Millennial Entrepreneurs Must Steer Clear of 'Quick Fix' Attitudes

10/20/2016 09:18 am ET Updated Oct 21, 2017

By, Molly McElwee

Millennials are the first digital native generation, profiting from our second nature relationship with essential tools like the Internet, social media and technology in general. Our experience coming of age in arguably the most fast paced and innovative business culture in history has given us the reputation of a generation in tune with consumers - as we are the largest group of consumers in the US at over 90 million. However, recent statistics highlighted by the WSJ point to a huge decline in young people becoming entrepreneurs, with an apparent 65% drop in under-30s starting their own businesses since the 1980s.

This instantaneity we have become accustomed to as a result of our online-centric lives may be what's holding us back in business, according to millennial spokesperson and lifestyle expert, Chelsea Krost.

'We're the "insta" generation, we expect everything now, quick, fast and convenient. That doesn't mean that your career or your success is going to be "insta",' she warns.

'If you're looking for a quick fix, you're not going to get one.'

Krost is a millennial expert with a huge online following including a weekly Twitter conversation, Millennial Talk, https://twitter.com/MillennialTalk which attracted over 45 million responses within an hour at its peak. Do not be fooled by her online fame though, as her reputation and career have taken years to build, 'I've been doing this for almost a decade and I'm only 25-years-old.

'People who have the notion of an overnight YouTube sensation success, that is such a small fraction of the world.'

So what is the winning business formula for millennial entrepreneurs, from someone who has conquered the radio, television and online world in such a specific target market; 'Really paying attention to multiple aspects of my umbrella in the media, and marketing, and millennial space.'

'You might start a foundation of a platform right now but three years later what technology just came out, or what social media channel just came out, or what happened in the world that you need to innovate your business, so that you... continue to stay relevant in your space.'

'That's how you will ultimately become a success.'