young entrepreneurs leading his team

The Ultimate Guide for Young Entrepreneurs

Entrepreneurship is increasing in popularity as a career choice, with a burgeoning number of individuals selecting to become entrepreneurs annually. Many of these budding young entrepreneurs are young people who do not want to live the lifestyles of their parents and grandparents. Instead, these young dreamers want to be working for themselves, so that they can select their working hours. Another important reason for this form of career – some people disdain reporting to a boss. These are individuals, creative and dreamers. Yet entrepreneurship comes with its own special challenges. Are you a young businessperson looking for business success? This article is your ultimate guide to providing you with the knowledge to successfully begin and scale your business.

Is there such a thing as too soon?

This is a question many ask – how soon is too soon? In other words, this question relates to the issue of how much experience a young person should have to be successful. The answer, however, is not that straightforward. There is not such a factor as age – everything depends on the individual. In other words, you can have a teen who starts up and makes a success of an enterprise. Then again, you might have a middle-aged man who starts late and builds a strong business. Everything depends on the person.

Some but not all believe that young people should attend university. Again, this depends on the individual. Broadly speaking, younger people can grasp entrepreneurial concepts, and might want to experiment with these. The key, however, is that you need to be ready. Therefore, don’t rush into something you can’t handle. If your time is later in life, that is perfectly acceptable. You need the confidence that you are able to make a success of a business. If this means you need a degree, attain that degree to help build your confidence. Others might want some work experience with the goal of getting to know how business structures work.

group of young entrepreneurs working around a table

Sharpen your entrepreneurial skills

An entrepreneurial life can be challenging, especially when you are starting out. Yet, there are some traits that enable better adaptation. These are also traits that can be learned and improved on.

Be creative:

Creative here means being innovative, coming up with new and innovative solutions to problems. Therefore, firstly set up a creative atmosphere. Refer to Google and their extraordinary and unusual workspace designs which aim to motivate their workforce. Here an open plan works to inspire collaboration. The rationale is that people who work together should be together. Common areas should be found nearby the team members’ workstations.

At Google they follow the ‘150 feet from food rule’. We love the idea of placing people near coffee bars or lounge areas. Other ideas to boost your creativity would be to have a brainstorming wall, letting individuals shine by encouraging individuality. You could also collaborate with others to keep the ideas flowing.

young entrepreneurs

Flexibility:

Problems and challenges are nothing new, especially not in business. You need to be agile enough to deal with change and find solutions to adapt. To help you stay flexible, don’t lose focus on your core values. These common values brought you all together and were the reason for starting the business. Also, stay open-minded; be optimistic; remain calm; plan ahead and work on your skill set. Moreover, a good support network can help – there are many Facebook groups you can join. One we recommend is Grow Your 6 Figure Business and Work Less.

Organization:

Not everyone is super organized. Some of us need some help. Nevertheless, being organized is key to success. There are apps you can use to remind you of your tasks, such as Trello. If you scale your business to a certain point, you might want to consider hiring a personal virtual assistant to help you.

Interpersonal skills:

Being an entrepreneur involves networking. But also having good interpersonal skills is important. Therefore, you need a positive outlook, controlling your emotions while still having empathy with others. Also, seek the good in others − you may well need them one day. Don’t forget to be assertive, and exercise active listening.

Having a great business idea:

First rule for success – don’t start a company that is going to fail. Instead, consider your ideas carefully; talk about these ideas, and take advice. Of all your ideas, one might stand out and be worth exploring. You can look at the competition, or which industries are doing well. For instance, since the start of the Covid-19 pandemic the eCommerce business has been blooming. This trend is not going to reverse − rather, it is set to grow exponentially. As such, you might want to go into Amazon FBA trading, where you can make millions with a very small number of workers. Your idea might not be unique; however, do ensure that there are some original elements to it so that it differs from the competition. The last thing you want is to be the Pepsi’s of the world trying to get market share from Coke. Therefore, brainstorm to gain some great ideas and get started.

Time Management For Entrepreneurs

Know your target audience:

It’s great to have an idea which you can use to provide a product or a service. However, who is going to buy your goods? You need to know your target audience or the market you want the product or service to supply. If no one buys your product or uses your service, your business is doomed. Therefore, get a good idea of your potential clients. Develop personas before grouping them and understanding their needs. Keep this info at hand when you start marketing your product on the various digital platforms, since you will then be addressing your audience.

Research your competition:

It is generally a good idea to know what your competition is up to. Do not blatantly copy them – supercharge your efforts! Do this by gaining an edge over your competitors.

Access mentorship:

If you feel your age is a concern, do reach out to a mentor. Ask a wise, experienced person questions, gaining valuable insights into how to build yourself and your skills. This will put you on the right track. More so, even if you have been an entrepreneur for a while, having a mentor will allow you to learn so much more. You can use such information to improve your business, and save you time.

Write a detailed business plan:

One of the key elements of success is writing up comprehensive business plans. Such writing demands literacy skills. But why are meticulous business plans so indispensable? Firstly, they offer you a structure to refer back to should you feel disorganized about anything that you have planned. Secondly, a business plan assists you to make choices and to consider what you may not have thought of. Thirdly, lenders will see your business plan if you apply for loans − whether or not you get your loan may depend greatly on your business plan.

Network with your peers:

It can be tempting to detach yourself from other young fellow entrepreneurs. However, this is not a good idea. Since colleagues and peers can help you deal with stress. Also they could be your future partners, helping you make improvements to your business plan.

Invest in a sturdy brand identity:

Whatever business you are in, you are bound to have many competitors. One way to be noticeable is through a solid brand identity. Potential customers should be able to recognize your logo and business colors at a glance. Make sure your brand identity aligns with what your brand stands for and is an authentic representation of what you do.

Market your company the right way:

Once you have the whole plan in order, it is time to start marketing your company. As much as this may seem like a ‘fun’ step, this time can also be very tense. It may be the first time the public is seeing and networking with your brand. To gain an idea of consumer response to your offering, you may want to participate in some market research before fully launching your business marketing campaign.

Assign time for learning and developing:

In the world of business, aspects are always shifting! It would certainly assist you to keep your ear to the ground and be aware of contemporary trends, current legislation and laws. This will permit you to change your business if needs be. The COVID-19 pandemic is a great example of this. Those businesses incapable of adjusting had no option but to close.

Closing remark

Never fall into the trap of assuming that you have full command of all aspects of business. There is always more to assimilate. The better you are educated, the more value you add to your company. These days there are so many free and easily reached resources that will assist you to become a successful and knowledgeable entrepreneur. Therefore be prudent: absorb every bit of data available!

The Ultimate Outsourcing Guide:

15987
Aristo Sourcing Dark Yellow

Looking to Build a Remote Team?

Get FREE Consultation.

Scroll to Top