Fresh-faced, enthusiastic, and motivated. Starting a business is no longer limited to the wealthy and elder individuals with high education. The new wave of entrepreneurship represents how millennials have come a long way in the world of entrepreneurship. In fact, one in five millennials are planning to quit their jobs and start their own business in 2018.
According to the BNP Paribas Global Entrepreneur Report, millennials are establishing their business as young as 27 years of age. The report also shows that today’s generation has launched twice as many businesses than the baby boomer era. Finding the funds to start a business from scratch is not an easy feat. However, that hasn’t stopped young entrepreneurs from taking the challenge. Aside from the right knowledge and motivation, the young generation could learn a few things from mentors.
Here are 3 ways millennials can benefit from mentors for their startup business.
Strengthen the Balance of Character and Courage
Learning to balance character and intellectual courage is key to building confidence as a leader. Millennials have the motivation it takes to become successful. However, they will benefit from mentors to help them gain confidence in entrepreneurship by improving how they handle new responsibilities, deal with relationships, and take on leadership roles.
Seek Out Best Financing Opportunities
If you are carrying large debts and other loans, you probably don’t have the right finances to invest in your business. Mentors can truly say that they’ve “been there, done that.” That is why experts advise that before you can start building your company, you will need to remedy your debts and seek out the many financing options available. Once you have gained decent credit, you can choose to apply for a startup loan and get the best interest rate that suits your business needs.
Gain Awareness of Real-World Failure and Success
Millennials grew up in a media-saturated world of viral distractions and conflicts. That is why mentors can help the younger generation focus on using their strengths and personality rather than on the next big trend. Once the youth realizes the benefits of real forces in the marketplace, they will gain a better understanding of how business works and how to boost moral fiber.
With of use of these strategies, millennials can utilize them towards an investment in their future goals. The main purpose is to inspire others to make a positive difference in the world of entrepreneurship. Each of us must learn how to use and share life experiences and the value that goes far beyond monetary wealth.