mistakes millennial entrepreneurs need to accept
one of the trends that are taking over entrepreneurial community is “millennial entrepreneurs”. the term ‘millennial’ primarily refers to people who were born between 1981 and 2001, one could further classify the millennials as generation y and generation z. generation y refers to people who were born between 1981 and 1991 and generation z refers to people born between 1991 and 2001. the primary difference between the two is that while the former was exposed to personal computers, cell phones and video games; the latter grew up with smartphones, tablets and apps at a young age.
this is reflected even in the type of companies that each start, two of the most prominent millennials in the billion-dollar club right now are mark zuckerberg of facebook inc. and evan spiegel of snap inc. and we are very familiar with how both of them started up.
while these two names are successful, there are many who started up but never made anything out of their company. reasons? the mistakes they made as millennial entrepreneurs! while the reasons for the failure of a startup could be many and could be applicable not just for millennial entrepreneurs, here are 5 mistakes that entrepreneurs (especially millennial entrepreneurs) need to avoid.
1. what if someone steals my idea?
this is a common paranoia when it comes to entrepreneurs, “what if someone steals my idea?”. truth be told, no idea is unique and every idea (or at least some variations of it) would’ve been tried by someone in the past.
if you consider that your idea could be easily stolen and executed by someone else, then it is high time you forget that your idea is unique. you need to realize that the success of a company lies in building for the consumers and that needs market validation. start speaking with people and validate your idea.
above all, learn to accept criticism to your ideas and apply them as feedbacks to create a strong and compelling value proposition when you are executing your idea. the real success of a startup does not lie in the idea but lies in the way you execute your idea.
2. hiring the right person for the right job
once you validate your idea, you will start working on your product. being a novice entrepreneur, one cannot expect you to excel at everything (sometimes anything). during those times, you might feel that if you had an extra helping hand then it could solve everything.
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