Millennial Entrepreneurs —What I’ve learned about them
In the ever-changing world that we live in, technology has opened up a gateway for millennials to start up their own business. Around 62 percent of millennials nowadays have at one point considered starting their own business. But establishing a business from scratch is no child’s play; lots of young sanguine millennials have failed to keep their business afloat. So how do the success stories happen?
I was joined by Mr. Joenathan Benedict, owner of London Girl and London Basic, to discover his winning recipe. The interview shed a light upon the intricacies of an entrepreneurial life. As such, it is only natural that I share the key points that could guide anyone trying to become a young entrepreneur.
1. First, Research
Rather than diving headlong into the unforgiving world of entrepreneurship, starting up a new business with sufficient preparations would be much better. Joenathan did his due diligence by researching the business cycle, commerce, flow, and most importantly, business opportunities. By researching, he hit upon gold when he discovered the business opportunities that lie within the online fashion department.
2. Connections are invaluable
When starting out, having connections in the section of your choice would be beneficial. Rather than starting out blind, having numerous people promote your business would greatly reduce the initial hardships. Intensive research aside, Joenathan also selected the online fashion department because he has connections in it. So go build connections!
3. Know your target consumers
Let’s be real, your business hardly stands out in the midst of millions of other more renowned businesses. Without having a target consumer, every person from the social strata will find your products drab. Find who you want your products to appeal to. With Joenathan, he’s decided to target people from rural areas and appeal to their preferences. He specifically designs his products to be affordable and of good quality because he knows what his customers want. Make sure you’re aware of your consumers’ preferences.
4. Consistency
You can’t start a business without a marketing plan. But what is more important is the consistency in which you execute your plans and replenish your stocks. Lack of execution will cause your business to fall off the market, and over-execution will cause bankruptcy. Joenathan decides to consistently execute his marketing plan twice every week to avoid a sudden drop in customers. Naturally, he has to regularly restock his products every three days.
5. Time Management
This is imperative for people who plan to start up their business while attending university. As a university student himself, Joenathan had realized how fleeting time is, and he quickly learned “Time Management”. Unless you’re planning to abdicate either one of them, you have to learn how to manage your time properly.
6. Efficiency
With time being minimal and university projects abundant, efficiency is necessary to avoid burnout. Minimal work with maximum impact is what Joenathan lives by. He would do his university assignments whenever possible to make time for his business, and if possible, leisure time.
Being a millennial entrepreneur requires a great deal of effort and time. Joenathan sacrifices his weekends for his business endeavours, turning a lucrative profit a year later. I hope this article will help you in some way to become a successful millennial entrepreneur and make a living out of it.
Source: https://soundcloud.com/josia-shemuel/millennial-entrepreneur-1-joenathan-benedict
