Millennials are known for being a generation that’s truly unlike any other. They are the generation most likely to be liberal on social issues, most likely to graduate from college, and most likely to be for improving workplace equality. On an economic level, being a millennial also means that you are far more likely to want to become your own boss – and that’s why many finance experts are calling millennials “Generation Entrepreneur.”

The Cheapest (But Most Important) Resource: Your Mindset, Developing a New Theory Towards Entrepreneurship

It seems like one’s mindset is more important than one’s networking and funding in many cases. Having a good attitude about business, growth, and ideas makes for a better product – and a better grip on business. Tom LaVecchia, founder of NewTheory.com, noted, "90% of millennials surveyed think being an entrepreneur means having a certain mindset rather than starting a company." 

Many people sneer at millennial businesses, thinking that they are too idealistic and highly unlikely to cause major change. But, if you ask millennials, the changes and mentality they offer are definitely going to be treasured in future years. 

For example, Roland Reznik, CEO of KD Smart Chair, basically operates on the idea of changing the status quo. His Smart Chairs are highly lightweight, foldable, electric mobility chairs that are poised to take over the wheelchair market as the newest solution to mobility issues. He said that people underestimate millennial creativity and change, "Although millennials are leading the charge, we're looking to disrupt the $4 billion wheelchair market which will expand with the aging baby boomers.”

The Smartest Resource: Alternative Business Funding Sources

If there’s anything that the Great Recession taught millennial business owners, it’s that banks and “angel investors” can rarely be trusted to give you the boost you need. If you want funding, you will often need to get many different people to pitch in. Using a little moxie, luck, and marketing, you can very likely get crowdfunding to back a good app idea. 

On a similar note, learning where to network with business financiers is a crucial step to actually getting good funding. Since only a very small percentage of business loans are ever approved, doing things the old fashioned way probably won’t work. You may have to go out of pocket – or even consider getting a line of credit to get started. 

The Best Early Labor Resource: Freelancer Sites

Back in the day, you used to have to commit to hiring people via employment if you’re a new business owner. Nowadays, freelancing sites allow you to get quality work without having to deal with tax overhead. Sites like Odesk and Elance are absolutely crucial for finding good talent in many cases...and you may just end up finding a new employee on there, too. 

The “Skip Ahead” Resource You Need: Networking

Generally speaking, business isn’t about what you know. It’s often the “who’s” that make or break your ability to get to the top. Therefore, you need to make a point of meeting the right people every single day. The best way to do this is via industry mixers, and that means you need to look up local mixers in your area. Even reaching out to mentors via LinkedIn or SCORE may be a good idea – particularly if your industry is hard to break into. 

Networking also works in your favor when you’re trying to hire talented staff. The best people aren’t often the ones who are openly advertising that they need a job. They’re the ones you’ll meet at mixers, while they’re working to get ahead. 

A successful business is often due to knowing the right people, having the right idea, and having the right funding to make it come true. If you know where to look for the right people and cash, then chances are much higher that your business will succeed – even in this new, wild millennial era of industry. 

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