Millennials already have a reputation for being entrepreneurial, techie and purposeful. That’s why it is not so surprising that a recent study from Bentley University indicated that two-thirds of Millennials, who were born between 1981 and 1996, today would like to launch their own business.

Here are 4 top tips for starting an effective and successful business:

Make a plan. As the saying goes, “failing to plan is planning to fail.” Millennial entrepreneurs must develop a business plan that covers all of the basics, such as business purpose and mission, finances and budgets, customers, the market for the product or service, pricing and more. This is critical for every generation, not just Millennials.
Find the funding for your business. How will you pay for start-up costs? Whether you are securing investors, loaning your business money from your savings or applying for grants, this is a critical step in launching a successful business. This is a critical component of your budget.
Share the news. Digital marketing can be a great boost, and should include a website and email list, social media outlets, digital campaigns and more designed to reach your audience. And word-of-mouth marketing is still an asset as well—let your friends, family and broader circle know what you are up to!
Connect with others. Join a business community or find a mentor who can provide honest and open feedback—and make sure you are open to hearing that input!

Launching a business can be a fun and creative endeavor as well as a challenging one. The more prepared Millennial entrepreneurs are, the more likely they will be to succeed in their chosen business!