4 Crucial Business Lessons Millennials Can Learn From Women Entrepreneurs
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Millennials have a lot of qualities that make them great entrepreneurs - a lot of self-confidence, a greater sense of purpose, and pretty much the resources of the world at their fingertips! Being most digitally savvy, they can easily use social media and internet to build products, market to a wider set of customers and build a community. However, every generation has areas that they often overlook, and those are crucial for success as well. Success is an overall fulfilled and happy life –both professionally and personally. Here are 4 lessons that millennials can learn from women entrepreneurs to live a more well-rounded life:
No Instant Gratification
First, entrepreneurship requires a lot of perseverance through the ups and downs as you lay the foundation for your business. In all startups, there are some great days and other days that will make you question yourself. You have to then remind yourself why you started and keep yourself going. There is hardly any "instant gratification", in fact, it may be quite the opposite. In today’s age of social media, we are so used to getting instant comments, reactions, and praises. When building a business, there is a long period of time where you had to put your head down and work. Gratification comes in smaller doses with little victories, but with its share of failures as well as you test different paths. In my opinion, it often takes 7-8 years to build that strong foundation that could then help you scale immensely, so entrepreneurs need a great amount of patience.
Tune into Your Instinct
Entrepreneurship can be lonely, as you work day and night, and often work on ideas that others may not believe in as much as you do. Having a co-founder, or mentor(s) is a great way to have a sounding board. However, you need to tune in your gut instinct on many decisions you make. Every person has this instinct build in, we just require awareness to know about it. In this time, when you are so connected and it’s easier to get everyone's opinion, it is now that it is more important to actively tune into your instinct, by actively asking yourself, "what do I really think?" and then follow that. I can tell you this - you will never regret following your gut instinct.
Empathy is often an undervalued skill in business. Ability to listen to your customers and employees with empathy is crucial to the growth of a business. The ability to understand the pain points of customers, and why they feel a certain way - even if it differs from how we may have envisioned them feeling is critical.
Lastly, to be a successful entrepreneur, and keep on going for a long period of time with the same energy, dedication and hard work, it is imperative to "unplug". To focus and do something other than work. Early years are often hard, where you spend long hours building your business, but many successful entrepreneurs tell us that we need to take time off to focus on our health, inculcate better sleeping habits and unplug ourselves to read, travel, pursue a hobby, or just relax.
With their great ambition, a genuine desire to change the world, and connectivity like never, millennials may make the best entrepreneurs the world has seen. With a little focus on balance, patience and empathy, and they can achieve even greater heights and fulfilling lives.