This document provides four lessons for millennial entrepreneurs to ensure their success in business: 1) Form strategic partnerships to gain competitive advantages and stay afloat in turbulent markets rather than running businesses independently. 2) Focus on innovations that can partner with and enhance existing technologies rather than creating competitors. 3) Take full risks when investing and properly manage risks rather than making small business trials. 4) Think about solving problems for customers and global issues rather than focusing only on themselves.

1. BUSINESS
LESSONS FOR
MILLENNIAL
ENTREPRENEURS
by Andres Manuel Olivares Miranda

2. MILLENNIAL
ENTREPRENEURS
Entrepreneurship in the
millennial age is significantly
different from the previous
generations. Millennial
investments are highly
characterized by innovation,
strategic partnerships, and
enhanced competition.
Millennial entrepreneurs,
therefore, need to understand
fully how to run and survive in
the competitive market. Here
are four major tips for millennial
entrepreneurs that would ensure
their success.

3. THE ESSENCE OF
PARTNERSHIPS
The idea of a self-made and self-run business is
winding up. Millennial entrepreneurs should
understand the importance of forming strategic
partnerships and affiliations necessary to help keep
their businesses competitive. Millennials who run
their businesses independently are highly prone to
market turbulences including the high prospects of
lacking the required competitive advantage to
drive sales and stay afloat. Strategic partnerships
do not need to be complicated and can be
initiated by hiring external service providers to
provide essential services such as marketing and
human resources.

4. ENHANCED INNOVATION
The millennial business age is already characterized by heavy innovation
covering virtually every possible area. Rather than creating innovations to
compete with the already existing ones, entrepreneurs in the millennial age
need to think about creating innovations that could partner with already
existing ones to enhance their functionality.
Thinking outside the box as far as innovation is concerned helps such an
investor to remain competitive and relevant in the market. For example, rather
than creating a competitor to Microsoft, a millennial investor may think about
creating programs that can effectively enhance the functionality of
Microsoft’s products and tools.

5. GO FOR A RISK
HEADFIRST
It is impossible to be a successful
millennial entrepreneur without being a
risk taker. Millennial entrepreneurs,
therefore, need to abandon the concept
of making business trials and take the full
risk of investment. Taking a total risk and
performing proper due diligence of risk
management and prudential investment
can pay significantly in the event of a
success.

6. BE AN ACTIVE
PROBLEM SOLVER
Entrepreneurs who think about
themselves first when initiating
investments are bound to fail.
Millennial entrepreneurs need to
get out of the concept of
‘selfness’ in their investments
and think more about how they
can become problem solvers for
customers and global issues.
Investors who make innovations
around prominent global
challenges such as climate
change and global resource
utilization such as water and
energy flourish so well.