In the US, 37% of the workforce consists of millennials, according to a survey from Deloitte. Millennials are increasingly looking for purpose. They are not willing to follow the 'work to live' philosophy. To find this purpose, they are starting their own companies and following their dreams.
Starting a company from scratch is difficult. If you are starting from the bottom, you need to follow these basic business tips to make a success of your concept.
Promise Means Nothing
Everyone knows you need a unique selling point and a product that changes your niche. But what you need to understand is that every sales pitch is effectively a promise. You are promising that you are going to alter someone's life. The worst mistake you can make is promising too much.
If anything, you should under promise and then deliver beyond expectations. It's much better than the opposite.
A promise is only what you use to get people interested. What really differentiates a good company from a bad company is the execution. If you fail to execute your promise, you are going to see your brand name and reputation in tatters.
Real Respect is Earned
Millennials, more than any other generation, are in business not to get rich but to make their mark on the world. They want to make a real difference and they want to do it with minimal hassle. But you have to understand that other people don't necessarily think like that.
They are not going to care unless you make them care. Real respect isn't guaranteed because you are the boss and you are the person paying them. It's earned by leading through example. You should be the first person to arrive and the last person to leave.
Work harder than everyone else and lead your company to success. If you can do that, only then will your team come to respect you.
Check Your Ego at the Door
A startup is an exciting time and owning the title as the managing director or chief executive of your company may feel good. But make sure you check that ego at the door. Nobody is going to try their best for someone with an inflated ego.
As a startup, you have yet to accomplish anything. Be humble and be like a sponge. Learn from everyone and everything. At this early stage, you still have everything to improve.
Customer Service Will Influence Your Fate
The online world has caused major disruption in the business world. Customers can make their opinions heard and they are guaranteed an audience that's going to listen to them. You can lose a lot of money simply through losing a star on a popular review platform.
Yes, there will be times where you will have a bad interaction with someone, but this should be a rare occurrence. Make a habit of going the extra mile with customer service. Don't just do this with your big clients. Do it with everyone.
One example of a company that has incorporated this into their business model is Air Charter Service USA. This company has made a point of offering a premium level of personal service to every customer. Good customer service and doing more than expected is part of their package.
And it has enabled them to appeal to a wide audience because their competitors aren't doing this.
Older People Are Fountains of Knowledge
Millennials are young and they have the world at their feet. It's easy to think that older people are stuck in the past or they don't understand what the people of today want. Smart startup owners realize that older people represent huge fountains of knowledge.
Learn from your elders and be willing to level yourself to someone who knows more than you. Intelligent business owners go one step further and actively seek out mentoring. They may decide to opt for a coworking space that offers this opportunity or they may decide to attend a conference.
Education never ends and it should be something that forms part of your mantra. Make sure that you are learning something new every single day.
Target One Pain Point
You may think that your product is there to completely change the lives of your target audience. Attempting to target so many niches will inevitably lead to mixed marketing messages and lots of confusion. It's better to dominate a niche than attempt to go wide.
Go out of your way to target a single pain point. Think about one problem your customers have and then solve it. Later on you can consider expanding to other niches. This should be a gradual process.
And if your product solves multiple pain points that changes nothing. Think of it as promising to solve one problem and the second unique selling point being an added bonus. That's what delivering beyond expectations means.
Millennials will always find it difficult to succeed in the world of startups. By following these pieces of advice, you are giving your company the best possible opportunity to thrive.
What are your top tips for succeeding as a millennial startup owner?