8 Insights For Millennials To Excel As Entrepreneurs

There are many Millennials who have great ideas and passion, but seem to have a very naive understanding or acceptance of what it takes to get ahead of the crowd and succeed in business.

The reality is that Millennials (also known as Gen-Y) are here to stay, and we will soon be taking over the majority of our businesses, new and old. There are over 75 million of us in the U.S., now surpassing the number of Baby Boomers, and nearly two-thirds of us are already in active in the work place. 

The follow is a collection of lessons and insights from Martin Zwilling, Founder and CEO of Startup Professionals, to make us all winners on how to get there as entrepreneurs faster and more effectively:

1. Embrace possible failure as one of the best learning vehicles. Unfortunately, many Millennials were raised by well-intentioned parents who never let them fail, and gave them awards for merely showing up. Most great entrepreneurs, including Steve Jobs, Bill Gates, and Michael Dell, have talked about their failures as the key to later success.

2. Actively solicit mentoring from people with more experience. Most successful executives are more than willing to share what they have learned, if sought out, asked respectfully, and sense active listening. There is no need to be intimidated by tenure or title. Real experience reveals insights never found in a classroom or abstract logic.

3. Remain intensely curious and seek out different points of view. It’s a given that Millennials understand the interests of other Millennials. But don’t always assume that everyone else will like and buy the same things. The best work hard to broaden their knowledge, and are not hesitant to challenge their own understanding of the market.

4. Prove you can do the job before asking for the title. No one is entitled to a better job position or entrepreneur funding, no matter how passionate, educated, or articulate. Real leaders are evident by their actions, not by any appointment. I’m a strong proponent of letting your results do all the talking. Don’t fool yourself with your own over-confidence.

5. Broaden yourself by taking roles outside your comfort zone. Smart entrepreneurs know what they don’t know, and work hard to fill the gaps. They are not afraid to ask questions, learn new tools, and seek opportunities to gather experience in every business role possible. In a startup, you can’t afford to outsource too many functions.

6. Don’t burn your bridges with peers and current employers. Good working relationships are hard to build, and easy to destroy. In a startup, you can’t predict when you will need help from a past connection, advisor, or investor, so it pays to maintain old relationships rather than ignore them or lose them through petty disagreements or ego.

7. Integrate social causes into a healthy business model. Many young entrepreneurs are naïve in assuming that doing good for society obviates the need to make money, and will motivate customers to pay premium prices. Smart startups, including Whole Foods, Etsy, and Patagonia, have figured out how to do both for long-term impact and success.

8. Learn to balance personal and business priorities. Some aspiring entrepreneurs work themselves to frustration and loss of health, while others prioritize their social life above all else. Neither extreme is conducive to long-term credibility or success. Investors and employees look for leaders who can balance priorities and display a positive outlook.