How to become a young entrepreneur
I am a young entrepreneur, and I will like to share with you in this post how to become one.No matter what age you are, succeeding in business requires the same thing.
Those who want to become a young entrepreneurs have an abundance of choices in today’s world than before.
With the advent of the internet, the possibilities for young entrepreneurs are enormous. Thousands of bright young people already earning substantial incomes will get through college and university financially stable and with the added advantage of knowing how to run a business effectively.
A young aspiring entrepreneur should do a lot of things to attain business success. Here are just six of those basic things that one should prioritize to become a young entrepreneur in the future.
How to become a young entrepreneur
1.Consider the Business you will like to Start and your Available Market and Competition
You cannot start a business unless you know what it is you want to offer people. Are you going to sell a service or a product? How many other people are out there selling the same thing you are?
Remember, competition is not always a bad thing! How many people require what you have to offer?
These are all things that you need to take into consideration when considering going into business for yourself.
2.Determine your Start-Up Cost and Future Expenses
As someone aspiring to become not just an entrepreneur but successful in the future, you should consider your start-up cost.
Are you going to use investors to source funds, or will you fund the business yourself?
Don’t bite off more than you can chew. Depending on what your plans are, things can be really expensive or really cheap.
With big risk comes a big reward, but high debt (especially at a young age) could ruin your entrepreneurial endeavours in a heartbeat.
It’s a great idea to write out what money you want to put, where and how much you’ll spend weekly to keep things going.
If your cash flow is not in working order, your business is over before it even started!
3.Be physically and mentally prepared
Entrepreneurship is not an easy task (speaking from experience).
Don’t expect to wake up one morning with customers knocking at your door with cash in hand.
It’s mentally and physically draining and requires a lot of work and persistence.
Create your rock-solid idea and go with it. Make it work, and don’t let anyone stop you from being successful.
This is what separates the successful entrepreneur from the unsuccessful one!
No one can stop someone who has a dream, passion, determination, and a burning desire! Remember this inside and outside of your business.
4.Learn how to network
Honestly, this should have been number one. The only reason I am where I am today is because of the wonderful people I’ve come in contact with.
Don’t get me wrong, I got no easy rides or anything handed to me, and you shouldn’t expect that either.
But, you’d be surprised who you can meet through other people, and who those people have connections with and what they can do for you.
Never be afraid to talk with someone new!
Please introduce yourself and talk to them with a posture that tells them this kid means business! You never know. The person you’re talking to could be your ticket to exploding your business beyond belief!
Attend business networking events, meet with new people, and tell them what you do.
Stay in contact with anyone you know that can contribute to the success of your business or will be a potential customer in the future.
5.Have a mentor
Being new in business, young entrepreneurs will need guidance in keeping records, paying bills, paying taxes, applying for necessary permits, and other technicalities in running a business.
Mentors or people who have more experience can also help in terms of how to get financing.
As a young online entrepreneur, I have mentors who I follow and learn from every day. You, too, should have more than one.
6.Take Good Care of your Health
It would help if you never played with your health in the name of running a business. You must have heard of the popular saying that health is wealth. It is obviously true!
Taking care of one’s health by eating on time, exercising, and sleeping well is equally important as one’s other resources.
Being healthy will help one more, especially in times when perseverance is needed.
While many success stories of young entrepreneurs who survived on instant noodles while working on their fledgling business ventures, one doesn’t need to do the same.
This is, in a nutshell, what it’s going to take you and your entrepreneurial dream to the top! Follow these tips, and I guarantee you success.
I’ll see you at the top!