Oberlo reports that 15.6 % of the American adult population was entrepreneurs in 2018. Almost everyone dreams of launching their own company these days, so you are never too young to become a business owner. However, the transition to the world of entrepreneurship can be intimidating for a young entrepreneur. This is especially true when you consider how many startups fail yearly.
Nevertheless, there are several things you can do to boost your likelihood of success significantly in this competitive business environment. Here are some top tips to help you start strong as a young entrepreneur.
First, What Is An Entrepreneur?
According to the dictionary, an entrepreneur is a person who organizes and operates a business or business, taking on greater than normal financial risks in order to do so. Most see a need in the marketplace and find a way to fulfill that need. The fulfillment can be in products or services.
Buy an Existing Business as a Young Entrepreneur
Many young entrepreneurs typically struggle a lot at the beginning of their ventures. This reality is because they have to promote themselves, acquire customers, and stay on top of cash flow, among others, to remain relevant and competitive.
However, you can eliminate the struggle inherent in starting a small business from scratch by acquiring an already-existing one to enjoy many advantages.
For instance, buying a dental practice instead of building one from scratch will give you an instant number of clients. This way, you can get right to work without spending too much time building a market presence from nothing and convincing potential clients of your worth.
You can also leverage the experience of existing employees and obtain finance more easily when you purchase an established business.
Be Adaptable and Grow into Entrepreneurship
Successful companies create innovative products as markets evolve, so you may need to fine-tune your products and services to better suit your patrons’ needs. Therefore, always be conscious of adaptability and gradual growth by altering your approach to meet new demands.
Companies that lack adaptability soon fade away, and Nokia is a prime example. At its peak in 2007, Nokia controlled 51% of the global market share in mobile phones. However, failure to adapt and other factors resulted in the smartphone giant controlling less than 5% of the market in 2013.
As such, be willing to learn more about your industry and its changing technologies through books, workshops, professional development courses, and college programs to constantly improve your business plan. This will help leverage you as a young entrepreneur.Therefore, always be conscious of adaptability and gradual growth by altering your approach to meet new demands. #enterpreneurship Click To Tweet
Find a Mentor for Young Entrepreneurs
There is no denying that youth and inexperience go hand in hand. Therefore, you will likely not be a master of several skills necessary to run a business properly. Consequently, many business experts advise against going solo and making all the big business decisions on your own. It would help to have a reliable mentor as a young entrepreneur to enjoy some guidance.
Mentors have walked the path you are finding your feet on. Hence, they have the necessary knowledge and experience to provide insights. These insights can help you be a better entrepreneur.
Also, you can learn from their mistakes and avoid making them for yourself, helping your company grow more quickly and effectively.
Build a Solid Network
Networking is key to successful entrepreneurship, so keep this in mind. Indeed, the broader your network, the more chances you have to meet investors, mentors, and future partners.
You can make new connections by attending industry events, meeting local business owners, and joining local groups.
However, networking needn’t always be in a professional setting; just getting to know your peers personally can be a good foundation for a professional working relationship.
Have No Fear as a Young Entrepreneur – Start Over!
At least 20% of all new businesses fail within the first year and 45% in the first 5 years. If you find yourself in that bracket, it’s easier to start over as a young entrepreneur. You will have learned many great lessons and your chances of success increase each time.
Did you know Elon Musk experience failure early on? PayPal was bought out by eBay and he lost all his money for SpaceX from multiple rocket explosions.
Another example of failure was James Dyson. It took him 5,127 different prototypes over 15 years before he had a vacuum he could pitch to British retailers, which was rejected. He finally had his vacuum put in Japan catalog on his way to success after many failures.
Perhaps the most known failure was Thomas Edison. It took him over 1,000 tries before inventing the light bulb. Imagine, doing something over 1,000 times and failing? His teachers said he was too stupid to learn and he was fired from his first 2 jobs.
Thankfully, he succeeded in inventing the light bulb after 1,000 tries.It took 5,127 different prototypes over 15 years before Dyson had a vacuum he could pitch to British retailers, which was rejected. #entrepreneurs Click To Tweet
Were you a young entrepreneur when you started your business? Would you like to become one? I’d love to hear more about it in the comments below.
An entrepreneur is a person who organizes and operates a business or business, taking on greater than normal financial risks in order to do so.
20% fail in the first year and 45% fail within the first 5 years.
Thomas Edison, Elon Musk, James Dyson, and Jerry Seinfeld to name a few.
A young entrepreneur can leverage a used business to get themselves started in the business world.
The ability to be not afraid to fail, the ability to adapt, and be willing to learn and grow.
Yes, having a mentor will help a new entrepreneur get off the ground running.
Yes, building a network of people to rely on will help an entrepreneur get started and help them grow over time.
Yes, there is no better teacher than failure.