Why Entrepreneurship Is the Ideal Career Choice for Millennials

If you have ever taken a second to look at the founders and creators of your favorite businesses and brands, you will find that many are under the age of 34. Even in my local community, the entrepreneurial landscape is thriving with twenty and thirty-somethings all out to create a future for themselves. I plan to join the ranks of being an entrepreneur. When asked why I wish to do so, I have realized it was never really a choice for me, but a notion that was always there, a trait that was embedded within in somehow long before I knew it was there. This, then, begs the question; why are so many Millennials flocking to entrepreneurship as a career choice?

What is a Millennial?

To answer why Millennials are choosing a life in entrepreneurship, you first have to know what a Millennial is. There aren't set start and end years for this generation, but the consensus typically places this group at being born in the 1980's and 1990's, coming to early adulthood in the early 2000's. Business dictionary defines Millennials (or Generation Y) as such, adding that it consists of the offspring of the Baby boomers (Generation X, and that having access to technology at an early age has not only forced businesses to incorporate use and updates of technology at a faster rate, but also to update hiring strategies. So, how Millennials view the workplace and a career?

Millennials Behavior Towards Careers

Needy, entitled, arrogant, overly relaxed, are many of the terms you'll find used to describe the Millennial generation, and in all fairness, they can be true, but what I think the more seasoned workforce veterans perceive as negative attributes could be a misunderstanding of what each generation is looking for in their lives and a career.

Jeff Fromm, Forbes contributor and author of "Millennials in the Workplace: They do not Need Trophies, but They Want Reinforcement" learned the average tenure for Millennials was only two years, while the average for Baby Boomers was seven, with Generation X decreasing that to about five years. In the same article, Fromm explains the cause for this low retention rate to Millennials putting the focus on growth. If growth does not seem evident to a Millennial, they have no problems changing jobs to get it.

Why Millennials Rather Forge Their Own Path

Fromm shares that Millennials growing up in an era where resources are virtually infinite, have gained and embraced an entrepreneurial mindset that allows them to always be on the hunt for opportunities. MindTickle, exploring the "10 Millennial Personality Traits HR Managers Can't Ignore", listed number one on their list millennials' need to find a job or career that has "meaning", with a Fast Company article uncovering that to include: having the ability to share their gifts, making an impact on other's lives, and living a life they desire. Millennials have also had the privilege of growing up with role models who are entrepreneurs, allowing the idea of starting a business the expected logical thing to do, rather than an exception. ( https://www.entrepreneur.com/article/269995 ).

Millennials Traits

So, what traits do Millennials have that makes entrepreneurship an appealing career choice and a successful one?

For starters Millennials are an open and collaborative bunch. I believe this is primarily from growth into adulthood with social media. Being willing to share and receive feedback from peers allows Millennials to naturally transition into a transformational leadership style that is key to successful innovation, a skill needed for corporations and entrepreneurs alike to thrive.

Jim Moffat, Chairman and CEO of Deloitte Consulting, in his article "The Seven Positive Qualities of Millennials That Can Help You Improve Your Business" found Millennials to be motivated, natural leaders and innovators, thinking of innovation as a science, while also noting our inherited entrepreneurial spirit aiding in our ability to build a business.

Will Millennials be the Best Entrepreneurs Yet?

It is hard to determine, but the tools and mindset of a Millennial might make it possible. With the focus being placed on growth and opportunity, and business role models fashioned after entrepreneurs the likes of Mark Zuckerberg, and Steve Jobs. Big ideas coupled with the impatience of a career to reach them is what drives a Millennial and what makes a career in entrepreneurship a perfect choice.

Darius Thompson is an aspiring entrepreneur, and one of the needy millennials described above. He is currently enrolled in the Masters of Entrepreneurship Degree Program at Western Carolina University. Webmasters and other article publishers are hereby granted article reproduction permission as long as this article in its entirety, author's information, and any links remain intact. Copyright 2017 by Darius S. Thompson

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Techniques For Entrepreneurship Development

There is a certain way to carry out entrepreneurship. One has to follow certain fixed guidelines to develop an entrepreneurship of any choice. Designing a clear cut plan is necessary. Following are seven guidelines or techniques on the basis of which any entrepreneurship or business can be developed;

1. Focusing on the key product:

Your business revolves on the key product so focusing on your core product is the first step to create a business opportunity. A certain successful entrepreneur has stated that "Prospects buy when they trust your value is applicable to them and believe your company is stable" suggesting that an entrepreneur should focus on providing value to the customers. This suggestion is the key to the core plan. An entrepreneur of small business needs to differentiate from big business by concentrating on the core products. Specialization is the biggest asset of entrepreneurs.

2. Keeping it simple and short:

One should be able to tell what their business is in few precise and concise words(I.e the patter or pitch) lasting for 30 seconds since any prospect can understand clearly about the business without being confused.

3. Staying true to who you are:

You can reach your goals by knowing who you are and what gets you excited and not. Notably procrastination as human nature is can delay your growth plan so it's better to not procrastinate and go for a perfect result oriented plan

4. Mapping it:

The best way to determine your service strategy is by mapping your capabilities with your target clients' needs. Hence the customers who do not need your particular expertise are also avoided. The urge to cast a wide net is one common trait among many entrepreneurs. However a small business flourishes since it has limited service offering. Specializing in distinctive top quality service is the value in having a small business. So in many instances, a small business flourishes. Significantly, while choosing a provider, a list of decision making criteria can be made, from which, your client can choose as per your expectation. Then categorize yourself honestly or evaluate intensely as to where you would be position in each category. After this, make sure that your patter or pitch is still on target.

5. Utilizing the best marketing tools that work for you:

Implement the best marketing strategy that suits your personality and that of customers to be served. Identify the top two marketing tools that have worked for you in the past and then start adding new ideas from a fresh perspective. It's also important to evaluate the selected marketing tools from cost basis. You have to take a decision as to which marketing tool will yield the best returns on your efforts. In one or another each tool should be result oriented or revenue productive.

6. Implementing a plan of action:

It's essential to know whether the plan of action made is in progress or not. This can be done by establishing goals at short term say 3 months to long term of 6 months. During short term, you need to check your plan every month. If the plan is not being met you need to ask questions to yourself like did I select the appropriate tools for my target customer? Did I integrate the strategy into the plan? Or did I focus on only one of the marketing tool? Thus there should be a strategy check on a day to day basis so as to know if the plan is in progress as per your plan.

7. Exercising the plan:

The final step is to complete the daily actions and to put n extra efforts to accelerate your plan towards success. Precious time should be not wasted and used for reaching your goal soon.

These are the basic most important techniques for Entrepreneurship development.

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What You're Doing Wrong As An Entrepreneur Or In Your Small Business

Business owners and entrepreneurs are not always good at asking for help. Be honest, when did you last reach out to someone? Perhaps this is the reason why they are entrepreneurs in the first place. Business owners are self motivated and self reliant. But if you're operating a business in this way, it could be the one thing which stands in the way of progress.

Entrepreneurs are hard workers too and will work hard in areas which many people wouldn't consider. They look forward to the long term effects of their actions rather than for immediate rewards. Often business owners have built up their businesses over many years of difficulties and sacrifice.

However, thinking into the cause and effects of all this work there is one thing in common: you. As the 'owner' of a business it can be easy to become complacent. Perhaps business growth isn't what it should be? You are always the limiting factor in your life. Unless you are growing, your business isn't.

If you keep operating from the belief that you know everything, you will always keep getting the same results in your business, and in your life. Growing in awareness and developing your self along with your business is what smart entrepreneurs do.

Working Hard And Smart

It can be easy to run things 'as you've always run things'. You can get stuck in a mode of operation, especially if you're largely on your own. But working hard and working smart are not the same things. You need to get smart about working hard if you are to make any progress. Don't become a 'busy fool' doing those things which you have always done, just because it's always been that way.

Smart business owners know this, and work hard at learning what the best activities are to move their business forward. This 'trap' of working as a 'technician' in the role of an entrepreneur is easy to fall into. This is especially true if you have recently 'graduated' from a role as an employee to that of an 'owner'.

The role of an employee is to listen to your boss and do the best for them. You are paid by the hour, or for work done. An owner on the other hand isn't paid for their time. They get paid when the business makes a profit. As such this is an entirely different role. Ask yourself whether you are playing a 'technician' role in your business. Should you be doing things differently? Can someone else be employed to do what you are doing? If so the answer should seem obvious. Your role should be the 'driving engine' of the business, the overseer and the planner.

Smart Advertising

Advertising is the 'engine' of your business. If cash is the 'life blood' of your business, advertising is the heart beat. Without a successful and progressive advertising campaign, your business will at best stand still. If you're standing still while other competing businesses move forward, you're effectively moving backwards.

Today we are lucky to have the internet as a source of advertising. We can reach anyone globally and target them down to their preferences, intent and geographical location. Platforms like Google's AdWords and Facebook advertising let us 'follow' our potential customers around the internet. Should someone land on our website and not purchase, we can remind them of our business later on. The advertising available to business owners today is very clever, and we should definitely be capitalizing on it.

Pay Per Click Advertising

Pay per click advertising is one of the best things to come out of the internet for business owners. Many owners doubt the effectiveness of pay per click advertising, but this is only because they don't understand it properly, or it's potential to massively change their business.

Initially pay per click should be tested and measured. Only by testing and measuring each element of an advertising campaign can you effectively 'tweek' it and learn which elements work best for your customers. If you run a campaign but don't measure it, how can you know if it brought you any customers?

The ROI

Knowing the return on investment (ROI) of any advertising campaign is a game changer. Many owners get this wrong because they only look at the initial sale. But once you can effectively determine the long term return on investment, you will start to see why it is so important to use paid advertising.

Paid advertising is effectively buying new customers. If your business model lets you earn again and again from each customer, your long term gain from a loyal customer is far more than you might spend to attain that customer. By altering your paid for advertising to reduce your cost and increase your ROI over time, you can find yourself in the nice position of being able to scale up.

Working Against Yourself

We are predisposed to think that spending is wasteful. In terms of 'smart' advertising the opposite is true. Of course you don't start out by spending huge amounts on your pay per click campaign. You start small and only increase your budget when you see tangible results and profitable ones at that.

But the main sticking point is the contrasting viewpoint that we need to 'cut back' while at the same time wanting to expand our businesses. This is a contradiction and although this is based in safety and reasonableness, your long term goal should be to be spending more and more on advertising as your business grows.

How do you feel about that? Most likely you want to spend less and less over the course of time. However, with pay per click advertising, once you have developed your adverts to pay out double what you put in, the only reasonable decision is to increase the budget.

So initially you might tentatively spend some money on advertising, see some results and then stop your adverts. This is especially true if you don't see any tangible benefit of advertising. Most people will give up too early.

Start small with a budget you can afford to lose. Test your adverts with several different strategies, keywords, images and landing pages. By cross testing adverts you can more effectively determine which ones work the best.

Once you have done this for long enough, you will see the power of pay per click. This puts you in charge of your business. Once you have one profitable campaign set up, you can simply leave it running. Then you can move on to another one and another one. This of course takes time but this strategy puts you in the driving seat of your business and eventually will mean you can grow your business more effectively.

This is smart work. This should be the focus of your time if you intend to grow your business.

Relying on free advertising methods or 'word of mouth' advertising doesn't put you in control, however valuable those methods might be.

Being a 'technician' in your business should be the work of a manager or an employee, not the business owner. As an owner, your job is to grow your business.

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