Today’s post is something a little different for my Lovely Girls. As I mentioned earlier this month, Mike, my husband, is the other half to my business. Mike was an entrepreneur after college and worked on his own business for 6 years. I was doing the corporate thing while going to business school full time. We’ve now reversed our roles: he is a business consultant at PwC and I am building my business. We met when we were 21 and have been thorough a lot during our 10 years together. So today we wanted to share our tips for millennial entrepreneurs looking to make the leap!
But first, we want to take a second to talk about what’s currently going on with the shift of the millennial mindset. First of all, millennials are much more independent and entrepreneurial than previous generations; gone are the days of working at the same job for 30 or 40 years.
Now keep in mind that this doesn’t apply to ALL millennials, BUT it does apply to a large portion of our generation. Most of us want flexibility both in terms of when we work, where we work and what we do.
To determine if you are a millennial entrepreneur, answer these 3 questions:
- You don’t want to work between the hours of 9-5, you want the flexibility to work whatever hours fit around your lifestyle… which sometimes means working until 11pm if you took the morning off.
- You want to travel and experience the world, so working from a laptop or mobile device is ideal so you can work from anywhere.
- You don’t want to be a specialist: you want to learn and do as many things as possible. Variety is key.
If you answered yes to all of these questions, then keep reading! If not, keep reading! hehe
Last week on Style Collective, I talked about adopting a business mindset. This, along with time management, is critical to getting your business off the ground and turning it into your full time gig.
Ideas are cheap, execution is everything.
There are 24 hours in a day. How are you using your time? First of all, you need to get a watch because you MUST make the most of every single minute that you have and time block your day. Make a commitment to yourself, your business and your goals because no one else is going to do it for you. Make small changes to make your day as productive as possible: wake up 20 minutes earlier to work on your business, use the car ride to work to listen to an audiobook, use your lunch break a few days a week to do non-work, cancel any unnecessary social plans and don’t waste your time watching endless television. Use every single opportunity to move the needle forward and create a life that you LOVE.
Nothing worth having comes easy.
So how can you start to make your entrepreneurial desires a reality? Here are our tips:
- Find your passion: Assuming you have a traditional job, what you need to do is think about what you are really interested in and passionate about. It can be MANY things, but you should focus and pick one thing to start.
- Become a subject matter expert: Do lots of research on that subject and become a subject matter expert if you aren’t already.
- Find and identify a need: This is easier said than done. It doesn’t have to be a unique solution, but you have to start somewhere. Start your business immediately so you can at least pay the bills. Once you have been doing it for a little while, you can find your differentiator and make yourself unique. The biggest mistake is WAITING to launch.
- Survey, survey, survey: Ask your customers what they REALLY care about. Survey often and observe what they are saying. This is the POWER of knowing your customers, asking them questions and getting to know their unique needs.
- Find Your Niche: After you’ve been running your business for a while is the time to create your niche. Yes, that’s right because this is now you:
You are a subject matter expert.
You know what everyone else is doing.
And NOW you have customer insight.
You can now niche down and do something unique within your field. This is called creating differentiation and will set you apart from your competition. You will be able to carve your own space. This strategy can be applied to SO many businesses: jewelry making, designing clothing, creating art, becoming a personal trainer… really any kind of product or service can be created using this method.
Want to learn more? Here are some of our favorite business books:
Thank you to MVMT Watches for sending us these beautiful watches. This is my second watch from them and you guys know that I only work with brands that I truly LOVE and adore. If you loved this post and our watches, please shop them via this link. Use code “anniespano” at checkout for 10% off your order.
+ I’m wearing the “Santa Monica” which has a black leather strap, black face and rose gold details. I kind of love the casual leather watch with a classic LBD, the contrast is unexpected and unique.
+ Mike is wearing the “40 Series” in silver/black leather. He swapped out the leather strap for a gunmetal stainless steel strap to create a dressier look for the wedding we attended after this shoot. 🙂
What did you guys think of these tips for millennial entrepreneurs? Any tips or books that you can recommend to us? As always, thank you for your love and support. xo Annie & Mike