So, you’re a millennial who fancies running your own business and being your own boss? That’s great news, you’re one of the 60 percent of millennials who consider themselves entrepreneurial!
While such a huge chunk of the millennial generation regard themselves as possessing an entrepreneurial spark, do they have the business knowledge and acumen to successfully run their own business?
Questions Millennial Entrepreneurs Must Ask at the Start
Fortunately, help is at hand, as Small Business Trends caught up with Tom Portesy, president of MFV Expositions, who has more than 20 years of franchise industry experience, to shed some light on five leading questions every millennial must ask themselves before starting a business.
Do You Have the Entrepreneurial Spirit Needed to Succeed?
You may think you have an entrepreneurial spirit, but do you really have what it takes to succeed?
According to Tom Portesy, owning their own business is a popular goal for many people and can be the answer to enjoying life from both a financial and quality of life standpoint.
Though Tom warns that true entrepreneurship is a full-time, 24-7 job. You should therefore ask yourself whether you ready for time away from friends and family? Also ask yourself whether you are you ready for rejection, disappointment and failure?
Whilst the rewards can be immense, every millennial entrepreneur should prepare themselves for sleepless nights and risking everything they’ve got.
What Are Your Leading Passions?
Before embarking on a business venture, millennials should look to their most inward passions. As Tom Portesy notes, there are thousands of business opportunities to pursue and before starting a business, entrepreneurs should narrow their search by looking at their passions.
Skill sets should ideally be aligned with your business of choice, advises Portesy.
Do You Have Adequate Funds to Start the Business?
It is vital that anyone wanting to start their own business venture has an understanding the total costs involved.
Tom Portesy advises millennials to map out the total investment, including purchase costs, opening inventory, and how much working capital you will need before you break even, prior to pursuing any business opportunity.
Millennials should also be aware of the different financing options available to them. The franchising business expert notes how in the case of franchising, lenders are more likely to lend, given the fact that there are support systems for the owner in place.
Can You Learn from Other Small Business Owners?
The president of MFV Expositions says millennials looking to be their own boss and start a business should do their due diligence and connect with other small business owners who have succeeded and struggled.
One of the best sources to learn about the challenges to overcome are other small business owners who successfully run their own business.
Will You Receive Any Support?
Tom Portesy rightly notes that entrepreneurship isn’t a one-man show. Millennials embarking on any kind of start-up should look to receiving support, whether it’s from friends and family, business partners, or franchisors, get as much support and help you can to help eliminate the risks involved with starting your own business.
They may have bags of enthusiasm but every millennial entrepreneur should be aware of the somewhat startling statistic that more than 50 percent of small businesses fail within the first four years.
By asking yourself the questions Tom Portesy has mapped out prior to embarking on your own business venture, could help put you on the road to entrepreneurial freedom and small business success.
Start Up Owners Photo via Shutterstock
You have a great post here. Passion is very important in whatever you want to do in life, especially as it has to do with doing business.
I turn down many people that approach me to manage their Facebook ads for them because of one thing,… And that’s, I can’t do anything I’m not passionate about.
If I’m not passionate about your product and don’t believe in it, I don’t waste my resources, time and energy to promote it. First, it won’t sell well and secondly, it will damage my reputation.
Dear millennial entrepreneur, go for what you are passionate about or develop passion for what works.
More than passion, you must be willing to put in the hard work that is required in any business venture.