Millenpreneurs are one of the fastest growing segments of new startup founders, according to a recent study in Fortune. Perhaps you are on the cusp of becoming one yourself! See if this sounds like you: When you went to college, you thought you would study hard, learn about the world and graduate with a job working for a big company. Whether you have your first job already or are still looking, the idea of working for yourself continues to pop up over and over. Turns out, you are not alone!
Having doubts about your career choice happens at all ages, but with millennials there is a substantive shift. Instead of looking at starting out at a big company and moving your way up, you may feel like making a bigger contribution and bigger impact on society is more of a priority.
What do Millenpreneurs look like?
- The average age a millenpreneur starts a company is 27.7 (Hey, if you aren’t there yet, now is the time to plan ahead!)
- There is money in being an entrepreneur. In fact, $5.6 Billion in investable wealth. Sounds intriguing right?
- Retail (not tech!) is the leading industry for millenpreneurs. This may come as a surprise if you watch shows like the hit series Silicone Valley on HBO, the image of young entrepreneurs is usually someone in tech.
- Women outperform male counterparts in this age group. That’s an encouraging statistic to give this a try!
Globally 64% of millenpreneurs have a family history of entrepreneurship. Even you if you don’t have someone in your family who started their own business, you can give this a try if it is right for you.
While going out on your own can seem really exciting, there is a reason the average age is 27.7 and not younger: getting experience. It takes a lot to run a company, from managing staff, figuring out financials, earnings, funding and yes — even coming up with something people want to buy. Working for someone else is definitely the safer route, but may still not be your ultimate destination.
6 Things To Know Before Starting Your Company
- You have a Great Idea! This is the beginning, but not the only thing you need.
- Strong Connections Are Key. In any business, having people you can go to –from mentors to financial advisors — are important to helping you succeed.
- [clickToTweet tweet=”Have you tested your idea? You need a proof of concept. Would you buy this?” quote=”Have you tested your idea? You need a proof of concept. Would you buy this?”]
- Watch Shark Tank. For real — the questions the sharks ask about financials and proof of concept are things all investors will want to know. Be prepared to answer!
- Join a Mastermind Group. There are groups of millennials who meet and talk about their ideas, struggles and what they want to accomplish. This is a great way to test the waters with people just like you.
- Do A Soft Start. Before jumping in with both feet, try launching a beta of your concept and see if it will work. This also lets you identify hiccups and address them quickly, before it’s too late.
After reading this which way would you go, start your own company or work for a company? Vote here! We want to know!
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