Recap of #MillennialTalk Twitter Chat – January 21 on Entrepreneurship

January 22, 2014

Last night #MillennialTalk, a popular new Twitter Chat for Millennials literally blew up the Twitter feed with almost 200 participants actively engaging with us about Entrepreneurship. It was an inspiring and really informative chat with 21 year old author, Tedx speaker and entrepreneur Jeet Banerjee.

We also had The Bite Group sharing their findings from their Millennial Index Research Report. They gave us some valuable information about Millennials digital usage.

Because our chats move at such rapid fire pace, we have had many tweeps asking us for the transcripts of our chats.

Here are the questions from last night’s chat:

Q1. @TheJeetBanerjee Jeet you speak about being an Entrepreneur w/ no money. How is this possible?

A1. You have to think outside the box. There are always ways to get your dreams off the ground without money. For example – you can borrow money, raise money or find an alternative to money. I sold websites without having my own. If you can’t figure it out inside the box, get out of it. Most people accept defeat in the box.

Q2. @thejeetbanerjee What are the first steps to getting started as an entrepreneur?

A3. Hard to teach, easier to show. Just do something. A billion dollar idea is worth $0 if it’s an idea. Action is the key to success. You may make mistakes, hit roadblocks and even fail. At least you will be closer to success. Action is key! I think plans are overrated. You make a plan when you try & learn on the go. Plans waste time.

Q3. @TheJeetBanerjee Why is it so important today for #Millennials to build their own brand identity for the workplace?

A3. Good grades, fancy degree and some experience makes you like everyone else. Employers want more. If you really want to be successful and have an amazing career, you need to separate yourself from others. What qualities, skills or assets do you possess that helps the business but isn’t easily found? Plans slow people down. You waste time, you must take action to find direction.

Q4. @TheJeetBanerjee How did you go about building your personal brand?

A4. Shared things as they happened, which attracted people to me. Leveraged my youth and ambition together. Started a blog, which allows people to connect. Networked like hell in-person and online. Branding to me is what you want people to know about you and how you show them. Blogs paint a voice to the face.

Q5. @TheJeetBanerjee Let’s talk about the job market. How do you think un-employment rate’s influencing millennials to create their professional future?

A5. Unemployment forces millennials to think on their feet. Society says go to school, graduate and get a job. Unfortunately, things have changed. Nothing is guaranteed. Stop feeling entitled and think realistically. It’s making millennials do things they’ve never done. Good bc better entrepreneurs and members of society.

Q6. @TheJeetBanerjee Is there a particular job market that would be smart for Millennials to tap into?

A6. Apps/technology, but I don’t think you should tap into a market. You end up chasing paper, not passion. Find your LOVE!

Q7. @TheJeetBanerjee How did you define your target market when starting your business?

A7. Lots of testing. Instead of guessing, I shared my product with different target markets. Let the CUSTOMERS decide! Find your customers, ask them what they love/hate. Write it down and see if there’s opportunity!

Q8. @BiteGlobal What advice do you have for entrepreneurs targeting Millennials specifically?

A8. With 80M millennials in the US, understanding the similarities & differences among different subsets of this group is key. Analyzing online behaviors of 2000+ millennials, we found 5 distinct personas. Example, 23% are ‘Digital Window Shoppers’ – strongly influenced by peers online but have less influence on other. 15% are ‘highly engaged online & ‘born leaders’ especially on Facebook. See all 5 personas http://bit.ly/1e7XFJY

Q9. @BiteGlobal Interesting! So does age matter?

A9. Yes! Millennials are people ages 11-31, so there are huge differences between needs, wants & online behaviors. We’ve found that millennials ages 17-22 spend more time on @YouTube than millennials ages 23-32. But millennials ages 22-32 tend to be more engaged & influential in online communities.

Q10. @BiteGlobal Overall, what’s the biggest mistake we can make when targeting millennials?

A10. Basing your marketing on the many ‘millennial myths’ circulating the web! We hear things all the time i.e. ‘Millennials are glued to smartphones & Twitter 24/7” w/ no research to back it up. So we identified the most common & busted them w/ real research so they won’t trip you up http://bit.ly/KtgOMr .