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How to succeed as a Millennial Entrepreneur

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Every entrepreneur in Nigeria has a unique story. Today, millennials dominate the global population. Through their values, products and services, they should make our world a better place.

The scope of the problems we are facing is also unparalleled. Discover ways to overcome barriers and forge ahead in the post-pandemic world.

  1. Get Rid of Distractions

Success requires focus and concentration. Millennials are tech-savvy and more distracted than previous generations due to pervasive social media. Attention spans have shrunk to the point where a single Facebook notification disrupts productivity for the day. Some things we pay attention to are actually useless.

Entrepreneurs must focus on things that truly matter. These are their tasks, goals, and visions. They need to look at the big picture to fulfil their dreams. Technology should be used in a way that facilities, not stifles, progress.

Manage your social media use. Turn off non-essential notifications and use apps that block distractions, such as Help Me Focus or Freedom. Do not lose sight of your goals. Become a digital minimalist.

  1. Give Your Brand an Exciting Narrative

Most consumers today are millennials. Being in the same generation as the target group makes promotion easier. Entrepreneurs understand the needs and desires of their customers. A story built around the brand is an effective way of reaching out to a wider audience.

Customers are not only interested in products and their features. They want to know the narrative — the principles the manufacturer stands for. Stories behind products are more important than ever. They boost business value and appeal. Millennials choose brands whose philosophy matches their own beliefs.

They want to know why and how you started your business. Why did you choose this particular niche? Where do your materials come from? How sustainable are they? Overall, what does your company do to make the world better? Inspiring stories are what millennials thrive on.

  1. Cultivate Optimism

Millennials were born during a turbulent period in world history — from the Great Recession to the late 2000s. However, even today, when the world is grappling with the pandemic, we should maintain an optimistic worldview. Negativity is always counterproductive.

READ ALSO: How banking consolidation made ‘rich, mighty Nigerians’ — Soludo

Optimists seem to do better in life overall. According to research conducted by Michelle Gielan and Frost Bank in the US, they tend to outperform pessimists in terms of financial health. Their spending habits are also more rational.

The study found that an overwhelming majority of optimistic respondents (61%) had an emergency fund, in comparison with under half of the pessimists (43%). The participants were also asked if they saved money for big purchases. The result was 90% and 70%, respectively. The implications are universal for all countries.

Those who make money through fx trading in Nigeria need a positive mindset to overcome minor losses. Even Forex trading stars encounter setbacks. What sets them apart is their ability to accept mistakes, improve strategies and continue working to boost profits in the long run. The importance of rational optimism is stressed by all reputable brokers like Forextime.

Optimists think about their future instead of dwelling on problems in the present or the past. As a result, they are better protected against economic downturns. Optimistic entrepreneurs focus on constructive, even when they are faced with crises.

  1. Collaborate With Competent People

Today, when information is so easily accessible, many people make the mistake of thinking they can learn anything online. Entrepreneurs should practice intellectual humility. Acknowledge that you cannot master a subject by watching tutorials on YouTube. Identify knowledge gaps and collaborate with professionals — mentors and partners — who can share expertise and work with you to achieve common goals.

To succeed, companies need to be flexible and resilient. This requires a mix of different competencies, skill sets, and strengths within the team. Drawing on various perspectives allows businesses to find fresh solutions and respond to challenges effectively.

  1. Become Resilient and Flexible

Resilience is your ability to adapt to challenging situations and overcome them. This requires mental, emotional, and behavioural adjustment. In entrepreneurship, failures are common. Resilient millennials bounce back — difficulties make them stronger and wiser.

Startups fail due to various factors, but resilience is a universal strength. In any business, setbacks are inevitable. Unlike losers, winners can foresee possible causes for failure and take action to prevent them.

Final Thoughts

The modern world is rapidly evolving. Millennial entrepreneurs need to grapple with unprecedented economic and environmental challenges. New problems require new solutions. Keep an open mind, be optimistic and utilize all tools at your disposal. Leverage the power of technology and team up with professionals who have competencies you lack.

 

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