Millennials are often noted for any number of predilections, from their search for self-improvement to their inability to disconnect to their distractibility. The fact is, though, that all of such so-called negatives are actually among the characteristics that help Millennials succeed as entrepreneurs.
Take self-improvement. A 2015 Pew study, for example, found Millennials spend twice as much on personal improvement commitments than any other generation. Part of that’s the tech revolution and this generation’s extreme comfort with and dependence on it, that makes self-improvement tools easier to access (and at little cost, too).
But it’s not just tech solutions that meet the Millennial entrepreneurs’ quest for self improvement. Live training programs are also tapped into extensively, and constitute a $500 million market in the U.S. alone, according to some measures. Landmark Forum, for example, shows people how to get out of their own way and shift perspectives to get over obstacles to their success. The Landmark Forum is well known for fostering such highly successful entrepreneurs as Chip Wilson, founder of Lululemon and luxury clothing retailer Kit and Ace, and Andrew Cherng of Panda Express.
Whatever means you take on your journey, self-improvement makes a difference to your success as an entrepreneur because of the intuitive understanding that it’s about more than the business you’ve started. It’s about you as the person with the idea behind it, who people will buy from because they trust and believe in you. You are intent on becoming the best version of yourself that you can be.
You may be guided by studying the habits of others who have traveled the entrepreneurial route before you or the lessons you learn from your peers. However you go about it, consider these ways to approach challenges and obstacles and ensure you and your venture will continue to transform:
Make constant learning a priority.
By seeing everything through an educational lens entrepreneurs can improve their game faster.
By showing that they can bounce back from failure rather than drown in it business creators not only develop character but also become someone that others can relate to. Not to mention that failures keep people humble, which is an invaluable trait.
Obstacles in the path to success keep entrepreneurs sharp. They keep the focus on what works and what does not work. Thereby improving marketability in the long run.
Be open to criticism.
While it is not always easy to hear what others think has gone wrong, it is important to listen with an open mind and see what truths can be drawn.
Respect and understand the iteration process.
No product or business idea is immediately perfect. Products and ideas improve through iterations of testing and re-testing and learning from customer and market feedback. Entrepreneurs should remain patient and remember the value that comes from this process.
This is where young entrepreneurs may have an edge. For the Millennial generation, self improvement is a way of life. These young men and women genuinely want to make the world a better place and are constantly on the lookout for new ideas.
Forbes writer Jules Schroeder, herself a graduate of the Landmark Forum, may be typical of this Millennial drive for self-improvement. She pointed to one survey of millennials committed to it, to the tune of being willing to spend nearly $300 a month on it.
This may be the mindset that all entrepreneurs need to develop and cultivate in their companies. Undergoing the iterative process of self-improvement can ultimately make all the difference in success over the long term.