It is basically a combination of inspiration from the the previous generation and having the advantage of being exposed to advancing technology, accessibility to efficient computing and of course, the cool electronic gadgets – right from an early age.
Education also plays an important role in molding the new entrepreneurs to success. Many business schools are devoting their course structure entirely to harness the best potential of the budding entrepreneurs.
Quoting an article in the INC magazine:
No wonder that a recent study by The Global Entrepreneurship Monitor shows that 18- to 24-year-olds in the United States are starting businesses at a faster rate than 35- to 44-year-olds. The college campus is now a fertile breeding ground for company builders. “Forty percent or more of students who come into our undergraduate entrepreneurship program as freshmen already have a business,” says Jeff Cornwall, the Massey Chair in Entrepreneurship at Belmont University in Nashville. “It’s a whole new world.”
Our Take on Success
In an article in the Entrepreneur magazine, titled Young Millionaires, I was inspired by some very interesting and inspiring insights from these gen Y millionaires. These words of wisdom can be used by anyone so see if these can help you in your present career or maybe lay the foundation of your next business venture!
Follow their Lead, here’s a compilation of some words of wisdom and advice from this article;
- Do something creative–but still in line with your product philosophy–to distinguish yourself to buyers.
- Use your youth to your advantage by introducing something new into the market.
- Raise the standard and you’ll find that you’ll never go out of style.
- Give your customers a voice, and they just might use it to spread the word about your business.
- Stay focused and don’t lose sight of why you’re in business.
- Network – Chat up your new business every chance you get, as you never know where leads will come from.
- Knowledgeable team members can help you grow your business to new heights.
- No matter how fast your company grows, stay focused on keeping your product quality standards high.
- Don’t let a good thing pass you by. Seize the right opportunity, and you just might become the market leader.
- Unique is good! – Just because you haven’t taken the cookie-cutter path to entrepreneurship doesn’t mean you can’t make your business a success.
- Let your passion be the driving force in your business.
- When you fill a hole in the market with a quality product, customers will take notice.
- Surround yourself with entrepreneurial-minded employees and you’ll gain a creative, dedicated work force and a constant infusion of innovative ideas.