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Qualities of Millennials That Make Them Ideal Small Business Owners and Our Biggest—Yet Simplest—Tip to Get Started

In South Africa, youth entrepreneurs are defined as being between the ages of 25-35. This just so happens to coincide quite well with the age bracket for young Millennials.

Much has been said about Millennials in the work force, including that they have poorer work ethic compared to previous generations. Or that they spend money irresponsibly on, for example, avocado toast. Such generalisations might cause one to think that Millennials make unideal small business entrepreneurs. At Cross, however, we see this age group in a different, more expectant light.

Read on to find out why we think Millennial entrepreneurs’ generation-specific attributes make them powerhouses of potential in the entrepreneurial space.

They’re Returning to More Traditional, Family-Centred Life Expectations

Compared to their parents, Millennials are more likely to prize work-life balance and extra time with family and friends over working long hours at a full-time job. This means that they’re more likely to gravitate toward owning and running their own business which gives them the power to manage their own time. This also translates to less career-guilt for not having a “stable”, single-occupation career, which older generations lauded as the ultimate sign of success.

Millennials are more likely to be successful at making the jump to start a business and being productive at handling multiple ventures (or “side-hustles”) simultaneously, since they are driven to cultivate their lifestyles as per their own wishes.

Passion is Their Prerequisite for Productivity

Millennial youth are far more likely than previous generations to value exercising their passion as part (or object) of their career, where those who came before them saw stable jobs in respected fields such as medicine or engineering as being most desirable. Millennials, on the other hand, long to make a difference in their communities and to feel self-fulfilled in the process. This makes them more likely to spot a need—and by extension, a business opportunity—which they can fulfil through starting a business.

Growing Up with the Backdrop of Traditional Media, Social Media Was a Rite of Passage for Millennials

Millennials remember a time before social media and grew up alongside the dawn thereof. This makes them intimately familiar with the eb and flow of online trends, as well as making them purveyors of great versus poor online marketing. It also means they have a taste for traditional marketing as well, having spent their younger years with traditional media such as newspapers and television ads. Youth entrepreneurs surely understand the best of both worlds when it comes to grasping what impactful marketing looks like, regardless of platform.

Now that we’ve assured you that you as a youth entrepreneur have what it takes to start a small business, let’s look at our top tip for what you can do before starting your business.

Narrow Down Your Starting Point

As much as we agree that Millennials are excellent at handling multiple pursuits simultaneously, when it comes to launching your first business, it’s better to pare it down a lot to begin with. As your business reaches certain milestones and becomes more self-sustaining, the time will have come to start your second venture.

How do you narrow your focus to a single point? For this, we return to the phrase Millennials grew up hearing and believing: “follow your passion”. Make a list of your top three interests, in order of passion, and then brainstorm business ideas in those fields. Remember, working in conjunction with your passion is likely your top reason for starting a business in the first place. This passion will drive you forward in a way that just a salary or deadlines will not.

Consider your community as well: in what way can your passion make an impact in the lives of the people around you? Think specifically and think niche. You don’t have to help all people, all at once. What is the single service or product that you can offer, to a single target market, right away?

So, Now What? Let Us Help You!

Youth entrepreneurs are ideally suited to starting and running small businesses. In fact, we’re excited about your potential and would love to help you turn your passion into profit and help you impact your community. There’s no need to be held back by overwhelm—we’ve got you covered in every aspect, from Business Consulting to Creative Marketing Solutions, and Admin Services.

To get you started as soon as possible with your small business, we’re giving Free 30 Minute Business Consultations to Youth Entrepreneurs this month.

Just fill out our Contact Form and mention that you would like to schedule a consultation as a youth entrepreneur.

We look forward to hearing from you!

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