In old times, people used to buy a product based on the value it provided and if your product did that successfully, then your business was in for a good amount of success. That was the core point around which businesses at that time revolved. Fast forward to the millennial world and everything changes. Yes, the value of your product is still highly influential in the success of your business but it has stopped depending only on that one factor as things have now diversified.
Thriving in the millennial business environment is now more complex than it ever was as the businesses require much more to stay relevant, on top of which is the power and personal brand of the entrepreneur. Customers and investors alike want to have someone they can put their trust on, someone with expertise and someone who seems likely to handle the business successfully.
This is because of the highly changing environment of the volatile business world we inhabit today where disruptions continue to outpace and destroy those businesses who fail to adapt accordingly to the changing needs. The entrepreneur now should be able to have insights and knowledge to deal with such disruptions beforehand which make it possible to retain the facility of running the business successfully.
The only way to do that is indulge willfully into constant personal development to allow you stay abreast of all the changes that can affect your business. Here is a guideline on how to keep fostering personal development as an entrepreneur:
Developing cross-functional business networks
One of the most important skills one needs to have in this hyper-connected world is to build a great network that will allow the inflow of valuable and timely information that you can take advantage of.
Take efforts towards building those networks by joining business groups, going to conferences, talking to stakeholders and the like which will help you to not only have information but have an increased chance to initiate new partnerships and find investors.
Building a blog or a Podcast:
The relevance of your voice as an entrepreneur is influential in the success of your business as you have the potential to place yourself as an industry expert whose voice will be heard by interested segments of the market you serve and the general audience.
Having your own blog or personal podcast or even both is a huge part of your personal development in the millennial world as the entrepreneur needs to come out and voice his/her opinions to further strengthen the cause and value of the company and the services offered.
Having a weekly or a monthly scheduled post on your personal page will lead to increased interest and will lead clients towards your business in a more coherent manner. The power of becoming an Influencer has increased greatly in recent times.
Reading helps you expand your horizons and it stimulates your brain into understanding newer ideas that were previously off your radar. Most of the immensely successful entrepreneurs were voracious readers ranging from Bill Gates to Richard Branson.
Having a wide base of knowledge to tap into is a power that is becoming increasingly important for the 21st-century entrepreneur as new ways of making the business leaner, improving strategies and increasing ways through which you can manage your workforce better.
Your reading habits will also help you in making your personal skills like time management, productivity and focus better. It is advisable to read at least 12 books a year, which should create the perfect balance between business and personal knowledge.
Going for a degree program:
Despite your full-time engagement in your business, enrolling in a relevant degree program would be immensely beneficial to you cause as not only will it provide you with new formalized and structured techniques along with better technical expertise but it will also provide you access to a wide network of colleagues and valuable mentorship.
It would be really great if you could enroll in a program that improves on your existing skill or even better, develop cross-functional expertise in a domain you were previously unlettered to address. Taking out time and putting in effort in a degree program will benefit you in the long run and you can opt for an income-based repayment plan due to having a stable source of income for yourself avoiding the conventional student loan burden which acts as a huge turn off when going for a degree program.