THREE CONSIDERATIONS FOR THE MILLENIAL BUSINESS OWNER
Over the weekend I had been at an old friend’s medical laboratory. A couple had walked in to run series of test. The lanky man and his plump wife took turns to take a look at the laboratory services offered there and requested to see the resident laboratory scientist. After a brief moment of consultation, they emerged and proceeded to the front desk to make payments. My good old friend could have gone home smiling with the satisfaction that he had a good patronage, however, he lost his clients because he didn’t have a POS to enable them to make cashless payment.
Dear millennial entrepreneur, it is no longer business as usual. If you wish to keep your business running smoothly, add these three considerations to your entrepreneurial armoury:
Look out for ways to earn while you sleep
Create digital financial systems to enable you to earn while you sleep or even while there are major holidays. Leverage on the 90 per cent of millennials today own and are in close contact with their smartphones throughout the day, be more knowledgeable in the usage of mobile POS options which have increased exponentially as the demand and usage of mobile devices has grown. Get more acquainted with digital currencies, e-wallet and in-store payment. Alternative payment methods such as the use of cash and credit cards, among this generation, in particular, will decrease. Is your business ready?
Design Thinking will take you places
What skill do you have to improve your product or service and dominate your industry in 2018? In business, design thinking refers to a framework for assessing problems and creating solutions that squarely and uniquely addresses the problems you’re facing. This is not relegated to production alone as it includes marketing, branding and more.
Personal Branding is the new currency. Investors or sponsors go for well-branded startups. Being successful means setting yourself apart, and you’ll need a personal brand that defines what your business stands for and what it ‘d become. The message about yourself, as gleaned from your online presence, professional reputation, the circle of influence and the trust you command from peers, followers, customers, employers and the general public.