By Sumesh Nair, Co-founder, Board Infinity
If you wanted to start a business in the 1990s or 2000s, there were a lot of serious logistical and financial hurdles that you would have to overcome. Technology has radically made the whole process smoother & faster. With mobile technology, cloud computing and the proliferation of free (and nearly free) online tools for communication and collaboration, the hurdles to starting a business have become a bit easier to overcome.
Millennials constitute the largest segment of today’s global labour market, and they’re living in an era where setting up your business is easier and less expensive than ever. Just a couple of decades ago, it was inconceivable to start a business without an office, an expensive business phone solution and a receptionist. Right now, you can start a business pretty much with a laptop, that’s not even a joke.
There are a ton of different ways to start your own entrepreneurial journey, below we’re going to list out a few of them.
Interning with a CEO: Now, this is not one of the easiest paths out there. But if you’re lucky enough, and use the correct methods of outreach then this is a very viable option. You’ll not only get to learn how to run a business, but the CEO will also be able to mentor you.
After college, Starting an Online Store: This is one of the options you have, which also has the least barrier to entry. Most of your fixed costs (domain, Shopify fees, etc.) will be under ₹3000/month and the rest will depend upon what type of marketing strategy you’ll be using. If all goes well, you will be on the path to getting your brand acquired by some huge corporation, and you can rinse and repeat the process.
Working at a Startup: One of the best ways to start your own entrepreneurial journey is to first look at someone else’s journey. Working at a startup will give you ideas that you wouldn’t normally get. You’ll get exposed to a high-growth environment which will also teach you what it takes to run & manage a business. Preksha a fresher in digital marketing says “Working at a startup has helped me gain real life working experience. I understood the whole business cycle and process, which has helped me set processes for my business without any hassle.”
Gain skills through online courses and launch: You have a business idea but you are unsure on how to execute it. You can choose to take up online upskilling courses which will help you gain the technical knowledge, tips and tricks. Many millennials find taking an online course beneficial as they also get personalized coaching from experts to equip your managerial skills.
Working as a Freelancer: Another way to learn a lot of skills while running your own business is freelancing. Freelancing is one of those business models which has infinite growth potential, but everything depends on you – Filing your taxes, marketing yourself, managing clients, delivering projects, and a lot more. A huge benefit of going freelance is that you’ll have to learn a lot of skills in a very short amount of time if you want to be successful.
Social media is constantly evolving, and millennials being early adaptors gives them a head start in learning how to utilize them to better engage with both fans of the brands and potential customers. The ability to connect on a social level comes easily to millennials and is a marketing tool that will facilitate the promotion of any business, big or small. In the end, it’s your journey and you’ll be the one to decide how you want to go about it.