Millennial Entrepreneurs: Tips for Starting a Business

Biz 101
Starting a Business for Millennials | Student FinTech

There are thousands of young Millennial entrepreneurs. Millennials have tons of great new ideas so it is to their advantage to think about how they will use their college degrees or training to make serious money. One way is to start their own businesses.

Majoring in business administration is one way to achieve this. Many different colleges and business schools can help you by providing a curriculum in business that will teach you the basics.

However, it’s essential to understand that there are a lot of things you can learn in business and entrepreneurship than in a classroom or with a textbook. Getting your hands dirty, so to speak, is the best way to prepare for owning a company.

You also have to have a good idea that will sell. Think about a hobby you have that you enjoy doing. Don’t think about your fast food job you might have to make money for college. Instead, think about your hobby and how you could turn it into a business.

Some examples are listed below:
  • Creating original mobile apps that help people save time at work
  • An original idea that allows people grown small plants in an apartment to sell
  • A new small computer that you built from the parts of other old PCs
  • A series of recipes that save time in preparation for busy business people
  • A catering service that delivers lunch food to businesses in your town

From Idea to Business

Steve Jobs, a guru of modern technology and founder of Apple, Inc. once said, “There is a giant leap between a great idea and a marketable product.”

So how do you get your great idea to market in a way that will work and make you money?

One of the key ways for Millennial entrepreneurs to start a business is to study the market that you want to make a splash in and figure out how to create something better than anyone else is doing. This may seem like a daunting task, but don’t let anyone tell you that you cannot do it.

Start making notes on your idea and propose different ways that you can get it to market. Who will you use for your distribution? Can you try it out first and test the market to see how well your idea will do?

Learn your target audience and think about what they want. Remember you don’t have to sell to everyone, just your target audience. Keep your ideal customer in mind, and build your business around their needs.