As we grow older, we begin to realize that what we learned in college is different than what our experiences have taught us. The current economic climate has made it a very difficult time for millennial tech entrepreneurs, as many of them are facing hard times and the process of getting their businesses off the ground has proven to be a little harder than they originally thought. Despite the difficulties and setbacks many entrepreneurs will undoubtedly face, we have to learn that technology is the future and we have to invest in that.
We have come a long way because of technology and it has helped us to make leaps and bounds, both in our lives and our working environments. Due to the high rates on college loans and the low chances of employment post graduation, many millennials are seeking alternative careers. We no longer find enjoyment in working for someone else. Many people in our generation are looking forward to starting their own businesses, particularly in the tech fields.
The key to starting your own business (aside from having a great idea) comes in creating a business environment that will foster your business and help it grow. One of the most competitive environments to build your business is New York City. This vibrant and diverse city has seen many companies come and go. The competition usually brings out the best in people and it allows for better products. Here are the 10 reasons why New York City makes the best environment for millennial tech entrepreneurs.
There is a constant onslaught of fierce competition.
New York City waits for no one -- if you're not going to do it, someone else will. There is a constant influx of people who are ready to fill a void in whatever industry you choose. This means that if you are not on your A game at all times, there's a high probability that someone will just swoop in and take your spot. This fierce competition truly brings out the best in people and will force you to work your hardest at all times.
Not only do you want to work your hardest, but the fierce competition forces you to survive and to think outside the box. If you want to be successful, you need to stay ahead of the curve and keep your product or service fresh and original. If you ever find yourself behind the curve, it's time you either work harder or try a new industry.
You never know who you're going to meet.
So you think you have a great product or service and you have spent countless days developing a plan in order to get your company off the ground. No matter how old you are and what stage your company is at, you can always use some help. There is nothing like walking on the concrete streets of New York and running into random people.
You never know who you will run into in this city, a simple conversation with a random person can drastically change the direction of your company. There are people out there who are willing to help you out. With all these people concentrated in one area, the chances of you meeting someone that can help your company are really high. Now this doesn't mean that they are going to provide you with a map on how to succeed, but they may be able to provide you helpful information based on their past experiences.
The diverse city allows for the development of products and services for niche markets.
The diversity of New York City can prove to be quite advantageous to any entrepreneur who wishes to make the best out of any opportunity given to them. It is very important that you use New York's diversity to your advantage when it comes to starting a company. Because New York City is the capital of the world, it brings together all kinds of people from the far corners of the world.
All of these different people in one central location should provide the best setting for your company, as there is a plethora of target markets for your product or service. Due to the diversity of NYC, you are exposed to a myriad of niche markets that can potentially prove to be the target market for your product or service, which shows that there are opportunities to make money anywhere, so long as you know how to take advantage of the opportunities.
There are plenty of events in your field.
Some young entrepreneurs may feel intimidated entering a certain field because of their lack of experience running a business and overall knowledge in the particular field. New York City allows for any entrepreneur to seek insight in their respective fields with the constant events that they have.
If you are interested in a certain industry, there are many events that you can attend in order to gain knowledge and insight in your respective field. At these events, you will meet people who have gone through similar experiences as well as people who are quite knowledgeable in your field. Take advantage of these events and learn as much as you can.
Ideas are easily traded and expanded upon in such a diverse city.
Just because something seems extremely difficult to you does not mean that someone else hasn't found a solution to the problem at hand. All you may have needed to solve the problem is a different form of thinking. Meeting people of different backgrounds is the perfect way to expand your mind.
These different people will provide you with a broad spectrum of ideas that you can use creatively to help come up with solutions to issues you may face as a young entrepreneur. Be open to people's thoughts and criticisms, as they may be able to see a helpful detail that you may have overlooked.
New York will push you to your limits and you will fail, but it's all about what you do after you fail.
College will not teach you everything you need to know for the real world. Actually, it is very rare for an individual to leave college and feel as if they are fully prepared to take on the real world. Your experiences are your best teacher.
No experience can teach someone a valuable lesson quite like failure. Failures are a part of life and it is important to know that in New York, you will fail because you are constantly competing with the best of the best. Learning how to deal with these failures and developing thick skin will be crucial in moving forward. Know that there will always be other opportunities if at first you don't succeed.
There is always a second chance out there somewhere, you just have to find it.
Congrats, your first company failed; you have no more money and you are contemplating what to do with your life. Nothing takes it out of you quite like failing at something you were truly passionate about. This happens and it is only a part of life.
Fortunately for you, you are living in New York and just because one door closes doesn't mean that another one hasn't opened up. If you are able to look past your failures and not dwell on them, then you will see that there are plenty of second chances. Take the experiences you accrued from your prior business and incorporate them into your next venture.
It is probable that you will meet like-minded individuals.
One of the hardest problems about being a millennial entrepreneur is that you feel that you cannot find like-minded individuals that are around your age with similar interests. Well, things are just different in New York and there are plenty of motivated people around you. You are not the only young entrepreneur who has a big idea.
You no longer have to work at a company full of old and married individuals who are way past their primes and have established careers. New York brings out the best in people and as long as you have a good idea, your age shouldn't matter. You will find out that meeting like-minded individuals with similar interests is much easier than you think.
Wall St. is more open to financing your idea than you think.
In order for you to get your company off the ground, you will need a solid customer base and a good means of getting your product to your customers. In order to develop and expand your business, you will need financing. Fortunately for you, many investors are becoming more and more interested in investing in tech startups.
No industry is secure these days and with the current volatile market, many people on Wall St. are looking for alternative ways to make money. They are even open to investing in young companies with the hopes of scoring huge bucks on their investments. You can play this to your advantage, as investors these days will listen to you if your idea has some kind of potential.
New York will test you, but if you can make it here, you can make it anywhere.
NYC is the ultimate test for any entrepreneur. The experience here is not like any other and it really takes a thick-skinned individual to make it in such a fierce and competitive market. This concrete jungle will put you through the worst in order to see if you are worthy enough to make it anywhere. It is your job to stay on task and to keep yourself motivated.
New York will throw everything at you to make sure your idea doesn't work. You can't be easily discouraged because, you are only proving that you are not cut out for this type of work. Make sure you stay true to yourself and keep yourself motivated. If you make it in this highly competitive environment, you can make it anywhere in the world.