Millennial Entrepreneurs are FUCKED - Marc Augustine Blog
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Millennial Entrepreneurs are FUCKED

Before any blog post, I tend to do some research. I generally start with my ideas jotted down into points and as I write and expand on my ideas I go into some research to get some statistics and to get a deeper understanding of various parts of the general topic I want to cover. The research I did for this post through me for a loop and this is why I am writing it like this.

Who are Millennials?

Everyone born from the year 1981 – 1996 are generally consider millennials and some researchers even consider people born in the early 2000s Millenials. What surprised me (I may just be ignorant) about this is that I thought I was too old to be considered a millennial, but basically is you are an 18-39-year-old Entrepreneur in 2020, YOU ARE FUCKED. Well, at least I think so. 🙂

4 Key Financial Facts about Millennials

  1. Millennials are plagued by the highest debt being serviced compared to other generations. This is largely due to high student loan debt.
  2. Millennial households dominate the ranks of US renters.
  3. Based on the most recent U.S. Census Bureau, the average millennial salary is less than $1000 a week.
  4. 58% of Millennials have less than $5000 in savings.

Millennials Grew Up Fast

Millennials became adults in a fast paste world, driven by ever-changing technology. We learn faster than all previous generations because information is readily available. We communicate with more people from different cultures because we grew up connected via social media. We have a wider range of life experiences because most people travel now than ever before. Credit was available to most of us from the time we became adult so we had more options.

If you have gotten this far, what you should have taken from this so far is that millennials may be a little behind financially but we have a much broader life experience than all previous generations. So………… how are millennial entrepreneurs fucked?

Millennials never experienced a Financial Crisis

The last time a serious economic downturn hit was 2008. The oldest millennial was 27 and the youngest was 3. My being at the upper echelon in age among millennials (I’m 37) I lived through that time as an adult. I actually bought my first house in 2007 so I am old enough to experience the boom in house prices, the financial crash and then the growth of the economy. Most millennial entrepreneurs have just been in business for the upswing of the economy and that has birthed many internet millionaires in the midst of a generation carrying trillions of dollars in debt. Most millennial entrepreneurs cannot fathom growing a business with limited or no credit. Many millennial internet entrepreneurs can’t imagine a world without “high ticket products” to sell. Most of us millennial entrepreneurs can’t think of a world where financing for a Lamborghini simply is not available without a very very high deposit.

The world that most of us Cannot Imagine Existing, IS HERE.

Are we All Fucked?

So I do not consider myself fucked. I am older than most millennials and I have done business through the last recession. In order to make money and grow your business through an economic crisis, there are a few things that you should be prepared for and I am putting many of these things in place.

  1. Lower expensive and rely a lot less on credit. Credit is going to become extremely difficult to get and some big credit lines will be cut.
  2. Solve specific problems for a specific client. Fewer people are going to be spending money on luxuries or speculations. Clients will be paying for things that they need and results. Frivolous spending is over. The business principle of “Demand and Supply” is much more important than “know how much you are worth”.
  3. Treat each client like gold. There are fewer clients in the market in most businesses now and they would expect more. Now is the time that you have to go extremely hard for your clients because they are trusting you with their money in a hard time.
  4. Outwork the competition. Business is a competition and every person has a choice of where to spend their money. Previous generations, in my opinion, tend to have a better work ethic than us millennials. The time that we grew up in has made us take certain things for granted. It is time to roll our sleeves up and work.
  5. Plan for the next growth in the economy. These financial ups and downs go in cycles. The increased pace of the world economy due to technology has reduced the time between these cycles. If you can grow your business in a crisis, at the end of the crisis, many of your competitors will be out of business. If you come out on top at the end of a crisis, you will have more money, more clients, more opportunities more assets and the leed you will at the end of this will be extraordinary.

Conclusion

If some of us millennial entrepreneurs learn from previous generations, learn to work hard, live on less, sacrifice luxuries and plan for the future, we will be some of the world’s business leaders at the end of this crisis. But if you noticed at the beginning of the paragraph I said “some”. The truth is, many millennial entrepreneurs are FUCKED and they are not going to keep things together, make necessary changes and come out at the other end of this ahead.

My personal goal is to be one of those Millennial Entrepreneurs that finds success and moves further ahead in this competition we call “Business” and I hope if you are reading this you accomplish the same.

Marc Augustine

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