Business Success For Gen Z Entrepreneurs: How To Reach the Top Of Your Game When it comes to running a successful business these days, the relentless march of technological and social change can make things difficult for anyone
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As Generation Z enters adulthood they bring with them an innate sense of how technology has changed life as we know it. Many Gen-Zers have already taken entrepreneurial steps into the marketplace themselves, founding or joining startups such as Glossier (founded by Emily Weiss), Warby Parker (Dave Gilboa and Neil Blumenthal) or Fairhaven Health Inc., which was co-founded by three women who all boast degrees from MIT's Sloan School of Management.
Generation Z entrepreneurs are springing forth at such a startling rate that a recent Gallup Student Poll found that 40 per cent of students surveyed from grades five to 12 stated they wanted to run their own business.
So what does it take to be successful in today's world of entrepreneurship? Here are three business success tips for Gen Z entrepreneurs who come with fresh new perspectives and innovative ideas that are flooding the market.
Building relationships and leveraging partnerships
Building and leveraging partnerships is a key component to success. Relationships are the backbone of any successful business, company, organization or individual's life.
It takes time and effort for relationships to build up but it quickly pays off in many ways when done right: both professionally and personally.
According to Hui Ching, a Gen Z marketing consultant and entrepreneur from Singapore,
leverage is vital. "Leveraging partnerships could be in terms of using other people's money, other people's resources, network, knowledge, expertise, among other things. The adage "you go fast solo, go far together" is one that I truly believe." This crucial piece of advice is one reason why Hui Ching has been able to help clients grow revenue from $2,500 per month up to $250,000 per month.
One way you can start this process is by thinking about who your stakeholders might be: partners/suppliers, investors, customers, or community members, and where to find these people. You never know what opportunities will arise from these collaborations, so it's important that you go into any new partnership with an open mind.
Track your metrics
As you dedicate your days to your life's work, it is important to track the right metrics. As you do so, focus on key indicators that will help identify areas in which you can grow as well as which areas could save you from making a costly error or misjudgement.
Hui Ching shares that one of the biggest mistakes made in entrepreneurship and amongst start ups is looking at the cost per lead instead of the actual cost of acquisition. "Cheap" or "low" cost per lead can be misleading as it does not take into consideration the costs of the full acquisition period. She highlights the importance of understanding the metrics of a successful campaign in order to generate leads and create more conversions.
Know your worth
You can do anything you put your mind to, but how much is it actually worth?
The key in being a successful entrepreneur is knowing the value of what you offer. There's no point starting something if there's nothing that sets your business apart from other businesses on the market.
Knowing one's own self-worth and understanding why they are different will determine whether your business takes off or not because people want to work with someone who knows themself enough to be able to deliver as promised.
Xannelle, also from Singapore who works as a Marketing Coach emphasizes the importance of knowing your worth by avoiding the need to seek immediate profit.
"I've spoken to many people during my entrepreneurship journey, and I realize a problem they have in common is the fear of saying no. They take on clients who undervalue their services and end up in a miserable and stressful position."
Xannelle has helped clients uncover their unique selling point and gain confidence in their businesses. As a result, she has helped increase revenue up to five times their usual monthly amount. She has also enjoyed the success of earning seven-figures at the age of 25. As part of knowing her own innate self worth, she chooses to only work with people in the sales line that are struggling, want to find their natural target market, as well as close high quality clients.
It seems as though every day there are new entrepreneurs emerging with innovative ideas or unique products, but who ends up on top? Why do some entrepreneurs flourish while others fail miserably within just a few years?
When it comes to running a successful business these days, the relentless march of technological and social change can make things difficult for anyone. But if you were born after 1995 chances are that this is not news to you, and there is great success on the horizon if you're wiling to learn and implement these valuable business success tips for Generation Z.