In recent years, a popular, and highly sought after job title amongst Gen Y is ‘Business Owner’ or ‘Managing Director’. It is believed that in the current work environment, Gen Y manages approximately 38% of the total workforce. When it comes to owning a business, about one third of the new entrepreneurial endeavour is carried out by the millennial generation. In this article we will take a look at the factors driving Gen Y to become business owners and the options for those still in the early stages of their career, looking to set up their own business venture.
4 Recognisable Characteristics of Driven Gen Y’ers
1) Tech Savvy
One of the most important factors that make a millennial a good business owner is their level of comfort with technology. They have familiarised themselves with modern technology from an early age and have adopted more modern business practices. They are willing to apply their tech savvy skills to purchase a business for sale or wanting to ‘make it’ as entrepreneurs with their own venture.
2) Sophisticated Business Sense
With Gen Y taking over, the manner of conducting business is undergoing an overhaul. It is common that upcoming professionals are implementing clever business practices. With high motivation and strong educational backgrounds, they are developing their independent ways of conducting business. Incorporating the latest technology into their businesses from the beginning is allowing the opportunity to find a unique and successful way to market themselves.
3) Core Understanding of Branding
Irrespective of whether it is a business for sale or a business set up from scratch; new business owners want to create a brand like experience for their customers. The keen entrepreneurial spirit is driving them to establish a brand identity. A majority of them focus on establishing strong social presences that speak to their target audiences.
4) Risk Taking Spirit
Generally speaking, members of Generation Y are known to be ‘risk-takers’. They are willing to grab an opportunity and make their dreams a reality, particularly as many wish to be remembered after their time. They are well versed in the world of social networks. Social media provides a wide range of resources, which can help establish and grow an online business; and Gen Y are willing to tap into this. Gen Y has found the best way to harness the energy of social media and promote their business venture. With platforms like Kick Starter, they are more likely to make their dreams a reality and willing to give it their best shot, even if this means making a few mistakes along the way.
How to Become a Successful Business Owner
If you are considering buying an existing business for sale or setting up a business from scratch, there some things you must consider, stick my these rules, and go with your gut and 9 times out of 10 you will see the development of your successful business venture in no time.
1) Determine if owning your business is worth the effort:
Taking charge of your professional life is one of the key motivators if you intend to own a business. From controlling your income, to determining the hours you work; it is a new world filled with possibilities, and far away from having to having everything ticked off by your supervisor in a 9-5 office job. At the other end of the scale there is having the ability to cope with the stress associated with owning a business. While the life of a business owner may seem easy and ideal, it takes immense efforts and determination to achieve it, particularly in the early days of the business. If being self-employed is your goal in life, there is a good possibility of you being immensely satisfied with your work. In such a situation, it is a good idea to start thinking of a business idea and developing it.
2) Develop your business idea:
If you have a potential business idea, it is important to develop a full business strategy before taking any major action. It is always a good idea to research the market, identify the need for your business, and determine the target audience, before you even think about developing your marketing mix. One key aspect that you need to consider is to get an idea about the type of business you would like to own. Once you have determined a specific industry to set up your business in; you can consider the various options you have. While a few people prefer to set up their business from scratch, it is more likely to have some unexpected risks. If you want to lower the risks involved, you can research available businesses for sale. Purchasing an existing business after thorough research can lower the risks tremendously and give you the initial push you need to grow and flourish.
3) Establish goals:
One of the vital ways to ensure your business continues to succeed is by having clearly defined objectives and goals. While having a vision for the business is good; having a small goal to realise the vision is even better. Even though there are more Gen Y business owners today, not every venture is bound to succeed. It is important to keep yourself updated about the different options you can choose from and ways to implement business strategies.
4) Keep finance a core focus:
Finance is the backbone of a business. It is crucial to ensure sufficient means to not only keep the business afloat but also to expand it over time. Securing business grants is a good way to grow your business. With proper research and a strong business plan, a grant can go a long way. Whilst it is not feasible to rely solely on the grant, it can be considered additional support to existing funds. There are a variety of grant options for business owners that can come in handy depending on your business needs.
On a concluding note, if you are a millennial who dreams of owning your own business, do not hesitate to pursue this goal and consider the variety of options on the Boston Brokers page. In today’s work environment, there is tremendous space for entrepreneurs to grow and succeed and be a part of the ever-growing Gen Y workforce.