There is something about millennials that makes us a highly entrepreneurial generation. In entry #2 of YFM, businessman Tahir Murray and I will be talking about the opportunities that millennials are able to take advantage of to start their own business.
Tahir Murray (@mr.tradition) is a motivated Howard University student who has learned everything about the business industry from his father. Together, they have created a successful clothing line called “Tradition”. With this experience, Tahir is now in the process of launching his own project called “Legacy History Pride”.
Kira: Why do you think our generation is known for being the most entrepreneurial?
Tahir: I think it is because of our access to the internet and social media. It opens our eyes up to all of the possibilities that we can do with our talents. Before that (social media) we would just see people on tv. We would see actors, athletes and musicians. But now people are starting to learn how to monetize whatever they do, whether it be fashion, drawing or creating anything… People can start a business with the snap of a finger by creating an Instagram account. It is just a lot easier to create a business today.
Kira: There is also a big stereotype that our generation doesn’t want to work for our money and that we take the easy road. In general, some millennials would rather start their own business than work their way up in a company that is already successful. Do you think this is because our generation underestimates how much work it takes to start a business?
Tahir: I think millennials strive to start their own business rather than work for one so they (millennials) can be self-sufficient and independent. Not a lot of people our age wanna work that 9-5 life.
Kira: I agree… And social media is a big factor in business but now I’m wondering if technology makes it harder to compete in an industry because so many more millennials are taking advantage of these opportunities (technology) that makes starting a business easier. I guess my question is: Today it’s easy to start a business, but is it harder to become more successful?
Tahir: Good question. It’s hard because there is more competition. If you can differentiate yourself and show how your product is different than people next you, then that’s what makes the process easier. You have to showcase your story and your brand. But in some ways technology and social media can make a business successful. Like one simple retweet can really change your life. People go viral on twitter every single day and get jobs from twitter.
Tahir: Just like this guy who is an artist from Chicago, Kristopher Kites. He makes jewelry and has been doing it for a minute. And he was talking about how a shirt that he couldn’t sell 2 years ago is now sold out because Lebron James wore it and tagged him on Instagram. A situation like that can make developing a business, I guess, easy. It just viral marketing.
Kira: There’s a lot of older people who aren’t as motivated to start a business because they think it’s too late. What advantages do millennials have to being young and starting a business?
Tahir: I feel like most of us are in college or about to graduate. Compared to generation X, millennials don’t really have families or any incredible bills for real. In some ways we have more time and more freedom (to start a business). Especially just being at Howard University and being in an environment where so many people –
Kira: Wanna start their own shit (a business). Being on Howards campus there are plenty of young black entrepreneurs.
Tahir: My parents always told me “If you fail to plan, you plan to fail” and that’s been one of the biggest things to stick with me. You have to have plan and a purpose with everything that you do.
Some millennials start a businesses for financial freedom, some because they are passionate about their craft, and some because they want to live a certain lifestyle. You never know how amazing something will be until you try. And today, millennials are always taking advantage of the opportunity to be their own boss.