One survey says more than 62% of millennials think about starting their own business, while 72% think startups and entrepreneurs are a necessary part of the economy when it comes to creating jobs and driving innovation.
Because millennials came to age in the tech generation, many of them have great ideas. They are turning these ideas into startup companies.
Some start companies right out of college, others while in college, and some are even dropping out of college to start the company of their dreams.
We’ve also found that some millennials are working for startups right out of college, and that inspires them to turn their ideas into new businesses just a few years into their work careers.
All of these possibilities create a conundrum when it comes to leadership.
How does a millennial founder with no management experience hire and lead a team? How do millennial startup founders transition to leaders?
In this article, we look at how you set up a long-term hiring and growth training program for the millennial leader to get the right skill-set and knowledge to lead.
Analyzing Your Skill Set
An effective leader is vital to the success of your business.
So, the first thing startup-founders-turned-leaders need to do is analyze their skill-set. Do you have the know-how to hire a team? Do you know how to be an effective leader?
While for some the basic skills are intuitive, others may have no idea.
For millennials turned leaders, it’s a good idea to analyze your performance in specific areas of leadership. You want to really think about whether or not you have the right management tools and skills to be an effective leader. Get someone to help you. You can also find various quizzes online.
Once you’ve uncovered your leadership weaknesses, it’s time to get the knowledge.
How to Get the Right Training
There are many ways to get leadership training.
Take a college-level class.
Attend an online class.
Take a seminar.
Find conferences to attend on startup leadership and leadership skills.
Read books.
Find a coach. Look to your investors for some coaching advice. They may be willing to help, or they may know where you can find help.
You want to read and study everything you can on good leadership skills. Learn how to hire, build, and retain a top notch team.
Put a Growth Training Plan into Place
It’s also a good idea to make a leadership training plan. Just as you create an on-boarding and ongoing training program for staff, you would put one together for leadership.
Lifelong learners have the best success at leadership.
How the Founders Knowledge Affects the Company
Millennial founders usually have much to learn about leadership, especially when they’ve never led a business before.
By putting a growth training plan into action, millennial finders will find their startups better poised for success.
While startup founders need a good business idea, it’s hard to put it into action without a good team. And good teams are led by strong leaders who have people and leadership skills. These are very important learned attributes for the company’s success.
Final Thoughts
Millennials are often thought to be the future of small business in America. They have a wide-open path in front of them if they take the time to properly transition into leaders.
By taking some of the tips here, studying, embracing change, encouraging business innovation, looking to others for leadership advice, and making an effort to always be learning, today’s millennials will turn into the leaders of tomorrow.