If you look around, you may notice the Millennial generation has had a significant impact within the entrepreneurial world. When it comes to new businesses around the globe, they’ve made their mark in almost every niche. From technology, on-demand deliveries, social media, transportation, travel, and the way we communicate, Millennials have changed the world as we know it.
As Generation Z begin to make their path, they may be even more entrepreneurial than their predecessors. They grew up surrounded with social media and the world in their pockets. They connect with their peers through apps such as Snapchat and Instagram. Many young people today wouldn’t recognize a life without a digital connection.
However, when it comes to building businesses, the differences between Millennials and Generation Z are significant. The newest generation of students has a unique understanding of the gig economy and how it works. They also know how powerful social media can be for business. On any given day, you may find a young person working on his or her own side gig during high school or college.
Many upcoming entrepreneurs use social media outlets to build online businesses. And, some are finding financial success before they can even drive a car.
Bloomberg states that Generation Z is on the cusp of outnumbering Millennials within the next year. With 61 million young people in this group, the world is awaiting their arrival.
Here are five things every young person should know before embarking on a new business.
If you are a college-age entrepreneur, it is important to remember that you still need money to not only build a business-but to survive. Make sure you have a way to support yourself and manage your finances before you embark on a serious business decision.
Every new business idea requires money, and it can take years before your company begins bringing in revenue. You should try to start building your company with a certain amount of savings or financial backup behind you.
Have An Active LinkedIn Profile Presence
With over 500 million users on the platform, LinkedIn is where every business owner or entrepreneur should maintain an active presence.
The popular business social media site is growing daily. If you want to gain awareness around your company, you can do so on LinkedIn. Also, you can find endless opportunities to learn, find a mentor, generate leads or connect with VC funders.
When people Google your name or business, LinkedIn typically comes up first in search (even before your business website). You can instantly create a path where customers can find you through organic search by listing your company with LinkedIn’s platform.
Also, you have full control in telling your brand story, which leads to your credibility. You can customize your profile and company page. And, today you can branch your business off into ten sections highlighting your offerings through their new Showcase Pages.
Finally, LinkedIn is the only professional site online that can give you all the information you need when searching for potential new clients. When you invest time in it, you’ll see how it can make an ongoing difference toward the growth of your business. It is one of the easiest ways for people to learn more about you and your startup.
Find A Mentor
Regardless of your field, everyone can benefit from having a mentor. While learning from experience is a critical part of building a successful business, nothing can replace the guidance and wisdom of someone who has been there before.
Mentors can help you grow your network, encourage you, and provide the strategic knowledge you need to grow your business.
And, entrepreneurship is not for the faint of heart. You can significantly benefit from having a strong support system and a sounding board. Mentors can guide you through the ups and downs of entrepreneurship, and help you with any concerning struggles that may arise both personally and professionally.
If you use LinkedIn, you can also find mentors through their new mentorship matching system.
You can find a dedicated location on your dashboard that can be privately accessed to register for mentorship matches. The words “career advice hub,” should be easy to find, and you can sign up to be a mentor or to find one.
As soon as you enter your mentoring preferences, LinkedIn’s algorithm will send you recommendations. If you send out multiple requests, you can swipe through to see all of your potential matches. If you select someone you’d like to work with, that person will receive a message of your interest. Once you both agree, you can begin your conversation on the platform or offline.
Prepare For Lifelong Learning
Whether you just graduated from college, or are about to embark on your new entrepreneurial adventure, learning doesn’t end at high school or college graduation. Education is a lifelong process, and you should make time to learn something new every week. Reading a book, watching a TED Talk, or taking part in networking opportunities will keep your eyes open, and your ears tuned into valuable knowledge.
If you want to be successful throughout your life in and in business, you must always be willing to listen, learn from others, read books, and expand your knowledge base. Creating a company means you have to be open to learning so you can best understand your clients’ needs and perspectives.
Building a business requires ongoing nurturing, pivoting, and learning for growth.
There are endless stories of entrepreneurs who made it big only to take a hard fall. If your business happens to take off, remember that humility is one of the most endearing traits of a great leader.
Check in with yourself every now and then. When you are a leader, people look up to you. Lead with compassion, listen to your employees, and exemplify what it means to be an ethical person in a powerful position.
According to Harvard Business Review, citing a Catalyst study, they found that humility is one of four critical leadership factors for creating an environment where employees from different demographic backgrounds can feel included as well as motivated.
In this global survey, they also noticed that when employees worked with leaders who displayed selfless behavior, they were more likely to feel a greater sense of appreciation–which can lead to a more productive and happy workplace.
Be honest, share mistakes, encouraging dialogue, and empower others to lead–these are all positive characteristics under the umbrella of humility.
Read More: Forbes