3 Money Lessons To Learn From Successful Millennial CEOs
Written by
Chris Ozarowski
Edited by
Amber Barkley
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As millennials get older — the youngest millennials are now 28, and the oldest 43 — many of them are replacing older generations as leaders at businesses nationwide. While the average CEO’s age is still around 54, millennials and even Gen Zers are entering the C-suite in droves as they climb the money-making ladder. In 2022, one-third of U.S. CEOs were under the age of 50, according to McKinsey & Company.
So what can millennial CEOs teach about money and business? Here are some tips based on some of their success stories.
Brian Chesky: Be Ready for the Long Haul
Brian Chesky, the co-founder and CEO of Airbnb, had to put a lot of time and effort into his company before it took off. One particular quote is commonly attributed to him: “Our ‘overnight’ success took 1,000 days.”
When Airbnb launched, it wasn’t an immediate hit. A year after starting, the website had only 100 visitors a day and just two daily bookings, Chesky told Startup Bell. He didn’t give up, though, because he saw the potential in his idea.
If you’re starting a business, investing or saving, growth might be slow at first. Don’t get discouraged by slow progress. Keep working toward your goals, and over time, you’ll see the results of your hard work.
Bonus Lesson: Build Something People Love
When it comes to business, one more thing to learn from Chesky, as he said in an interview posted on X, is something that was shared with him by his Y Combinator mentor, Paul Graham: “Build something 100 people love, not something 1 million people kind of like.”
The idea is that if you can make 100 people passionate about your product or idea, they can become advocates for you. They’ll then tell their friends and family about it, allowing you to reach many more people.
Focusing on a target audience that you know and understand allows you to tailor your marketing and services accordingly — making sure your audience has a great experience. Figuring out your niche and solving the real problems of that niche can be a successful way to build a great business.
Mark Zuckerberg: Focus On Getting Something Done
Mark Zuckerberg, the founder and CEO of Facebook, offered his own advice on getting started: “I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress.”
Sometimes, when trying to make a change or set goals, people can get overwhelmed by everything they need to do and end up procrastinating. Start with the simple steps.
If you’re trying to be better with money, for example, set up a budget and open a savings account. Then figure out what simple tasks you can do right away that will improve your situation. By handling the easy things first, you build the momentum and confidence you’ll need to take on bigger challenges later.
“You are better off trying something and having it not work and learning from that than not doing anything at all,” Zuckerberg said. If you have an idea for a business or side hustle that doesn’t involve a lot of risk, then try doing it. As long as you don’t need to put in a lot of money, you don’t need to worry if it doesn’t work out.
You might need to put some work into a bunch of different ideas before something really sticks, but if things don’t go as planned, you’ll still gain valuable experience that you can apply to future ventures.
Patrick Collison: Pessimism Can Keep You From Your Goals
Patrick Collison, the co-founder and CEO of Stripe, has some thoughts on optimism and originality. He quoted Nat Friedman, another CEO, in a post on X: “Pessimists sound smart. Optimists make money.”
While figuring out how an idea or business might go sideways can be a good exercise, it’s useful only if you then actively take steps to prevent that from happening. Otherwise, pessimism can just keep you from actually trying to do something. It’s easy to find excuses for why it isn’t worth it to actually try an idea.
Knowing that it’s possible to achieve your financial goals can motivate you to take action. Optimism can encourage you to invest, save and plan for the future. While it’s important to be realistic, focusing on positive outcomes can lead to better financial health.
Bonus Lesson: Be Creative
In an episode of “The Tim Ferriss Show” podcast, Collison said, “If people around you don’t think what you’re doing is a bit strange, maybe it’s not strange enough.”
Original ideas can lead to new innovative businesses. Don’t be afraid to think outside the box. It’s important to research and understand any new approach, but if you embrace originality, it can be rewarding.
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