1. Opportunistic Mindset.
When speaking with young entrepreneurs I realized that everyone focuses on opportunity. We don’t get scared by competition or a large incumbent. Instead our drive stems from a opportunistic outlooks towards the future.
When Jackson Trott started Cruze, an on-campus transportation provider, he wasn’t worried about Uber, the elephant in the room of on-demand transportation. He focused his vision around the opportunity to foster ridesharing among college campuses in a eco friendly way. Cruze operates Tuk Tuk vehicles that run 100% on electricity. If Jackson hadn’t looked at a niche opportunity in the market, Cruze would have never come to life.
2. Resourcefulness Mindset.
One of the most inspiring traits of a young entrepreneur is their ability to be resourceful. If they need help with something, they aren’t afraid to reach out and ask. In my mind, this stems from the communities high schools and colleges are building around entrepreneurs. It is now commonplace to have popular entrepreneurship clubs across university campuses.
As an example, the entrepreneurship club at the University of South Carolina provides its members with free tools for help with web design, search engine optimization, manufacturing, and more. This enables young entrepreneurs to be resourceful among their community while having access to the tools they need to succeed.
3. Spongelike nature.
Entrepreneurship is a learning process and you always need to be soaking everything you can, just like a sponge. If you’re not willing to learn, think about leaving the startup world. The more you learn, the better.
When I was starting Sourcify, a platform that enables entrepreneurs to find the right manufacturer in minutes, I spoke with as many manufacturing experts as I could. I would have calls with consultants across China and with entrepreneurs around the world. This approach enabled me to understand the problems an entrepreneur faces when trying to produce a physical product. I soaked in this information to position Sourcify in a way that addresses the crucial pain points entrepreneurs must overcome when manufacturing.
As a millennial entrepreneur, you’ll be facing people twice your age with twice the experience. These characteristics are what you have and they don’t. You need to foster your ability to innovate and think outside the box to be successful. Conventional wisdom rarely works for millennial entrepreneurs and if you’re looking to succeed you better start sooner than later!