Advice From Silver-Haired Entrepreneurs To Millennial Go-Getters

advice experienced entrepreneurs millennial startups bootstrap business

We all have advice that we can give to other people. Even the younger generations, who don’t have a whole load of experience in the real world just yet, will be able to offer something to the older generations. After all, Millennials are whizzes when it comes to technology and computers, so they definitely come in handy with the middle-aged generation whenever they need any tech help and tips! Unfortunately, we can’t always rely on Millennials for advice. Most of the time, they will need advice of their own from those who are older, wiser, and a lot more experienced than they are. 

This is especially the case in the business world. In order to be successful, you need heaps of knowledge and success. And those are often things that Millennials don’t have just yet. So, there is no wonder that they always turn to the older generations for help in the workplace. 

This perhaps doesn’t paint Millennials in a very good picture, but they aren’t always reliant on others. As a matter of fact, there are now thousands of millennials out there who are making a career for themselves as entrepreneurs and business owners. But that doesn’t mean that they don’t have any need for advice from those who have already been there, done that, and proudly wear the T-shirt. Think you have some pearls of wisdom that younger entrepreneurs need to know? Here are some of the best pieces of advice that silver-haired entrepreneurs should share with millennial go-getters.

You Need Plenty Of Passion 

If there is one thing that is going to get you through the whole process of setting up a new business, it is going to be passion. You need to be 100% behind the whole idea and concept for your company. This will be what motivates you and pushes you forward. Being completely behind your product and company will also help you win new clients and customers. That’s because they will find it much easier to get behind a company who is dedicated to what they do. Once they see your passion and dedication, it won’t take them long at all to become loyal customers and clients.

Make Sure You Define Your Niche 

In order to find business success, you will need to inhabit a niche. This niche will be the small part of an industry or sector that no other business or organization is currently working and trading in. It’s possible to slip into an already established niche or to create one of your own. It’s also important that your chosen niche is well within your scope. For instance, if you are still at college while you set up your business, you probably won’t be able to dedicate all of your time to it. So, it’s worth just focusing on a niche in your local area. You can always wait to take your company international once you graduate and have a lot more time to spend on it. 


Don’t Rely On Social Media Too Much 

As a millennial, you are probably already well-versed in social media. You’ll certainly know how to create effective tweets and Facebook statuses that have the potential to go viral and be seen by thousands! So, you will be incredibly well prepared to use this to your advantage in business. After all, social media is one of the best forms of free marketing for your company that there is! However, you should be careful that you don’t overuse it and rely on it way too much. 

After all, there are plenty of other marketing methods that you should also consider using in your various campaigns. Each different type of marketing will target a completely different set of people, so it really is worth trying to use as many different methods and techniques as possible so that you can improve your company’s visibility as much as possible. 

You’ll Need Plenty Of PR 

Something that many entrepreneurs forget about, and not just the younger entrepreneurs, is that PR is absolutely crucial to any business. It isn't something you can afford to forget about. Unfortunately, good PR services can be quite pricey, which will put off a lot of younger business owners. But you should see these services as a big investment for your company and one that will certainly help it move forward in the future. When you are looking at different PR firms, make sure you find one that has a good reputation. If possible, see if any of your business-focused friends have any recommendations for a good PR pro in your local area. Before you do hire someone, make sure you look over their portfolio of previous work to try and get a feel for what they can do for your company and the results that they will bring. 

Invest In Software & Computer Programs 

Something else that can be quite expensive for a company but is totally worth it has to be all the different computer programs and software that can help you stay on top of your business. No matter what type of work your company carries out, there will almost certainly be a type of software and computer that can help you stay organized and better manage your company. Those who work in home design can use interior design business management software while there are also lots of other great programs for financial companies and content writing experts. So, don’t ever think that your business’s niche will be too narrow for there to be a relevant computer software or program for you to use - that is rarely ever the case! 

Don’t Be Afraid To Ask For Help 

No one is ever too good that they don’t need to ask for help anymore. I’m sure the likes of Richard Branson and Elon Musk are constantly seeking help and answers to their questions from their most trusted advisers. So, if you do come across a problem or an issue that you are completely stuck with, it really is important that you try and find someone who can guide you to a solution. It’s for this reason that it’s a really good idea for a new millennial entrepreneur to team up with a professional business mentor. You might be able to stay in touch with one of your college lectures or teachers if they specialize in business studies, for example. 

If you don’t already know anyone who might be able to mentor you in the early years of your business, you could always try and look for someone on LinkedIn. Don’t be shy about reaching out to people; after all, business is all about making connections! 

Start Off Frugally 

Setting up your very own business is going to be expensive. If you don’t already have enough savings in your bank account to fund it then you will have to try and find some finance elsewhere, such as a business loan from your bank. This should provide you with enough startup capital to get things up and running. But that is no reason to squander this cash with one big blow out right at the beginning of your business’s lifespan. Ideally, you need to stick to a very tight budget so that you have enough money to keep you going for the first couple of years or so. Thankfully, there are plenty of ways you can keep the cost of your business down. 

For instance, don’t start to hire any new employees until you definitely need them. If you do need a couple of extra hands for some projects in the early days, you can always outsource to freelancers. It’s also a good idea to team up with an accountant as they will be able to give you lots of great finance hacks and tips that can help you reduce your business expenses.

Know When It’s Time To Give Up 

One of the most important characteristics of all good entrepreneurs is humility. If your business doesn’t quite work out how you expected, then you should face this failure and realize that it is time to give up. It is much better to give up on a failed project and move onto a more successful one compared to pushing forward with a company that is destined to fail. Not only is that latter option certain to stress you out, but it will also cost you a lot of money as you will be pumping all of your cash into a failing business. Take it from the people who have been through this before and have already made this mistake - admit that the business has failed and move onto something better. 

Final Words Of Wisdom

As you can see then, there is a whole load of advice that silver-haired entrepreneurs can give to Millennials who want to be just like them or better. Setting up a company can be very difficult, especially for this younger generation as they have a lot more financial strain to face. But this great advice can help them achieve their business goals

If you are a motivated Millennial, it is advisable to find an experienced entrepreneur to learn from. If you are an older entrepreneur with lessons to teach, try seeking out a mentee to assist. It will be mutually beneficial regardless of the arrangement.

I hope you enjoyed this article about advice that experienced entrepreneurs could provide to Millennial business owners.

Interested in more articles about valuable business lessons?

Read My Related Posts:

- 16 Ways To Succeed As An Entrepreneur That Aren't Glamorous

- Valuable Business Lessons They Don't Teach In Business School

Read More Bootstrap Business Below 

Official Bootstrap Business Blog Newest Posts From Mike Schiemer Partners And News Outlets