While the myth of millennial entrepreneur – independent startup owner with a promising new app – is still alive and well, the truth is that this generation is on its way to becoming the least entrepreneurial generation in US history. The statistics are there to back it up. A Wall Street Journal analysis of data gathered by Federal Reserve reveals that the share of business owners under 30 has fallen by 65% in the last 24 years.
On the opposite side, large companies like American Express have stated that “Millennials Could Be the Most Entrepreneurial Generation Ever“, but seemingly, the overall problem is that many young people view entrepreneurship as a state of mind. As a matter of fact, according to the editor-in-chief of the popular MiLLENNiAL magazine, around 60% of young adults consider themselves entrepreneurs and astonishing 90% recognize it as a mentality. Therefore, in order to keep up with the past generations, young millennial entrepreneurs have to put a lot of more work.
Facing the Reality
Most people think that becoming an entrepreneur is full of exciting times ahead, but you have to know that individuals all over the globe have completely different experiences before taking on entrepreneurship. Some people fall multiple times, and still love every second of it, while other give it up after the first misstep, and even grow hatred towards it. So if you’ve decided to start you own internet business and become one of the few “true entrepreneurs”, here a couple of things you should definitely know and do before taking a shot at it.
Four Important Things to Keep In Mind:
1. It Takes a Long Time to Succeed
Internet business success rates are not that great. And the general consensus is that they fall somewhere between 10% and 20%. Basically, it takes a specific set of skills, and a certain type of person to really make it big on the World Wide Web, and in reality, most people aren’t that type.
In addition, while the Internet is full of “overnight success” stories, when you sit down and talk with a couple of real entrepreneurs, you’ll quickly find out that they’ve worked for many years before making it big. Yes, it is true that some people make money while they sleep, but it only works for a very small number of well-established Internet entrepreneurs. In reality, you cannot expect to be able to do that for quite some time.
2. You Need To Invest More Than You Think
If you want to achieve a high level of success on the web, you’ll need to invest a big sum of money. For instance, if you plan to run a business on your 10-year-old Mac, you’ll probably won’t get too far. Of course, I’m sure if you’re reading this, you probably have a decent machine, so don’t worry it was just an example. But be prepared for any cost you can imagine – business automation and analytics tools don’t cost much on their own, but when combined, they might end up costing you a pretty penny.
Security also needs to be a big part of your organization, because even if you run a micro-business, there are people out there that are interested in your data, and are willing to do anything to get it. That is why you need a reliable antivirus to keep you safe from malware, and you should definitely encrypt your business conversations and online transactions with a VPN like ExpressVPN. Furthermore, as your company grows, you’ll likely have to pay for some employee training and additional advertising.
3. Finding Your Niche and Becoming an Expert
With those two things in mind, it is now time to explore the current needs of the modern market, and look for different loopholes in current situations, or gaps in popular product lines. Simply put, now is the time for you to pick a niche that will make you successful. And while you’re doing your research, try to focus on specific things and not just popular social networks sites like Twitter or Facebook. If you go beyond a singular high-risk platform, you’ll surely obtain more chances of succeeding.
When you finally discover your audience and niche, start doing your research and becoming the expert that everyone wants. For starters, go out there and build a professional website (you can do it by yourself, or if you want everything to look crisp, consider hiring a professional web designer) and start showcasing your expertise. This way, you’ll build your reputation on trust and confidence, and in this world of business, these two go beyond any formal certification or degree.
4. Connecting, Linking, and Outsourcing
Once you plan everything out, you need to start reaching out, and connecting with your target demographic. You have to find out what they exactly want, and start creating fresh content on a daily basis, for your blog or your website. When researching your market you luckily have a lot of great sources of information – you can bank on everything from product and user reviews, to discussion boards, case studies and testimonials.
Once you learn everything you can, it is time to start creating, and if you want to run a cost-effective business, you should definitely outsource a ton of your material. Freelance websites like iWriter, Upwork and Elance are chockfull of talented managers, accountants and web writers. So if you need to concentrate on a specific aspect of your business, but you really need to get multiple things done, hire a couple guys from these sites.
While the beginning may have sounded unoptimistic, don’t worry, things are not that bleak, and it seems like there is a light at the end of the tunnel. If you are stuck in your office at the moment, just think about this – Zuckerberg notwithstanding, most of today’s successful founders and entrepreneurs have started their careers as devoted company employees. Their ideas evolve in their daydreams before developing into something worth perusing outside of the corporate world.
Finally, thanks to the Internet and all of the tools we have available today, this generation is simply better prepared to start a business. But the situation is still getting better in schools – according to Kaufman, the number of entrepreneurship classes grew by a factor of 20 in the last 30 years. This means that there are hundreds, if not thousands of future founders who are currently employed in companies all across America.
This post was written by Adam Ferraresi. Since the age of 10, when got his first laptop, Adam knew he would someday become a web developer. Today, he is quite successful at his job, and if you want to learn something about his particular business branch, you can find his informative articles at wefollowtech.com.