Millennials are those hard-working, money making business people born anywhere from the early 80s up to the mid 90s. If you’re somewhere in your mid 20s to late 30s, you are a millennial and this business article is for you.
Do You Have What It Takes?
At this point in your life, you’ve probably already faced the decade old dilemma. Do you focus on having a family or furthering your career? You can try and do both, but most ultra successful CEOs will focus on their career before starting a family.
A life in the day of a CEO usually contains:
- Making huge corporate decisions to shape the future of your business.
- Setting long and short term goals (financial goals, ethical goals, productivity goals etc.)
- Deciding where to invest money, where to save money and how to put funds to good use.
- Creating business connection with other CEOs.
- Maintaining the company image publicly at all times, often putting their private life in the public eye.
As you can imagine, this is very draining but ultimately worth it. The pay cheque, the power, the prestige and the feeling that you’re really making a difference to the world are the driving forces behind many great CEOs.
You can say goodbye to conventional working hours and weekends where thoughts of work don’t even cross your mind. Being a CEO means putting your life into the business and its future.
Advice for Millennials
Whether you’re just starting to venture into the market as a new start-up, or slowly working your way up the corporate ladder as an employee, you need to take this advice for millennials!
Firstly, knowing when to invest and when to take a loan is essential. You need to be on top of your finances at all times, but more on that below.
You also need to create a board of directors and learn to delegate. Being CEO doesn’t mean you know everything – it means you know when something falls outside of your expertise and would be better off managed by an expert.
You may be in charge, but you can’t do every task that comes your way.
You also need to find a balance. As a millennial, you’re going to have grown up in an era of financial crisis in one way or another, but you’re also going to be far more competent with technology compared to previous generations. Use this to your advantage! Focus your business growth in a sustainable way, always creating a back up plan for if the markets crash. Use your technological savviness to your advantage and use it to beat the old-time business giants at their own game.
No two CEOs are the same. If you want to follow in the steps of Richard Branson, Mark Zucherberg and Elon Musk, you need to be have a unique edge that puts you and your company in front of the rest.
How to Manage Your Finances Like a CEO
It really doesn’t matter how revolutionary your start-up idea is if you can’t manage your finances properly. That doesn’t just mean managing your income and expenses.
Knowing when to invest money is important. You’ll also be faced with difficult decisions – firing people and even making entire departments redundant. Focus on the overall financial health of the business to make those tough choices.
Knowing when to merge companies, when to squash competitors and when to create strategic alliances isn’t going to happen over-night. Take advice from experts and make wise, informed decisions.
Loaning money out, taking loans yourself and knowing where to invest money for optimum business growth is a full time occupation.
Here at Mombo, our financial app allows you to do all of that in one place. Read more about our services for aspiring millennials here.