Gen Z’s secrets to successful entrepreneurship
This year, Gen Z has lit a fire in the entrepreneur space. These young minds are changing entrepreneurship as we knew it and creating businesses younger than we ever thought possible.
In fact, a recent report shows that 55% of Gen Z women want to become their own boss and 63% want to personally drive innovation. This major shift in the mindset of Gen Z is what is driving their impact and creating a diverse talent-pipeline of entrepreneurs.
We spoke with Anya DIllard, 17 year old CEO of The Next Gen Come Up, who unveiled some of her secrets behind successful entrepreneurship.
Here are Anya’s top five tips to running your own business as a GenZer.
1. Perfecting your business pitch
How you present your idea is everything. Your business pitch is the key to drawing in any attention for your business. Anyone can have a great idea, but getting people to actually listen to your idea -- that’s the real challenge.
The word “perfecting” may seem a little intimidating-- your pitch is never going to be perfect, in fact, it shouldn’t be. Your business pitch is always subject to change because the more you talk about your idea, the more you’re going to learn how others connect with it.
Perfecting your pitch isn’t about memorizing a speech or reading through a powerpoint, it’s about telling your story and understanding who you’re telling that story to. Knowing your audience is the key to selling your idea -- it should resonate with them the same way a song lyric gets stuck in your head.
2. Networking your way to the top
“The world of networking is so valuable when you understand how to make friends and make connections because you never know what could come your way” says Anya.
Networking is timeless. Whether you're 14 or 41, networking will always be the most important part of creating a business. But, the way we network is always changing -- and it’s changing for the better.
Social media is a tool that previous generations didn’t have the luxury of working with. Now, we can network on sites like LinkedIn and Instagram with just the click of a button. But don’t be fooled by how simple it may sound, networking requires time and trust. Building relationships with strangers is similar to making friends -- and no one wants to be friends with someone who never reaches out.
Take the time to reach out to anyone who’s willing to listen. Search on social media for people with similar interests and introduce them to your idea. But most importantly, once you make that connection -- don’t lose it! “Always keep your hand in the water because you never know what anyone is going to see and whether it reminds them of you” says Anya.
3. Pace yourself
Life moves quickly, and the business world moves even quicker. When you’re just getting started, running a business on your own can be a little overwhelming. But don’t forget that even the dog-eat-dog world of business is run by human beings. Don’t bite off more than you can chew, it’s important to move at your own pace, and in a manner that feels in your control. You’re not going to be Jeff Bezos overnight -- but you will get there one day if you stay organized and pace yourself.
4. Funding your idea
Hard truth: you have to put money into your business if you want it to grow.
This can be intimidating for GenZers as money is hard to come by at such a young age. “Funding is what plagues most GenZers who want to get into business but don’t really know where to start,” says Anya.
Working and saving funds is not a small feat. Dedicating a large amount of funds to an idea that you don’t know how it’s going to turn out yet can be a really terrifying thing -- but it is something any aspiring entrepreneur needs to be prepared for.
Not only having a plan, but also having a backup plan is a great resource for budgeting your project. “Risks in business are always guaranteed,” says Anya, but sometimes you need to be willing to take that risk.
5. Have the confidence to take risks
Confidence is the key to taking your business to the next level. Believing in yourself and your idea is the number one step to creating a successful business. If you are not confident in your idea, how can anyone else be?
“Instilling the confidence in yourself to take those risks and to reach out to people and say ‘Hey here’s my idea, you may hate it, but I think it’s pretty cool so you should listen to it anyway,’” says Anya, “Having the mindset really helps to eliminate a lot of the fear and speculation that a lot of GenZers have when thinking about starting their own business.”
There are always going to be reasons to doubt yourself and reasons to doubt your business, but having the confidence to take those risks and believe in your own idea is what will really set you apart from your competitors.
Want to learn more about what it takes to become a future CEO? Sign up for the Girls With Impact Academy -- a 10-week, live online entrepreneurship program that equips young women like you as tomorrow’s business leaders and innovators.
Take the risk, like Anya did… your future is waiting.