The Rich Are Getting Younger
Back in the old days, starting your own business was something that you did after you work for other people. These days, people are starting younger than ever. We now have tech-preneurs, student-preneurs, teen-preneurs, and if we count the girl scouts and their cookies, one can argue that we’ve even got kid-preneurs.
Jokes aside, I get more invitations these days to speak about entrepreneurship’s in universities and even high schools. And when I meet these youths, they are utilizing online tools to get their business soaring. Some of them are making way beyond a manager’s salary in terms of profits from their businesses. We are seeing organizations – like Young on Top – filled with young leaders and entrepreneurs.
GenY and GenZ are raised as a confident generation, encouraged to have big dreams, fed with messages like, “Yes, You Can!”, and convinced that success is measured in months rather than years. In the corporate world, we also see them aspiring to be at the top a lot faster and younger, with dreams to retire early.
What is it about the young generation that makes them more daring, gung-ho, and business savvy? Perhaps they just start with a “dream” and take action from the “gut.”
DREAM: Dare to Reach, Earn, and Aspire for More
GUT: Gave Up Thinking
Where previous generations tend to settle for what’s realistic and achievable, the youth start with a market opportunity and great optimism to go for it. They dare to reach for more and have a higher standard of wealth and lifestyle.
On the gut side, maybe it’s good that they don’t think too much before they take action. At least it gets the ball rolling and, as all entrepreneurs do, they rise and fall through the process. Some of them win big, and others keep striving for results.
If I, as a business coach, may give an advice for the young-preneurs – and for any business owner for that matter – is to keep in mind that results come from a process. And the correct execution of that process will ensure the achievement of the results. Many entrepreneurs are too results oriented wanting to quickly make money. They fail to map out the process of execution and the systems needed to coordinate and leverage their resources. Most businesses don’t get results, not because they don’t have a great plan. They don’t reach their results because their execution sucks.
Let’s go through some commonalities among businesses that execute well:
• They focus on one WIG – Wildly Important Goal. Focus is derived from the Latin root that implies one. When you have too much focus, technically you have a foci (plural form). In business, too many things to focus on means you are not focusing on anything at all.
• They act on lead measures, which means they have identified 2-3 key activities that will drive the achievement of the WIG. All the rest that is happening on a daily basis is just “stuff.” And although “stuff” must be taken care of, the team understands and quickly refocuses back on the lead measures as a key priority.
• They keep score. On a weekly/daily basis, they know their progress to achieving their WIG. They know whether or not they’re winning or losing. And corrective action can be made ASAP.
• They keep accountability. Using meeting rhythms, the team keeps each other accountable on their promises to make sure things progress forward.
At the end of the day, most businesses measure success by their numbers. Every number on your financial reports is created by a certain activity (or lack of activity) done by the team. Ensuring great execution ensures that you are doing the right activities to achieve your business results consistently.
Make it a great business and a great month ahead.
Coach Cynthia owns an ActionCOACH Business Coaching franchise that guides businesses to increase your business results with a proven 17-week guarantee. For a free business health check, go to www.acsj.co.id