we don’t.

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This is true even if the devil we know is a boring, unfulfilling job because we’re wired to think that making a change to find a better option might actually leave us worse off.

If you feel stuck, it might be that your confidence has got the better of you.

To get ahead at work, start taking small steps outside of your comfort zone. Consider what you’re scared of that is stopping you from making a change. Then, tackle that in small steps.

For example, if you know that to move into the job you want, you’ll have to do more public speaking, but public speaking terrifies you so much it’s stopping you from going for the job, then start small to build your confidence. You can speak up more in team meetings, then slowly build from there.

You might also choose to set up or be part of a specific group. One of my clients, who found that confidence was holding her team back in achieving work goals, set up a “get out of your comfort zone club,” where they challenge and support each other to build their confidence by regularly leaving their comfort zones.

8. Learn to Embrace Failure

Failure is part of life. A New York University study found that children learning to walk averaged 2,368 steps and fell 17 times an hour[3]. Failure is simply the natural path to success.

The truth is that we don’t get everything right the first time. We fail, we learn, we pick ourselves up, and we try again.

In my experience, it’s common that whilst the theory of learning from failure is supported, the reality of being open about failures to enable personal learning is much harder to achieve.

We don’t like to admit that we’ve failed. We have a fight or flight response to failure. It’s a normal gut reaction to ask ourselves: “Will I get away with it if I don’t tell anyone?” We are fearful of criticism, of losing face in front of others, or even being fired for failure.

However, if you’re going to stop feeling stuck in your career, you must be open to learning from failure.

Reframe failure by viewing everything as an experiment because you can’t have a failed experiment—you just learn whether something works or not. Think of Edison inventing the lightbulb, when he said:

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“I’ve not failed. I’ve just found 10,000 ways that won’t work.”

9. Build Your Resilience

Resilience is the ability to tackle difficulties and setbacks, to bounce back, regroup, and to keep going.

Getting unstuck in your career, taking a different path, and achieving the results you want will take resilience. Having resilience is also the capacity to choose how you respond to the unexpected things that life throws your way and adapt and thrive in times of complex change.

Given that the world we live in is in constant flux, and the only thing that is certain is uncertainty, the ability to adapt and bounce back is an important life skill, as well as a career skill.

In her book Grit: The Power of Passion and Perseverance, Angela Duckworth’s research shows that when measuring success, the ability to persevere beats talent every time.

Learn more about how to build resilience in this guide: What Is Resilience and How to Always Be Resilient (Step-By-Step Guide)

10. Ask for Help

It can be hard to ask for help, as it can make us feel vulnerable.

No one person can be expected to have all the answers. That’s why we need a group of people that we can go to for help, people who can pick us up when we have setbacks and also help us to celebrate success.

My advice is to be deliberate about creating your group. You can do that with a tool called a “Me Map”:

  1. Write down all the things that you might need support with, like help with career progression, interview practice, making new connections, talking through business plans, learning from failure, etc.
  2. Next to each thing, write the names of the people you go to when you need that particular thing.
  3. Make sure you get in touch and regularly connect with them.

Final Thoughts

You can stop feeling stuck in your career, break free, and get ahead at work by applying the tips in this article. Start small by incorporating three new things in your first week, and then adding more as your comfort zone and capacity expands.

Remember, no matter how stuck you feel, it’s never too late to make a change and land the career that you truly want.

More Tips to Stop Feeling Stuck in Your Career

Featured photo credit: NEW DATA SERVICES via unsplash.com

Reference

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