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Advice From Millennial Entrepreneurs

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Millennials are underrated when it comes to work ethic. As the biggest age group in the country at 80 million strong, entrepreneurs sprout from all over, creating jobs for a variety of industries. Success comes in many forms, and we at Owner’s Magazine had the opportunity to talk to a few successful entrepreneurs about culture, motivations, and how to achieve your goals. Many of these entrepreneurs are founders and CEO’s of their own businesses, and they are here to give some advice on how to grow.

 

Greg Star, Founding Partner of Carvertise

Carvertise

“Why finding a mentor is the worst advice I ever received. You may be confused by this title. After all, a mentor is crucial for personal development. They can provide hard earned wisdom that only comes from experience facing similar challenges that you are up against. Additionally, a mentor can open up a network of contacts that you would not meet otherwise. So why would finding a mentor be considered bad advice? Isn’t this a no brainer? The answer is no- and here’s why.
Finding a single mentor limits your thinking. You should be trying to find multiple mentors. Here are three important benefits you get from surrounding yourself with a team of mentors as compared to one.
1. Different viewpoints– Having several mentors with different specialties to bounce problems off of will give you broader insight on the problems you are facing. Your one mentor may have a biased that can only be seen if your getting multiple points of view.
2. Larger network– A mentor can open up a lot of doors to a lot of key introductions for you from a personal and professional standpoint. Thus, the more mentors you have, the larger your network becomes.
3. It teaches you how to ask for help– This is probably the best lesson for finding multiple mentors. The act of constantly reaching out to different people asking help is an incredibly important skill. It teaches you to put your ego aside,  which is incredibly important in developing personally and professionally. I personally reach out for help 3-4x a month to people who I think I can learn from, and the benefits have been exponential.
Bringing it together:
Next time someone tells you to find a mentor, stop them, and let them know why they are wrong!”

Andrew Nakkache, Co-founder & CEO of Habitat LLC

Habitat

“7 core attributes or traits that I think are important for entrepreneurs (at least for me):
Share Ideas – I’m big on sharing a raw idea with everyone. Ideas are typically worthless, and the only way they get better is through talking to enough people (and customers). 9/10 ideas I have are terrible.
Delusional Optimism – You need to have a deep-seeded belief that you and your team are exceptional, and you are the ones that are going to fix the problem you’re solving.
Everlasting Paranoia – Simultaneously, you have to believe that what your building is worthless
Shameless Persistence – Again, tell everyone your idea and ask everyone who you think can help..for help. Most people like to help entrepreneurs, those relationships can turn into mentors.
Impulse Control – You need to have the ability to resist temptation.
Level Headed – This ties into Impulse Control, you’re going to have a lot of internal battles. It’s important to keep a level head, and your team needs to see that.
High Integrity – Always be thankful and courteous to everyone you meet. You never know how someone may be helpful down the road.”

David Feinman, Co-founder & CEO of Viral Ideas

Viral Ideas

“For new entrepreneurs, it is important to just get started, to do something that you can take to market. Be it a product, a consulting concept, or something small, that you are able to take to a few customers that are willing to pay you something, for your idea or for your concept so that you can test, learn, and grow from that initial starting base, and really build on top of that.”

 

Benjamin Fuller, Associate of Montgomery McCracken’s Business Department

Montgomery McCracken’s Business Department

“While every situation is different, I often recommend that the partners in start-ups have honest and frank discussions their goals. I find that they rarely have accounted for disagreement and difficult circumstances that are likely to arise in any business. It is always easier to have a discussion about these issues up front.
With respect to growing companies, I counsel them on how investment may dilute their equity. For founders of any company it is important to understand what they are giving up in order to gain investment. The bottom line is it’s important to include your lawyer in these types of conversations early and often. We often act as the facilitators of these discussions and can provide specific insight sometimes based on “war stories” – both good and bad – from past representations.”

 

 

Stephen Blackwell, Chief Strategy Officer of the Billboard-Hollywood Reporter Media Group

Billboard-Hollywood Reporter Media Group

“The Great Recession created a lot of uncertainty for my generation and how it viewed itself and its prospects. The status quo didn’t appear sustainable at the time and it forced a lot of us to think outside the box – and ultimately create jobs during that time. To me, success has been about educating yourself at length about the industry you’re entering and then taking the extra time to get creative. Find that niche your industry is looking for. It’s probably hiding in plain sight.”

 

 

Tony Cho, President of Metro 1 Properties

Metro 1 Properties“To me, culture is everything. That is why most, if not all, of our agents and employees chose Metro 1 over other more established companies. The culture we curate and create exudes and exemplifies who we are and who we aspire to be in the community. Providing regular yoga and meditation classes for staff and agents builds camaraderie and rapport between and among the team. Culture is key in business.”

 

 

Erica Dias, Co-Owner of The B Firm

The B Firm

“Never give up! Dreaming isn’t going to get you anywhere. DOING will! You’ve got this! Faith It Until You Make It!”

 

 

Ryan Shear, Principal of Property Markets Group

Property Markets Group

“I’ve found that so much of what dictates success in real estate development as a profession and an industry ultimately boils down to effective management, whether it’s managing time, resources, personnel, etc. From the beginning, I recognized an opportunity to do things at PMG differently from the typical development shop. We have a great blend of really experienced industry veterans working hand-in-hand with ambitious young professionals that has left us with a very atypical culture relative to the other companies in our field. We have fun together and support one another, but we are also constantly pushing. When it comes to incentivizing employees based on project performance, I think we are more aggressive than just about any other developer of our size and that gets the team to reach for that higher gear. I am very demanding of my team, but they have become even more demanding of themselves and that is what makes me most proud.”

 

 

Karen Elmir, CEO of The Elmir Group

The Elmir Group

“To maximize sales, one must be creative and think outside the box. Push beyond ordinary marketing tools by investing in your listing and always look for new channels of communication and sales. Remember, it takes money to make money. Additionally, professionalism and dedication are key. Make sure to consistently be knowledgeable about your product, as well as the state of the market and its trends.”

 

 

Ali Grant, Founder of Be Social

Be Social PR

“As your business expands, you will soon understand the need to scale efficiently. It can be difficult giving ownership to others, but putting trust in your team allows you to conquer, grow, and scale.”

 

 

Elizabeth Convery, Founder of Very Real Estate

Very Real Estate

“I have been fortunate to build my entire book of business at VERY Real Estate on word-of-mouth referrals. It is my belief if you do right by one person, and put their needs above your own, treating them with respect, dignity, and acting in a thoughtful way on their behalf, that you leave a lasting and memorable impression. Naturally, when people have a positive experience, they tell their friends and your business grows like a tree. I strive to always have people smile when they hear my name. Making someone feel special is the key to building trusting, lasting relationships and having a reputation that leaves people feeling great.”

 

 

Zubin Teherani, Co-Founder of LeagueSide

LeagueSide

“Sell your idea before you sell your product. Youth sports sponsorships have unique advantages over other forms of marketing. They provide a captivated audience for hours every weekend, guarantees digital and in-person impressions to the same group of families, and supports the families you’re marketing to by subsidizing their costs. We always, always, always, start by selling the merits of sponsoring youth sports organizations before we get into how it works. Selling the big picture helped us close big clients and investors in our early days before we ever built a product.
“Fake it till ya make it” – When we started LeagueSide, we focused on selling before we ever built a product. We pitched clients, youth sports leagues, and investors and got yeses before we committed to LeagueSide full-time. This validated that this was a business worth pursuing, saved us months of time, and gave us perfect clarity of what we needed to do next.”

 

Jenny Cipoletti, Founder of Margo & Me

Margo and Me

The Shift: I started reaching out to stylists to work with them on weekends. I worked PR during the week and started styling on the weekends with whoever needed an assistant at the time. From there, I started to realize I really enjoyed the styling more. I woke up at 25 and I had a grocery list of all of these amazing things: my health, my boyfriend, and my puppy, but I just wasn’t happy. I didn’t know what was wrong with me. I was alive but I wasn’t living. I was just going through the motions.
That Quit Moment: I said to myself, if I wake up at 30 years old and I’m still doing this, it’s not going to be pretty, so I left my PR job and went back to school. I did the nine month program at FIDM for fashion design, and it was incredible. For years and years, I hadn’t learned anything tangible applicable or creative — that changed overnight. I’d totally forgotten what it felt like to be a student again, totally immersed in a creative culture and constantly inspired by my teachers, my peers, and my work. I was thrown into a design program where you learned how to sketch, sew, drape, and create patterns. It was like this bubble just burst inside of me. I suddenly realized that this was what I’d been missing all along.
Start, Just Start: In addition to going back to school, I launched Margo and Me as a way to showcase what I was designing (Margo is my french bulldog). It started out as just a showcase for the dresses I was designing, but then I started posting outfits and styling tips as well. My husband is a director and was the one who originally inspired the idea because he was testing his new camera lens so I asked him to take a picture of me wearing one of my outfits. There were a few trendsetters out there, but this was before the huge blogging boom. There weren’t really many people doing it at the time. It was a whole new world.”

Kathleen McCabe, Founder of Syreni

Syreni

“In the early stages of starting a company the best way to stay motivated is hold yourself accountable by telling as many people as possible about what you are doing. This will help you gain confidence and allow you to practice your natural sales pitch while building your future network. Get a web presence early and publish your anticipated launch date. The excitement you see from your early followers will motivate you to keep going and not give up.”

 

 

Hayk Tadevosyan, Insurance Agent at State Farm

State Farm

“I always go back and use numbers to make things simple to understand as I strongly understand that numbers don’t lie. A powerful statistic and a very familiar one to business owners is “9 out of 10 businesses don’t make it past year One”, well what happens after year one?
Another interesting statistic, half the business owners that make it past year one don’t see year three and half of who makes it past year three don’t see year five…. Why is that?
During the starting phase of a business if you are part of the 9 out of 10 that doesn’t make it, it’s due to the fault of the person in charge, the business owner. You didn’t work hard enough, weren’t committed and were not putting in the hours. The only “silver bullet” in business success that I’m aware of is good old fashion Hard Work. SAME can be said by every successful entrepreneur I know.
The problem with year 3 is our business outgrown us in volume. As an individual there are only so many meeting we can attend, so many calls we can make, so many things we can manage. If we don’t duplicate ourselves, and in many cases duplicating ourselves several times, we will not keep up with the growth. When a demand exceeds the business structure, the business falls apart, which is why it’s crucial to start training and developing a team right away, and the right people take a while to develop. If you ask yourself the question of, “How long it took us to learn a skill and perfect it?” If the answer is years, then why do we get frustrated with our managers if they don’t get it right the first time and fire them?! We have to be patient and spend a lot of our time coaching, although sometimes we feel that time is better spend closing more deals. That’s a huge misconception, training and developing a team is the highest ROI time we can spend in a business.
Usually by year 5, the business owner is no longer working for money, but more for balance in life. At this point, we have to realize we don’t need a job and the business is not built to create a job for the business owner, it’s built to create jobs for others. If by year 5 the business owner doesn’t have a manager that manages his team and a team that manages the customers, there is a high chance of the business owners to get negative with the business, which takes away creativity, and with lack of creativity, there is no passion, and without having passion, business dies, either right away or slowly till it becomes more expensive to maintain the business than to just close doors.
There are a lot of moving parts to making a business work, but if I were to give anyone advice on what to focus on is this time schedule.
Year 1 – Be the hardest worker with longest hours. Become what you are looking to recreate as far as future employees in the business.
Year 2-3 – Since you are a machine, look to duplicate yourself. We always attract what we are, not who we want. So, if you are a hard and smart worker you will find a good team, if you don’t, then you need to ask yourself if you are leading by example.
Year 3-5 – One of your team members will shine more than the rest, put them in charge and train them on how to train others. Train the team to answer to the manager, so you only answer to your manager. It’s much easier long term to answer to few sharp leaders within your organization than thousands of clients. At this point, the machine is running, you have lots of time to spend on other business ventures, hobbies, family etc.
Your team is making lots of money and you have created good jobs in the community, and the business doesn’t stop growing as you are not a one man show.

 

Jie writes about influencers and startups in various industries. She is a designer turned techie, and when she is not writing, you can find her in her workshop working on her next big project.

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How To Attract Millennials To Your City

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Location matters in the means of professional success. Millennials are reported to be getting married and starting families later than their parents. This means that their main focus is strictly on their professional career, so these matters are taken seriously, as they involve these factors into determining where to live. Millennials select cities that will help them thrive. This goes vice versa, cities need to attract people in order to be sustainable. The city of Camden has been successful with this process. With the increase of millennial entrepreneurs entering the city, the better the economy gets, as it is shown around the waterfront.

To create more jobs and attraction, cities must attract the job-seeking millennials. There are 3 determinants for millennials to move into your city:

Affordability

Someone who is financially responsible will always consider the cost of living foremost. Cities that contain a high population of millennials often have low employment rates and affordability. If the city is popular but does not meet within millennial’s budget, then it wouldn’t be worth the cost. Money is the only physical asset that holds us restricted. The city of Camden holds that title of affordability. Tax cuts are what attracts entrepreneurs mainly, however the overall value of the stay is well worth it. Camden is located outside of Philadelphia, just close enough to go into their city to network without paying Philadelphia’s cost of living.

Entrepreneurship

Millennials are an ambitious generation. A reporting claimed that 54% have either wanted to start a business or have started one already. This characterized millennials as hard-working and motivated individuals. A location that showcases trails of entrepreneurship deliver a desirable reality to people. Silicon Valley embodies this example, as it is the most known startup hub for technology companies in America. Famous companies like Apple, Facebook, and Google are in that area, so the status of Silicon Valley is held at a high standard.

Another location that is maintaining that status is Camden. Due to Camden’s location outside of Philadelphia and surrounding fortune 500 companies, millennial entrepreneurs are inspired to bring their startup here. There are multiple different types of organizations located here with 76ers as one.

Accessibility

Millennials are attracted to cities that cater to their needs. About 66% of Millennials identified  decent quality transportation as a main influence to choosing a location to live. People typically pick the option that meets their social needs. To obtain that, a low cost transit is ideally looked for in a city. Cities with an ineffective quality transit fail to attract Millennials. 

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How Millennials Are Changing The Workplace

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Millennials are reshaping the traditional corporate structure. With new CEOs entering the workforce, more companies have been adapting new tactics for managing, motivating, and improving. Millennial entrepreneurs have set the new standards to doing business, focusing on collaboration and efficiency. Soon by 2025, millennials will accommodate 75% of the workforce. This will replace the baby boomers, who have been recorded as the largest generation in the workforce. This instant switch leaves other generations questioning their management. These are 4 ways millennials are changing the workplace:

Emphasizing Technology

Millennials are the generation born after year 1982 and before 2004. This was essentially the era of technology beginnings. To be raised in the ever changing state of development, this generation foresees big things for the digital future. This need for rapid growth has created various platforms for creators, entrepreneurs, and more. Millennials have a profound belief that technology is the future, and so we should precisely use it to our advantage. Networking has been perfected with Linkedin, while Youtube is colonized by content creators, and Slack has better connected employees.

Open To Change

Millennials were born to alternate between innovation and tradition. To be raised in the era of constant development, generation Y has cultivated the skill to be open to change. Arguably, change is intended for growth, so that is how Millennials greet it. The digital age has disrupted traditional systems for the better, a concept that was impossible in the past. Due to the inconsistency they’ve experienced growing up, millennials have subdue their harsh conditions by advocating innovation. Although innovation is a new idea, generation Y strictly believes this is an optimal lifestyle.

This generation does not believe in a constant, that everything has potential. Camden embodies that figure of high potential. Organizations are racing into the city of Camden, for it is the next startup hub for Millennial entrepreneurs. With the economy’s rapid growth and welcoming nature, businesses are rushing in to secure their space. Just outside of Philadelphia, the city of Camden possess hope, just what entrepreneurs need.

Work With Purpose

Millennials differ from baby boomers in one drastic motive. The new generation seek a sense of control and innovation that past generations seem to lack. Millennials deeply value purpose, to even go the extra mile in changing jobs for content. Perhaps it’s due to their entitlement, but Millennials are stubborn to the belief of following your inclination. 60% of employees confess that it is critical to allow them the capacity to do what they do best. Many Millennials will settle in the lower paying job, as long as it allows them the ability to express their talents.

As observed in the city of Camden, non-profit organizations scatter throughout in order to rebuild the city of hope. Devoted organizations and passionate millennial entrepreneurs in the city are growing and giving back to the community.

Work Flexibility

The typical 9-5 business hour job is declining as Millennials continue to enter the workforce. The Census Bureau estimated that 13.4 million Americans work from home. The data will only increase when more Millennials start to work. This new career outlook stems from the disfavored opinion against office confinement. In the strong devotion for both work and freedom, Millennials compromised with the issue by creating careers from the comfort of their own home. Freelance work has been the popular option for Millennials, since it allows independency.  

 

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Holiday 2017 Gift Guide for Stocking Stuffers

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2017 gift guide

Stockings are a traditional ornament to Christmas, but the stuffings inside are what makes it jolly. Stocking stuffers redefine gift giving, that neither size or price matters in the premise of giving a present. These miniature gifts give entrepreneurs the advantage to pick up gifts last minute. The standards for stocking stuffers are to simply be small and compact, but that shouldn’t reflect on the quality of the gift. When entrepreneurs want to impress their receivers, these are the gifts to provide for them in the 2017 Gift Guide:

Vanacci

2017 gift guide

 

The Vanacci lockstone bracelet is the bracelet that I have been waiting for. I have been using the Vanacci bracelet for about a month now and I haven’t taken it off since. Not only is there quality fantastic, there is the added benefit of the my unique scent/cologne will follow me around throughout the day.

Like most men, I did not follow the original directions of spraying the bracelet and letting it sit. I sprayed directly on the arm, and rarely have to reapply. My personal band is black and goes with just about anything. This is a great gift for the fashionable male.

Moment Lenses

2017 gift guide

The size and quality of Moment Lenses are impressive. The detail on each glasses are built professionally, while the weight of the lens are kept at a decent size. These attractive lenses are perfect for either starters or professionals in photography, since the product is easy to navigate through. The lenses offered are in the shape of a Wide 18mm lens, or a Macro 25mm lens, and also includes a 170 degree Superfish field of vision lens. Moment Lenses now have a battery case as well, that is also equipped with its new mounting system. They now offer external shutter buttons, travel cases, and other accessories all on their website. With finally an attached via a mounting clip(these new lenses twist 180 degrees). The perfect gift for self-proclaimed photographers from the 2017 Gift Guide.

Nomad’s Leather Charging Wallet

2017 holiday gift guide

Nomad brings the perfect combo to solving iPhone’s battery problem and wallet situation. The wallet contains a thin lithium-ion battery that holds a 2400 mAh charge in their built in cable. Mobile users are saved from a sudden battery shortage with this unique product. The idea of applying a charger within a wallet stems from the belief that we will always have our wallets with us. Now, with a charger embedded into our wallets, you can charge your phone whenever or wherever. Displayed in brown, the advanced SoC (system on chip) microprocessor additionally enable the battery to fully charge your mobile device. A first choice gift to a loved one from the 2017 Gift Guide. 

Upright Go

2017 gift guide

The device that is about 4.25’ long, 1.5’ wide, and 1’ thick, Upright Go is the perfect gift for people who slouch. The product is made of silicone rubber material and can be used up to 10 days on a single charge. Upright is also connected to your iOS or Android smartphone app, with individual training plan for gradual change. The strict reinforcements in Upright’s gentle vibration delivers a cue to help you remember to sit up. The method is taken from B.F. Skinner’s operant conditioning theory, that is effectively used in Upright technology today. The obvious gift to offer in the 2017 Gift Guide. 

Anker SoundBuds Curve Bluetooth Headphones

2017 gift guide

Anker headphones are the perfect fit for athletes. The headphones have an earhook with a waterproof nano coating for complete comfort, this also includes a gym and running workout headset with pouch. Athletes can continue their rigorous workouts with Anker headphones on due to their lightweight condition. The product itself is durable with a strong connection to devices up to 30 feet. Their most special quality is within their CVC noise cancellation feature that runs on 12.5 hours of battery. Although Anker’s bluetooth headphones have amazing qualities, a headphone can’t be rated without mentioning their sound. With that, Anker provides a quality sound with it’s ample bass, that will allow users to really capture a feel for their music. 

Anker PowerLine + Lightning Cable with Pouch

2017 gift guide

The charging cable for many apple products, including the new iPhone X to the iPod touch. The product is named the lightning cable simply due to their fast speed charge, due to their wide diameter wires and minimized cord resistance. Like many of Anker’s products, the lightning cable is durable. The cable is 5x more durable than other original products also. The product’s performance remained constant, no matter how many times the cable has been bent. The 3ft toughest and fastest cable product comes in black, grey, white, red, and blue. 

Anker PowerCore Portable Charger

2017 gift guide

The Anker powercore ultra-compact 10000mAh portable charger is designed to be smaller than a candy bar. Their unique cut ridged-surface brings a new experience to users, allowing a precise grip to the charger. The surface is also intended to avoid smudges so the product is looking presentable always. This includes an output temperature control, high voltage protection, current regulation, and more. Their most distinctive feature is within their 8-light led sensor to detect the power percentage on the charger. One of Anker’s most unique product and a good choice for the 2017 Gift Guide.

Mikol Marble Notebook

2017 gift guide

For writers, sketch artists, or simply anyone, Mikol provides an attractive notebook for a gift. The Mikol notebooks offer a Carrara white and the Nero Marquina style, made of 100% real natural stone from Spain. With this, their brand name is engraved in gold on the front. This can be altered by an additional $25 for a word of your choice engraved below. The notebook contains 180 pages of cream colored paper, while each section is divided up by a variety of different types of styles. One section of the notebook provided lined pages, the next a grid, and the last section, blank pages. A quality notebook for all types of talents.

Sudio AB

2017 gift guide

Headphones are an essential asset due to the digital age, Sudio AB are as aesthetically pleasing as it is practical. The wireless headphones are lightweight, easy to use, and are perfect for entrepreneurs who desire functionally and beautifully designed products. Tres headphones are ideally for office use, with the 9-hour battery life and quick charge capability. The packaging is simplistic and mirrors Apple’s minimal designs. The headphones themselves come in neutral colors with an accent of black, gold, or rose gold that appears more like pink in person. Different size ear comforters allow fit for a variety of users, although long term wear can leave the ear a bit sore.

 

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