Best Startup Tips for Young Entrepreneurs
Teenagers nowadays are very innovative. They come up with new ideas that would make a difference in in business world. These younger generation of entrepreneurs need only a break and guidance in order to pursue and develop their skills.
Are you one of them? If you are and you want to start a business in a right way, consider the following tips:
1. Have a Plan
The first thing you need to do is to have an objective and plan out everything, every step that you need to take in order for you ta achieve the goal you set. You should have a clear view of the path that you are going to take and and how are you going to take it.
An example successful young entrepreneur is Mollie Breault-Binaghi, an SBA Young Entrepreneur in 2011. She owns graphic design and printing businesses located at Vermont. She got the idea from her family and her boyfriend, then she studied the details and designed her business plan carefully. “When you’re going to be investing not only money but your time, you need to invest an equal amount of energy laying it out on paper before you jump in,” she said.
2. Be Serious About Your Passion
Mollie also added that aside from planning, you also need to be serious about it. “ And you have to be passionate about it. Otherwise it’s not worth doing. Owning your own business is not easy and it’s not going to make you rich quick. You’re going to be in it for the long haul, so it’s got to be something you love,” Mollie said.
You may encounter people that may try to stop you along the way but you have to stand your ground. Believe in your self and be proud that you are able to come up with new ideas and innovative ways. Prepare yourself and be ready for battle.
Here are some tips to strengthen your commitment:
- Work at it – Be prepared that you have to spend an enormous time on your business including the weekends.
- Educate yourself and take educated risks – There are lots of free business workshops and seminars. You should take advantage it. You can also see many webinars online. You have to educate yourself about new trends that may affect your business.
- Stick at it through adversity – You have to stick on your business plans no matter what.
- Identify what went wrong and learn from it – There is no perfect business plan. There are moments that make would make you feel down. You have to learn from it and make sure that it will not happen again.
3. Find a Startup Mentor
As a newbie, your ideas alone is not sufficient enough to make your business stronger. You have to ask some advise from other entrepreneurs who are more experienced that you. Mentors are not only good at advises but they could also give you a better networking. They could share their important contact and resources.
4. Surround Yourself with the Right People
It is also important that you surround yourself with the right people – people that could provide you things that you need to have in order to pursue. They may be experts from the industry, college professors or respected people in the community.
5. Put Yourself in Environments That Will Allow You to Grow
Make sure that you in a healthy working environment where you are allowed to grow and develop. “Putting yourself in an environment that causes you to be against the wall and maybe is a little uncomfortable, but being around it enough times you start to own it and you are to get a little bit more belief, in increments, in yourself and all that adds up to where you’re comfortable in your own shoes,” PHP Associates mentioned in their video for young entrepreneurs.
6. Don’t Be Flash With Cash
One way of showing your sincerity and dedication to your business is showing that you are able to manage the money and keep it flowing. You should make ways which could lower your expenses and costs. You should have other source of income aside from your business to lessen the risk and keeping the cash flow.
The use of technology would also help you in reducing the costs. Have an initiative in order to keep your business working. In marketing, you may utilize the social media to connect and introduce your product and services in larger audience.
7. Need Financing? – Do your Homework
As a young entrepreneur, managing your finances is one of the biggest challenge that you need face everyday. Looking for investors is a tough job considering that you do not have any other career history or credit history. In order to win an investor, you have to present a solid business plan, and show them that you have a strong sense of commitment. But there are other alternatives that you may take like microloans, bootstrapping, crowd-funding, peer-to-peer lending or borrowing from your family or friends.
8. Look Like a Pro
If you are serious about your business, you have to show them that you really are. Be at your best when you have to meet potential partners, inventors, mentors or even customers. “Remember, you might need to overcome some preconceived ideas about what teenagers are like, so be sure your looks and your language reflect the fact that you’re serious about your business,” said Adam Toren, a young entrepreneur. “When communicating through email, use spell check and keep slang and abbreviations to minimum. If you’re polite, professional and knowledgeable, your potential customers are sure to take you seriously,” he added.