Millennial entrepreneurs or “millennipreneurs” face a unique set of obstacles. They graduated college during or shortly after the great recession when professional opportunities were scarce and less than promising. To top it off, the cost of living and student loan debt continue to rise while incomes stay stagnant; making it harder than ever to build savings that can serve as a buffer when starting a business. These circumstances have undoubtedly created a challenging climate for entrepreneurs.
On the flip side, the uncertain economic environment has given young business leaders a special set of characteristics and made them accustomed to taking risks.
According to BNP Paribas Global’s entrepreneur report, millennials launch twice as many companies as the baby boomer generation and have greater profit ambitions than any other demographic.
Whatever their age, entrepreneurs share similar burdens and often lose sight of the basic rules of thumb to continue growing strong. Since millennials are our pivotal generation, these quick tips are dedicated to them.
Related: A Startup Guide for Millennials
Be informed
From studying your industry inside out to grasping personal development skills, read as much as you can to learn the ropes. A-plus students do their homework and in the professional world, reading is where you make the grades. Although business and leadership blogs and books are filled with valuable insights, they should be supplementary to personal guidance.
Seek mentorship
Go to every networking event you can and look for successful entrepreneurs, or, at the very least, ones who are a bit further down the road from you, and ask a lot of questions. Most people don’t mind talking about themselves and are often willing to offer some advice. The hardest part is usually mustering up the courage to ask for help.
Separate your emotions
Don’t tie your self-worth to failure. It’s an emotional roller coaster being an entrepreneur and when your morale is low, dark thoughts can easily eat through self-esteem. The saying that “you are your own worst enemy” is true. As an entrepreneur, you’re going to experience a lot of failure. The ups and downs never end, so it’s better to learn how to ride the waves. Try to separate your emotions from results; whether they’re good or bad.
Use criticism to your advantage
Friends and family will often encourage you, but pay attention to the naysayers and try to learn from them. You can use negative feedback to push yourself to build a great product. Along the way, you’ll acquire a thick skin and build the arguments you’ll need to counter objections from potential customers, employees, investors and of course, the naysayers.
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Persistence never fails
Never give up. It’s a cliché, but perseverance is the most important quality any entrepreneur can have.
Enjoy the journey
Another overused saying that applies to this conversation: it’s about the journey, not the destination. Thousands of the most accomplished people will say that their most memorable moments were the difficult ones. It not only makes for a great story, but you also have to learn how to enjoy the journey every day, or it’s just not worth living the dream. It’s more simple to do if you take care of yourself. Meditate. Exercise. Many of us are so goal-obsessed that we forget to slow down and appreciate life one day at a time.
Young entrepreneurs are not alone in the challenges they face. We’re all guilty of losing focus on the bigger picture, so it’s essential to remind ourselves of these simple actions that help us to be consistent and pave a healthy, entrepreneurial path.
