5 Things Millennials Should Know Before Putting Up a Business
Passion is not enough—here’s what else you need to know to succeed.
(SPOT.ph) The countless success stories of millennial business owners have the same theme: It’s all about dedication. That may sound cheesy, but it’s reality. If you want to be on the next feature story of Entrepreneur Philippines, consider these reminders:
1. You will not have as much free time as you thought you’d have.
According to this survey, millennials are no fans of the nine-to-five work schedule—they believe that flexi-hours actually increase their productivity. Now, while having your own business certainly means that your work hours are, well, your business, establishing a startup will require you to log in serious hours. An entrepreneur and content marketing guru shares that “by starting a business, you have made a decision that does not allow you any time, in your first year, to do anything but build your business.”
2. You won’t become rich overnight.
Money may not be in the top five of what millennials are looking for in a job, but anyone who has ever interviewed millennials for company positions will tell you that they expect a relatively higher entry-level salary than their Gen-X counterpart. Thanks to successful startups run by millennials, there seems to be a general belief that putting up your own business is the fastest way to getting rich. However, it’s not a get-rich-overnight scheme. According to this article, “depending on the type of the company you start, how good your idea is, how hard you work and many other factors, you could get rich. But most [people] don’t.”
3. Yes, you should stick to your day job.
At least in the beginning. An article about millennials states that “there are good reasons why aspiring entrepreneurs should stick with traditional jobs while they grow their own ideas rather than take a complete leap of faith by quitting their day jobs. In reality, nearly 15 percent of small business owners work a second job while starting up, something many young entrepreneurs don't realize.” It is likely that this is something you are an expert at—working the side hustle. A recent study has also revealed that “one in two millennials has a ‘side hustle’ in a bid to boost their cash or chase a long-held passion.”
4. Make sure there’s a demand for your product or service.
You want to build your business on that sweet spot where passion, purpose, and profit intersect. But it begs the question: How can you make a profit from that noble pursuit? Answer: You’ve got to find that special thing you can offer. A poll reveals that the top reason startups fail is that there is “no market need.” So while it’s well and good that your business is something you are passionate about, you need to make sure there’s a good number of people out there who are also as passionate about it as you are.
5. Never stop learning.
Millennials are passionate lifelong learners. They download podcasts, watch TED Talks on YouTube, and attend seminars and conferences. According to this article, surveys have shown that millennials value continuous learning and that they are even “willing to spend their own money on further training.”
There are tons of seminars and conferences you can attend to become a better entrepreneur. The upcoming “Market X: Exploring Opportunities, Exceeding Possibilities,” which is presented by Globe myBusiness and will be held at Century City Mall on April 7 and 8, from 11 a.m. to 8 p.m., is the perfect venue for you to pick up important pointers on how to build your own business. The event will provide you with the opportunity to discuss different ideas on building up your business and skills, improving your business expertise, and expanding your knowledge, connections, and capabilities.
Globe myBusiness offers services that specifically cater to micro, small, and medium businesses. There are affordable plans, solutions, and promos that anyone who’s thinking of starting their own business would find useful and economical. Check out the official Facebook page for the latest news, content, and promos.