New Theory Surveyed Top Entrepreneurs and Asked Them for Tips for New Millennial Entrepreneurs
You will see pearls from Founders, Presidents, Directors, Managers, Authors and other notable guests who shared some tips for you as a Millennial Entrepreneur.
If there is an article that you should read from our site it’s this one.
Here is what experts said when we asked for tips for Millennials Entrepreneurs:
Tip #1:
My tip to millennial entrepreneurs is to have a variety of skill sets. As an entrepreneur, you need to wear many hats, and need to acquire new skills on the fly, until you can build a team of experts.
For example – I am the CEO with a background in BizDev, but I am also a backend developer for my company, until we hire another programmer.
-Walsh Costigan, founder and CEO of Lexody (lexody.com).
Tip #2:
Once you’ve made the commitment to your business, you need to develop a support system around you of advisors, partners, allies and vendors. When you believe in your business, others will too. Try networking with individuals locally, nationally, through social networks and attend events with others having similar interests as you.
-Ross Sapir, founder and President of Roadway Moving
Tip #3:
I NEVER would have been able to achieve such a versatile career portfolio had I been chained to a desk or at the beck and call of an overpowering boss. The landscape in media has been in transition for nearly a decade, and instead of being left in the dust, I have the freedom and flexibility to evolve with the times.
Obviously, owning a business has its challenges. EVERYTHING falls on you- billing, marketing, executing, etc. It is such a big undertaking and if you are uncomfortable with that level of responsibility, don’t even bother making the leap into entrepreneurship. But if you are afforded the ability to forge your own way and create your own opportunities, you will be reaped with no greater reward.
-Lisa Marie Latino, Long Shot Productions, www.LisaMarieLatino.com.
Tip #4:
“One of the most critical steps in entrepreneurship is determining which business entity is best, you must weigh the advantages and disadvantages of all three. In short, LLCs are great for small businesses that want the aforementioned protection provided by the law with minimal hassle; S Corporations generally work best for small businesses that want tax savings; and C Corporations are best for larger businesses that have outside funding and/or investors.
After determining the viability and choosing your entity type, you should move forward with registering your business’s name. The order is important here because when naming a business you will need to provide the type of entity you will be using and how it will be used in the name (i.e. Joe’s Burgers, Inc.).”
Corey Bray, the millennial founder and CEO of LegalNature,
Tip #5:
Tip #6:
Like most founders, we imagined that our business could be very successful, and we had many ideas for how to make it so. What we underestimated was the amount of time it would take for each phase of growth to develop, and how important patience would be in creating a strong foundation. It took us longer to find our first clients, hire our first employees, and to develop concrete product offerings than we ever thought, but in the end we have benefited from taking the time to set things up in the right way.
It is natural to think that if you aren’t growing today, you need a new strategy or to work even harder, but in reality, most success stories don’t happen overnight. Having the patience and resilience to push forward even when the going is slow has proved very beneficial.
You cannot dictate when your proverbial “break” will come, only how prepared you are to take advantage of it. Patience allows you to identify the right opportunity, and execute when it matters most.
-Andrew Haller, 31, co-founder and co-CEO of AirDev www.airdev.co
Tip #7:
You may have more than one, and that is fine. But if you don’t care about it, and I mean really care about it, you will never be able to get through all of the normal obstacles it takes to get something launched.
Arthur “AJ” Merrill is a business consultant and adjunct faculty in the College of Arts & Sciences at Argosy University, Atlanta,
Tip #8:
Spreadshirt is entering our puberty phase of corporate existence with a hyper focus on becoming a sustainable mature brand but we have not lost our agile spirit or our ability to be creative and innovative. Despite a 15 year run in EU and 10 years in US, our start up vibe is alive and well and fully embedded in our culture. This aspect of Spreadshirt is what made us successful and will be the fuel that propels us forward.
In other words, no matter how old your company is, treat like its always a start-up with a constant sense of urgency.
Hugo Smoter, Chief Commercial Officer for Spreadshirt
Tip #9:
This younger generation enters the workforce eager to be their own boss. They’ve seen people finding great success at a young age in fields such as technology and they’re eager to replicate that success in other industries. Coming into this situation with only a few years in the workforce or directly out of college means they don’t typically have the savings or collateral a more experienced entrepreneur has, so they have to find creative way to start their business with less resources at their disposal. Franchising provides a better opportunity for them for a few reasons. Because they’ll need to get their seed money in the form of a small business loan or by borrowing from their parents, franchising presents a less risky investment than a traditional business started from scratch. An established franchise’s proven system means young business owners are more likely to succeed, which eases concerns from potential investors about their limited experience.
-Harriet Mills, CEO and Founder ofWine & Design
Tip #9 (tag team):
Check your ego at the door, please. This is definitely a killer. This is the narcissist, the “better than,” the “insulter” – you won’t be winning with this one under your belt. This is a red flag disaster that screams “run the opposite direction.” Or it were reminiscent of your six-year-old self who didn’t get that favorite toy and screamed endlessly. Tip: Please try and practice some self-compassion here. Realize you’re doing the best you can, and you can always choose differently.
-Dr. Neeta Bhushan who is an emotional intelligence advocate, www.neetabhushan.com
Don’t come off as being too passionate. When you’re caught up with what you’re offering to the world, you’re blind to the flaws and failure that inevitably crop up. And when you can’t see the flaws, you can’t improve.
-Ajit Nawalkha who is recognized by the industry as a powerhouse international investor, https://www.ajitnawalkha.com/
Tip #10:
The number one piece of advice that I give to new entrepreneurs revolves around decision-making.
I’m about 10 months into my business, and of course, I know there would be a lot of decisions to make in the beginning, such as a company name, website, bank options, invoicing software, etc. But I have been shocked by the endless stream of decisions that I have to make on a daily basis, whether they are big or small. I honestly didn’t expect that as a solopreneur with a service-based business. While there are definitely more decisions to make in the early months, it’s still pretty much an every day task at almost a year in. And I am a one-woman show, so everything falls on me.
Some days it’s easy to get overwhelmed, especially during pre-launch and during the launch, because everything seems so big, important and permanent. So, my tip to others in the same boat is to pace yourself, and give priority and focus to the long-term decisions. The short-term decisions can probably be changed pretty easily or as needed. They’ll likely go through an evolution anyway. There are just so many things to think about that you just have to give yourself the grace to make some potentially bad decisions, or be flexible enough to go back and revise. The best thing you can do is focus on the big picture. Truthfully, everything doesn’t just fall into line after that. It’s not that easy. But it does help you to feel more confident in the things that matter, and give perspective to some of the things that don’t.
-Kristi Porter, Chief Do-Gooder, www.signify.solutions
Tip #11:
Radical Transparency – Regular and comprehensive updates meet Boomers’ need for stability. Xers – the latch-key generation that took care of themselves as kids – equate communication, in small doses, with respect and trust. And the Millennials’ distrustful nature is calmed when a company is forthright even when the news isn’t good. TaskUs takes transparency to an extreme, sharing revenue, C-suite salaries and much more with its employees.
-President Jaspar, TaskUs.com
Tip #12:
“If you’ve been carrying a vision for a business, create a one-sheet document about your idea. In the process you’ll fine-tune your pitch for whoever you meet, and create an uncanny clarity for yourself. After that and if you can, find someone with relevant expertise who believes in your vision to have a weekly phonecall about your business so you can work through logical next steps to get yourself to a prototype and beyond.”
“Start building. Don’t wait for the business plan to be finished. Things move fast these days.”
“Follow through if you expect others to deliver for your company. Answer your emails.”
-Dot Bustelo, founder of Loupe Art
Tip #13:
My best tip for millennial entrepreneurs is to find a niche – the more focused, the better. Become an expert in a very specific area. When you develop a reputation as an expert, you’ll have clients seeking you out, instead of spending all your time chasing them down begging for work. Focus on a very specific niche!
Tip #14:
My best tip for millennial entrepreneurs is to find a niche – the more focused, the better. Become an expert in a very specific area. When you develop a reputation as an expert, you’ll have clients seeking you out, instead of spending all your time chasing them down begging for work. Focus on a very specific niche!
-Daniel Decker, Partner, www.SpotlightBranding.com
Tip #15
My best advice would be don’t quit your day job until you’re ready. When you have the stability and benefits of a full-time role, you can better insulate yourself from the unpredictability and vulnerabilities of being entrepreneur. Having a stable revenue stream while I was working to scale up my business was the best decision I could have made. Since then I’ve built a business from the ground up, that brings in well over $100,000 a year in gross revenue. I never would have imagined that in 4 short years, I would grow a side hustle into a thriving business that brings in three times the revenue that I was making at my day job.
I started my consulting business back in 2013 (when I was 26). From the very beginning I made the decision to hold on to my full-time job until I was in a position to cut the cord. I wasn’t ready to jump in head first, so I decided to slowly take on clients, one at a time. It wasn’t easy. It took a lot of discipline, and I nearly drove myself crazy in the process. But eventually the late nights and long hours paid off.
Brandon Seymour, Founder, https://brandonseymour.com
Tip #16:
Tip number one is to invest in marketing – excellent marketing that reflects your brand in every regard. Without it, you simply can’t expect your business to succeed. Effective marketing doesn’t just put your business in front of your target audience, it tells them a story and allows them to connect with your brand. In doing so, it facilitates growth in ways that subpar advertising never could. My second tip is to never give up. It sounds cliché, but even the best of us need to be reminded that no matter what hardships we encounter, the most important thing is to see it through. Remember that dedication you felt on the day your business opened its doors, and apply it every single day. With perseverance and stellar marketing, there is little you can’t accomplish.
-Laura Ure, Owner & Marketing Strategist at Keenability, https://keenability.com/
Tip #17:
Surround yourself with other entrepreneurs and network– There are more entrepreneurs in the millennial generation than any other generation in history, so take advantage and connect with all the young business owners, startups, and founders out there! Research shows that millennials are starting companies earlier in life, “managing bigger staffs and targeting higher profits” than their predecessors. Our advice is to put yourself out there as much as possible. Regularly scroll through your LinkedIn feed for hidden opportunities, join meetups or industry organizations, but most of all, do your research before you reach out to people and we guarantee you’ll make an impression. Nurture your relationships like a garden- everyone you encounter has the potential to be a future client, colleague, or connection.
If you have a business partner or are looking for a business partner, make sure you have opposite skill sets- Make sure you choose someone who complements your personality and balances the equation by providing a skill set that’s different from what you’re able to bring to the table. When Courtney and I started the business in 2012, we were coming from completely different career backgrounds- which proved to be a good thing in the long run because today we’re able to divide and conquer and get things done in an impactful way. I focus on Sales, Marketing, and Business Development, while Courtney has a penchant for Operations and Finance.
-Stephanie Cartin and Courtney Spritzer, Co-Founders of https://www.socialflyny.com
Tip #18:
It’s not how much money you make, it’s how much you keep. Excessive overhead can bring down any business no matter how much you make. Lean and mean is the key to survival especially in the beginning before business gains traction.
Do not try and be all things to all people or you become nothing to anyone……focus like a laser on your niche and be really clear on what you stand for. Compete on the cheap end and someone can always make it for less…..Quality like the tortoise will ultimately win out or as I like to say, “live by the penny, die by the penny….don’t compete on price alone! Quality is the hardest thing to knock off
-Craig Wolfe, President, www.CocoaCanard.com & https://celebriducks.com
Tip #19:
A lot has been said about the “participation trophy” culture of millennials. While I do not particularly agree with this rhetoric, I will say that millennials have more tools at their disposal than ever to shield themselves from failure. While it may be easier to get rejected over a dating app than in person, millennial entrepreneurs need to find new ways to become comfortable with failure and rejection. Because as any entrepreneur will tell you, failure is not a matter of “if”; it’s a matter of “when”. All entrepreneurs will fail at some point. Some larger than others, but with the challenges and risks an entrepreneur faces each and ever day, rejection and failure are all but certain.
So, what’s the be done about this? Learn to embrace failures as an opportunity. Your instinct may be to grieve, pout, and feel sorry for yourself. While this is a natural response, I remind fellow millennial entrepreneurs that this grieving process should go on no longer than 24 hours. After you give yourself a day to feel bad, spend the next day making a list of all the things you learned throughout the process, changes you could have made to avoid the outcome, and your next steps to move on from the failure. As long as you can take something away from the process, your failure will become something you look back on as a valuable experience.
-Kelly Bertog, President, www.silvercrateproductions.com
Tip #20:
It’s already hard enough to work a full-time job, let alone putting in the long hours afterwards to starting your business.
Managing a full-time job and start-up a business does require a lot of diligence, hard work, sacrifice and time management. However, one of the proactive things that I do to stay successul and to find a healthy balance is first and foremost, create long and short term goals, actively write out my plans and task lists, and strategically complete the items on my to do list in the order of their importance so that my projects do not get dropped. I also understand that it’s important to take time out for myself and stay healthy in the midst of my busy schedule.
-Genesis, Emery, founder and Director of The Little Dapper Collection, https://www.thelittledappercollection.com
Tip 21:
Avoid Isolation. Entrepreneurship is now seen as glamorous, however, no one speaks on the woes of it all and how your social life can take a hit, resulting in isolation. Assure you are getting outside your home or working space. I suggest to make it a goal to go to at least 1-2 events per/week to expand your network, learn and grow from others like yourself. You don’t have to be alone on this entrepreneurial journey.
-, Candice VanWyeFounder, Brown Girl Bloggers & Host of The Creative Millennial Podcast, https://candicevanwye.com
Tip #22:
We have a motto “nail it then scale it”
The main mistake I made when I first started my business was failing to nail my value proposition or what is it about our product and offer that compels people to say yes?
Until I knew this, any sales efforts or spend in any channels was like like pouring gasoline on wet leaves.
For instance, when we first launched, we thought people would like our service because its a cheaper way to get their grass cut. What we found through copy testing in different channels such as ad-words and FB is that the customers ability to get same day service is a much more effective and compelling subset of our value prop that drives more visitors and more conversions on our landing pages.
Nailing your value prop first is crucial.
-Bryan Clayton, CEO and Co-founder of GreenPal,https://www.yourgreenpal.com
Tip #23:
As millennials begin to launch their own businesses, there are a couple insurance matters to consider that are applicable to startups. First, if your business will be operated out of a dedicated location, such as a storefront or office, you’ll want to consider a business owners policy as it provides element of general liability and commercial property coverage. Alternatively, if you’re planning to run a lean online business, it’s important to consider cyber insurance as the average cost per compromised record (with regards to mandatory reporting) is over $150, meaning the total impact to a small startup can still be quite large.
-Maxime Rieman, Director of Product Marketing, https://www.coverwallet.com/general/start-ups
Tip 24:
Know What You’re Getting Into
9 years later, and Sam is still working longer hours than most of his employees. If you’re truly invested and passionate in your venture, those long hours won’t feel so long. Moral of the story, don’t become an entrepreneur because you want to get rich and pass the work off to other people. Become an entrepreneur because you’re inspired to create something valuable that you’re willing to invest a significant amount of your life doing.
–Alex Kelsey, Marketing Manager, Greenvelope.com
There you have it! Some expert advice from the best of the best. Like, share and leave comments for our experts and we’ll be sure to get them answered.
The best of luck on your entrepreneurship journey.
