The term "millennial" or Generation Y was first introduced by two American historians, William Strauss and Neil Howe. Millennials are those born between 1980 – 1990, or in the early 2000s, and onwards.
Currently, the millennial generation is interested in owning their own businesses. However, starting a business from scratch certainly comes with many challenges. Especially in the digital era like today, numerous new businesses are emerging with fierce competition.
This generation was born amidst rapid technological development, so they are familiar and comfortable with technology.
According to Katadata, the number of millennials in Indonesia has reached 69.38 million or 25.87% of the total population.
Because they are tech-savvy, this generation is expected to bring change and has the potential to become entrepreneurs.
This is where the term Millennial Entrepreneur comes from, referring to young entrepreneurs who are expected to bring change and progress to the Indonesian economy.
Want to increase your knowledge and expand your networking? Keep an eye on webinars and offline events from Opaper on our events page.
Reasons Why You Should Become an Entrepreneur
Millennials' love for challenges and change drives them to be independent and creative.
Furthermore, the broad development of technology opens up many new opportunities in business development.
Also, the close relationship between millennials and technological advancements makes entrepreneurship an attractive career choice.
Here are four reasons why you should consider becoming a Millennial Entrepreneur as a career choice.
1. Increase skills and knowledge
If you want to be an entrepreneur, you need to be ready to become a generalist.
Because building a business means you will continuously improve and learn new skills, whether in marketing, social media, leadership, or other areas.
2. Sharpen your ability to innovate
Being an entrepreneur will force you to have high analytical skills and the courage to explore new things.
3. Opportunity for trial and error
It's never too late to start something; by starting a business at a young age, you have plenty of time to learn and grow, as well as more opportunities to experience trial and error.
With the time you have, you can use it to conduct various business experiments and execute creative ideas.
4. Expand Your Network
One of the keys to a businessperson's success is their network.
If you focus on becoming an entrepreneur from a young age, your social circle will follow suit.
This could include entrepreneurship professors, fellow young businesspeople, business mentors, and others.
So, how do you become a successful millennial entrepreneur? Here's the breakdown.
How to Become a Successful Millennial Entrepreneur
1. Find out your passion and goals
Before deciding to become an entrepreneur, you need to know your passion and goals. Where do you see yourself in 5 to 10 years?
From there, you can start working towards those goals.
For example, explore various business fields, find out which business interests you the most, so that you are willing to immerse yourself in that field for years to come.
Make sure you are not half-hearted about the field you choose because it doesn't align with your passion.
Undecided Between Office Work or Starting a Business? Read This First!
2. Develop an entrepreneurial spirit and think out of the box.
It's clear that an entrepreneur needs to have an entrepreneurial spirit. For example, being open to new ideas, adaptive, willing to learn, willing to take risks, and being creative.
These traits need to become habits.
Additionally, you also need to be able to think creatively.
For instance, recognizing market opportunities and turning them into a chance to start a business.
Yes, capturing all opportunities with creative ideas that others haven't thought of can provide solutions for society.
3. Keep Up with Market Trends
An entrepreneur must be able to identify trends and turn those trends into opportunities.
This means not changing the direction of your business to follow market trends, but rather how those market trends can fit into the scope of the business you are developing.
Start with the smallest risks, from there you will learn to look for opportunities and understand market interests.
Also read Business Trends 2023: What Business Owners Need to Know!
4. Understand Technology
Technology has now deeply penetrated the business realm.
Nowadays, customers at a coffee shop can easily transact using digital payment systems; just scan a barcode with a smartphone, and the order is placed and paid for.
Also read What Is a Payment Gateway? Here's How It Works and Its Benefits
An entrepreneur must understand technology, considering that it will continue to evolve and become an efficient work tool.
Also read 9 Skills That Coffee Shop Business Owners Must Have
5. Dare to start and make decisions
One of the keys to an entrepreneur's success is the courage to start.
By daring to start, business goals will soon be achieved.
Turn your business ideas into reality, not just wishful thinking.
6. Always Be Learning
The business world will inevitably have its ups and downs.
So, never be complacent, and keep learning. Don't give up when you're down, and don't get too proud when you feel you're on top.
Continue to learn and seek knowledge and experience for the future of your business.
7. Learn from others' experiences
It's normal if you're still unsure about which industry or business aligns with your passion and other aspects of building a business.
Well, you can seek information and learn from the failures and successes of those who came before you.
By doing so, it will be easier to understand various situations and conditions in the field.
Learning from others will enrich your knowledge and experience, so you'll be more confident in managing your own business.
8. Actively participate in communities to expand your network
Networking and connections are important for business, and one way to develop your network is by joining business communities.
This tip can be quite effective for those who are just starting a business, as you will meet various types of people and circles.
When joining a community, you need to be active. Don't be shy to ask questions and promote your business.
9. Have a clear business vision and mission
Planning a business must be accompanied by a clear vision and mission.
Create a business plan with high flexibility and an innovation that can provide solutions for society.
It's not impossible that the goals of the business will be achieved and you'll succeed as a millennial entrepreneur.
These are some tips you can follow to become a successful millennial entrepreneur.
If you're determined to be an entrepreneur, then do everything wholeheartedly.
Love what you have done and worked on. Remember, doing something because of passion is the key to business success.
Wishing you success!