Business Mentor: Proven Business Strategies of the Millennials

Armando Bartlome

Posted at Mar 16 2019 09:08 AM

There is no such thing as an overnight success. However, there are ways of more quickly achieving your goals.

Many aspiring entrepreneurs seek to build a business that can quickly make them millionaires. But not all entrepreneurs have the same techniques and strategies.

Millennials are probably the youngest generation in businessn  business. Thirty years ago, people of their age only dreamt of working for a company. So what do you think are the millennials doing differently?

They take advantage of technology and outsourcing

When websites became very popular for businesses, it became their priority to hire someone to do it for them. When outsourcing become popular, they also took advantage of it. Companies today outsource their website maintenance, including website content. Social media marketing has also become an integral part in any business and in promoting brands.

Outsourcing reduces the company’s costs. Outsourcing allows your employees to concentrate on their main tasks and focus on the strength of the company. Also, outsourcing enables you to have people working for you that specialize in specific processes or services which eventually help your company become more productive and efficient.

Since outsourcing allows you to save money, it then allows you to have additional resources for investment. Therefore, outsourcing can help make your business become more flexible and agile, adapt to changing market conditions while cutting costs and provide service level improvements.

They increase product value.

When we increase the cost of a certain product, it means we can more more. But then again, it depends on the kind of product and service that you provide to your customers. Some entrepreneurs were able to grow their business after charging higher prices for their premium products and services. And when I say premium, they should be of high-quality all the time.

It is unlikely for an entrepreneur to become successful in business if he is doesn’t know the right cost to charge for products or services. There are factors that you need to consider to come up with the right pricing.

Work out the costs involved with running your business. They are the expenses that come every month, or the fixed costs and the expenses you incur by producing and delivering your products and services, or direct costs.

Know what your customers want from your products and services. Are they likely to buy at a lower cost, or do they buy based on the value they get? Carefully select the location of your business.

Once you have set a target market for your business, determine if you should align your business among the luxurious brands or a bit lower than the known brands.

Know your competitors. Some new entrepreneurs would “spy” on their competitors to determine what kind of market they are attracting, the level of service that they provide, etc.

Determine how much you want to make. This is sometimes taken for granted. An entrepreneur should also consider how much time and effort he has provided.

Follow your passion. I know a lot of individuals who started as employees and ended up becoming successful entrepreneurs. How did they do it? It’s simple.

More than wanting to earn more money, they put their heart into what they are doing. When you do something that you are passionate about, no matter how difficult it may be, you will always be led to the right path to achieving your goals.

Being passionate about something is like breathing air- something that you cannot live without. And once you have realized what drives you to become an entrepreneur, there’s no stopping you.

To become a millionaire is not at all difficult if you know what you are doing. Do not be afraid to fail big. To achieve these goals, you must apply discipline and consistency every day. You should not stop learning because the technology continues to evolve and so are the needs in the market. Therefore, always be open in enriching yourself and being equipped with the right mindset in attaining your aspirations.



For questions and more information, you may contact Armando "Butz" Bartolome

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