Anyone can become an entrepreneur! And boy, have we taken that to heart, especially those in the millennial segment of society. However, sometimes this empowered mindset can lead to blunders. The complexities of being an entrepreneur are real, and it’s not as easy as watching a YouTube tutorial or reading an ebook. Each of the millennial business trends have their vulnerabilities and potential disasters that should be taken into account when developing a business idea. Here are a few that we have been seeing and how to make your enterprise more resilient.
- Application or Software Development
A stream that virtually did not exist only a few decades ago, app and software development has become the golden egg- laying goose of today. Companies like Facebook, Twitter, Google, WhatsApp are worth billions of dollars- and all started as a small group of college kids who loved technology. Millennials are very skilled and are creating apps and software which assist in daily life- from communication, to entertainment, health, or even scoring a deal on your groceries. It can be a very profitable field though it does have some risks. If you are putting so much of your effort and time into product development, make sure that it is protected and that you are receiving full payment for the service you are giving. Either investigate how to keep full credit and royalties for your product or find a company with a complete solution for software copy protection, licensing and secure distribution.
- Food and Beverage Industry
Craft beer, hip delis, food trucks, and granola. What do they all have in common? FOOD! The food industry is one that millennials love, like the generations before them, though they do it slightly differently now. Social media, Yelp reviews, and online reservations were not around when their parents were opening the family bakery. The trends are different now as well, with a particular emphasis on local, natural, and healthy foods with humane and transparent processes. The considerations here are that of keeping on top of social media in order to stay competitive (something new) and adhering to Health and Safety as well and Food Safety requirements and regulations (something old). It’s not as easy to blending together some roasted peanuts, putting the peanut butter in a jar and selling it at the farmer’s market. The packaging has to be sanitary and safe, the process has to be according to regulation, and you have to be sure that your product is safe for consumption. Otherwise you could not only lose clients, be shut down by local regulators, but even be involved in a legal case. I bet that’s not the first thing that comes to mind when you think of opening a food truck.
Everyone seems to have a blog now a days. Though the reasons for having one (or several) varies, some Millennials seem to think that it can be their full-time job. All they need to do is write. This is categorically false. Putting information out there is easy- getting people to see it isn’t. Writing and marketing a successful blog is hard work, as there are components other than writing, like SEO, community management, partnerships, remarketing, advertising, etc. Even “Instabloggers” employ specific techniques in order to gain a large following and become an influencer in the field. Another consideration is that of stolen assets, like written content, images, videos, or even domains. Bloggers need to make sure to brand and copyright protect all their property, as well as make it resilient to hacking.
Though the trademark ambition and entrepreneurial spirit of millennials is envied by many, they need to be cautious and aware of the risks that their businesses can bring them. Some things are indeed as difficult as they appear- as some blogger somewhere once said.