Receive the latest mybusiness news
Copyright © 2020 MOMENTUMMEDIA

5 things every millennial business owner needs to know, from a millennial business owner

Olivia Starling
22 July 2021 1 minute readShare
millennial business owner

According to Olivia Starling, founder and CEO of the successful jewellery brand Starlette Galleria, there is no argument that Millennials are taking over the entrepreneur and small business space. Here are her top five tips to thrive as a millennial business owner.

Tip #1: Remember that this is not your parents’ business

The way that we do business today looks completely different than the way our parents did business. If you are anything like me, your parents might not understand what you do at all. And that is OK. Just remember they have valuable insights, but it might not align with the digital age we live in.

Tip #2: Know how to do every job in your business

Don’t hire out a position before having some kind of basic understanding of how to do it yourself.

When you first start out and it’s only you, you will know how to do everything. But once your business grows and scales, you will start hiring out various roles. Before you make decisions on how to grow, make sure you understand the job you are hiring out.

I have seen well-intentioned business owners get burned because they blindly trusted that a job was being performed correctly. Before you hire, you need to know the basics.

Tip #3: Invest in a mentor

Find someone that is where you want to be, and hire them to lead you on the path to success. You are paying to learn from their mistakes, gain their network, and accelerate your growth. I have spent up to $1,000 a month on mentors, and I have never regretted that decision.

Tip #4: Stop asking people for directions to places they have never been

Be careful about who you ask advice from. Well-intentioned friends and family might throw out advice easily, but if they are not in the same arena as you, or someone you look up to in business, don’t ask them for advice. They can take you far off the path you are supposed to be on.

Tip #5: Know that it’s great being the youngest person in the room

Don’t ever feel intimidated by age. Being young is your superpower. Use your intuitive tech skills, ability to pull late nights, and youthful energy as a weapon as you grow your business. You are never too young or too old to start something amazing.

By Olivia Starling, founder and CEO, Starlette Galleria

5 things every millennial business owner needs to know, from a millennial business owner
mybusiness logo
Olivia Starling

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?