Do you want to be a successful entrepreneur but don’t know how? here are 50 tips to help you succeed in business at a young age with no experience .
Many young people are frustrated with the current economy. In fact, research has shown that young people are three times more likely to be unemployed than the rest of the population. Some of them would like to make a difference by doing their own job, being self-employed, and making a lot of money along the way. You can hardly achieve any of the above goals, you can hardly go to work for another person.
A Kaufman Foundation study found that the decision to become an entrepreneur rather than work for someone grows among young people between the ages of 18 and 21, dropping from 20% in 2007 to 25% in 2010. It just shows that many young people have started to recognize and appreciate the potential of entrepreneurship.
Anyone can start a business; However, it is difficult to develop and maintain a business for a long period of time while maintaining its viability. Success in business is a difficult and challenging task, especially for young people, due to many factors. Style
Young people are generally inexperienced and getting people to take your business seriously is a problem, as many people tend to be wary of the management skills of young people in general. Another unique problem that young entrepreneurs face is the application for registration, as it is illegal to have a business account or credit card in many countries unless you are of legal age (18).
Mark Zuckerberg, owner of Facebook, founded it when he was only twenty years old, today he is one of the richest people in the world. Sergey Brin and Larry Page met in collage and founded Google at 25. Juliet Brindac started her business Miss O and Friends when she was only 10 years old! Today, the company is worth over $ 15 million, and the list of entrepreneurs who succeeded at a young age goes on and on.
It just shows that successful entrepreneurs know and have done something differently than most of the others who have failed, given that 9 out of 10 businesses failed in the first five years. Here are some tips that young people can use to be successful in business.
50 tips for business success from an early age
1. Do you have the stomach for it?
As stated earlier, many businesses fail. Just like having a baby, starting a business is a full-time business. It takes a lot of commitment, time and effort, so you have to accept it. You should also know if you can take on multiple responsibilities, because if you are just starting your business, chances are very high that you are the only one or one of the few employees.
In other words, you can be a marketing manager, sales manager, administrator, etc. and if you are not comfortable with multiple responsibilities then you must learn how to do it for the success of your business.
2 the success model
Young people can look at many people. Explore the stories of people who have done it and do it, surrounding themselves with excellence and success with young people who do great things. You will find that they not only provide ideas and strategies to grow your business, but also keep you motivated and motivated to keep working. Find at least one person in your industry who does a really good job so that they can look them in the eye and want to be like them. Create an environment of success and surround yourself with the people you want to be like.
3. Gain experience
Business is about supply and adding value. The problem that many young people face is that they do not have the experience to deliver the meaningful value that a product or service should have. So how do you overcome this? Gain experience. Whether you work for someone or volunteer for events, you will need to gain more experience with others in order to provide value to your potential clients.
So all you want to learn is add something that is missing in your business or whatever else you need to improve yourself, take a course, volunteer, or take a part-time job. To earn money, learn, improve and earn. Gain experience, then add your own tip to the winning recipe equation.
4) Take consistent action
You have to do something everyday to move your business forward. It can be difficult to find the time to run your business when you are young, especially if you are still in school, but if you want to be successful you will need to take time every day to do something that will move your business forward.
Even if you take an exam tomorrow, you will need to take some time today to make a positive decision. The point is, your business must be very important to you; otherwise it won’t take off. Take the challenge and surpass what you did yesterday.
5. Get a mentor
Starting your own business when you’re young can be quite daunting. Your business can present you with difficult solutions and questions that you may not have the experience to answer. This is where the mentor comes in. A mentor is an experienced person who can draw on their experience, knowledge and resources to help you grow your business.
Your mentor does not need to be in the niche of the business you are doing. Your mentor will advise you, help you make difficult decisions, criticize you constructively, give you useful contacts and connections, etc. His personal success story will also help motivate you in your endeavors. Not having a mentor in your business can waste your time and resources.
6 read the right books
You will need to think carefully to be successful. Even with a busy schedule that comes with being an entrepreneur, you still need to take the time to read to improve your knowledge, grow personally, and adopt the right mindset.
Entrepreneurship books will help you sharpen your business senses and intelligence and improve your investing skills. Autobiographies and biographies of successful entrepreneurs and the books written by them should not be missing in an entrepreneur’s library.
Books such as Think and Grow Rich by Napoleon Hill, Lucky Pocket Full of Money, David Cameron, Rich Dad Poor Robert Kiyosaki, among others, can help you develop your entrepreneurial skills. Learning is a never-ending process, and to be successful you need to be hungry to constantly learn new things.
7. Be aware of trends
The business world is constantly changing; therefore, you need to be aware of the events that are happening not only in your niche, but in everyone else’s business. This is because the employees are specialists and you, as an entrepreneur, are a generalist.
If you’re in the know, you might find a problem that turns into a thriving business by offering a tangible solution, and new trends, if noticed early, can be helpful for early risers who take advantage of them. Read business and industry magazines, magazines, investment magazines, articles, blog posts and even newspapers.
8. Surround yourself with the right people
The people around you and with whom you interact will definitely shape your mindset, actions, and feelings. Seek out and be close to people who are living the life you want to live, and lead by example. These people will challenge you.
They might not tell you what you want to hear, but they will tell you what you need to hear to take your life to the next level. Surround yourself with people who ask questions, who dream and people who are tireless workers. They will inspire you and motivate you further in your endeavors. Stay away from Say Sayers.
9. Love your business
A passionate interest in your business is one element that will help drive the growth of your business. Doing what you love because you love it, and not just for the money, will help drive your business forward. Plus, when your business is going through tough times (and that’s okay), your passion will be the driving force that drives it through that time.
If you don’t like your business, it will be stressful for you. In addition, customers, colleagues, employees, investors, consultants, etc. may feel like you have no passion for your business and it will most likely backfire.
10. Prepare for negativity
The world is full of negative people and their pessimistic attitude will drain, scare and prevent you from achieving your goals. Chances are, you know someone or come into contact with someone who only sees what is wrong with your business. They can be friends, relatives, colleagues, etc. Sometimes they can have good intentions, but they are unlikely to ever be useful. You will need to wear portable headphones to contain their voices and try to surround yourself with positive people.
11. Be a professional
This is even more advisable, especially if you are not running an online business. If you are face to face with people, be they your partners, employees, investors, clients, etc., you will need to be professional in all of your dealings with them.
You need to understand that you are in the real world and that you cannot communicate with people in the business world the same way you communicate with your family and friends. Being professional means looking professional (i.e. dressing professionally) and communicating in a professional manner. Being young prevents you from dressing like a child or informally for a formal business event, such as in the field.
Network with other young entrepreneurs (peer-to-peer), people who work in your industry and even entrepreneurs in general to get in touch with them. Use social media to connect with other people. Google local business alliance and chamber of commerce and try to be a part of it. It will help you connect with people. Networking events can also help you get to know yourself better and introduce yourself to investors or co-founders.
13. Build your reputation
In the business world, your reputation can be of great use to you or harm you. Good work and service creates a good reputation which not only gives you repeat customers but also gives you more referrals. Even in tough times, you shouldn’t cut corners, cheat, or cheat in order to reap the short term benefits as it will definitely hurt you in the long term. Plus, the internet will never forget. If you are confused about your business, chances are the aggrieved party will post it online, where they live to stalk you forever.
14. Learn from the mistakes of others: It is good to learn from your own mistakes, but learning from the mistakes of others is even better. Read and talk to other entrepreneurs about the mistakes they’ve made, then try not to let the same happen to you.
15. Know your customer
The more you know about your target audience (customers), the better able you will be to provide services specifically designed to solve their problems. A business providing services that provide a better solution to a customer’s problem will definitely get more customers.
Your job should be to get as close to the client as possible so that you can better understand their pain, frustrations, fears, things that turn them on and things that upset them, so that you can use that knowledge to create value for them. … If they are not close to you, you will not be able to understand exactly what they need.
16. Know your competition. Research can also help you learn more about the competition you face and a product or service similar to the one you have. Your business idea doesn’t have to be completely original. You can study an existing business and then customize it to become even more efficient and attractive to customers.
17. Make a business plan. Don’t start a business without knowing where you are going. A business can be original and sound like a great idea, but when it’s broken down on paper into a business plan, you find that the business is not viable. A business plan will help you put your business in perspective by highlighting the costs, the challenges, and how you will achieve your goals.
18.Contact a support organization
Entrepreneur support organizations help provide financial support, training and all mentoring skills to entrepreneurs. They can also lead to connections, partnerships and even new clients and customers. Spending time with people involved in what you are going through can help relieve stress, as they can offer advice on how to overcome issues they have encountered in the past. Examples of supporting organizations are the Entrepreneurship Organization (OE), Founders Map, Young Entrepreneurs (YEC), etc.
20. Find an accelerator
Start-up accelerators support new businesses with growth potential. Support can take the form of mentoring, education and funding. Startups introduce accelerators for a specific period of time as part of the business. The goal is to accelerate the progression and development of a startup in a short time. Some well-established businesses have private startup accelerators that target specific niches such as agriculture, tech, healthcare, finance, etc.
20. Join the University’s Business Society : The University’s Business Society offers support, training and education, and holds launch contests. In addition, the government usually provides funds to support their projects. These companies include (National Association of Colleges and Universities Entrepreneurs) NACUE
21. Apply for a short term loan
One of the biggest hurdles startups face is the lack of funding. Obtaining the financing necessary to start a new business requires skills and dexterity, and young entrepreneurs starting a business may not have it.
For example, some bank loans require the lender to have a good credit history, submit financial statements, and sometimes even invest in their business. All of this may not be so easy for a young person. You can get loans from government lenders or through government arms such as the Small Business Administration (SBA). You can also get funding from angel investors and venture capitalists.
22. Fix the name
Choose and register a unique business name that suits your business and reflects what you do. It is really important that you choose a name that is not only memorable but easy to pronounce. Before settling for a name, you need to make sure that you are not infringing on copyright. Copyright infringement can cost you dearly. You can use the US Patent Office or the US website to see if a name is already in use. Once you’ve secured the name, you should have a website as well.
23. Logo development. A thoughtful logo can be a big plus for your business, leaving a lasting impression on your customers, making you even more unique. Choose a logo that reflects your business when conveying relevant messages about your business.
24. Promote your business: No one will know anything about your business if you don’t market it and learn more about your brand. You don’t need to hire a PR company to promote for you, instead you can promote yourself with social media like Facebook, Twitter, Instagram etc. In addition, participating in and winning entrepreneurship contests can be a real boost. for your brand.
25. Provide a solution to a problem, not just a product
Don’t just start a soulless business. If you start a business that offers exactly what you already have, you will be hard pressed to make a profit. Now think of big companies like Google, Apple, and Microsoft. What if they weren’t there? You will have to admit that there will be a deep void in their place. Likewise, you should try to model your solution so that it becomes mandatory rather than mandatory.
26. Know when to relax. Working hard is good, but if you overdo it, you will have stress that will inevitably reduce your productivity. Therefore, you should take the time to relax and unwind to regain your energy.
27. Get inspired : Before you start, take the time to get inspired. You can achieve this by taking a walk in the park, reading a novel, meditating, listening to soft music, or any other activity that stimulates your creativity. Take the time to meditate, think deeply, and think about how to improve yourself as an entrepreneur.
28. Take risks
Although starting a business is a risky challenge, you still have to take additional risks to be successful in the business you have chosen. Aversion to risk is certainly not the key to success. Take calculated risks when you need to take your business to the next level. It’s worth noting, however, that the risk is not the same as a blind leap of faith. You need to do specific research to confirm your final decision.
29. Set goals
Set goals that will allow you to assess your progress in growing your business in a timely manner. This will help you decide if you are feeling good or if there is anything you need to change to improve your business. The goal you set for yourself should be broken down into short, medium and long term goals. Make sure your goal is measured regularly, achievable, realistic, and in stages. If possible, try to exceed your goals for yourself and your business.
30. Determine the legal basis for your business: You need to know whether your business will be a private company, a corporation, a non-profit corporation or a limited liability company. This will help to simplify the legal and tax obligations of your business when registering.
31. Select a location
In addition to the cyber location, you will need to choose a spacious and strategically located physical location for your needs. For example, if your startup creates mobile apps, you will need less space compared to a textile startup. Pick a location that will grow in the future as well.
Make sure your business complies with the zoning rules of the area in which you plan to host it. For example, some types of businesses cannot be located near a residential building. Also, if you are under 18, be sure to ask a real estate agency if they will rent you out as some agencies do not rent to minors.
Determining the right price for your product or service can be a challenge for an entrepreneur. If your product or service is unique, it may be difficult for you to determine the price at which customers will be willing to part with it. The case studies should be able to dispel your doubts and offer a price that is affordable and acceptable to your customers. You need to start with a lower price that will still allow you to break even, and later when your popularity improves, you can increase your price. …
33. Believe in Yourself: One of Henry Ford’s famous quotes is that “whether you think you can or not, you are right”. It is very true. If you don’t believe in your ability as an entrepreneur, your business will wither like salad in the desert. If you don’t believe in yourself, no one will believe in you.
34. Face your fears: as a young entrepreneur, you will have some fears; but avoiding them is never the best thing to do. Face your fear and you will find it demystifies and diminishes. Common fears that young entrepreneurs face are not knowing where to start, not being an expert, being seen as crazy for radical ideas, not finding start-up funds, not attracting customers, etc.
35. Say Less Action: Without implementation, great business ideas are just ideas, and trust me, there are a lot of them in the world. To be successful, you will need to get your ideas out of your head and put them on the drawing board. Don’t dream of starting a business, start.
36. Be patient: your business cannot start immediately; therefore, you may need to be patient. Everyone was once a beginner, so don’t mourn your start as an entrepreneur.
37. Create a team
In most cases, business success does not exist in a vacuum. Build a great team to see your vision and help make it happen. Don’t try to do it all on your own, as you could end up stressing yourself out without success. When choosing people for your team, choose people with a healthy character, not just qualified people.
This is because you can train someone to learn a skill, but you cannot force someone to change their values in a way that fits easily into your business. Also, when hiring your staff, make sure you don’t hire people with similar skills. Go the opposite of who you are. Diversify and hire staff to bring the missing skills to the table.
38. Learning from complaints: Customer complaints should be encouraged as this not only leads to improvements to an existing product, but can also lead to new ideas that can lead to a completely new product. When you hear customers say, “How I want this product to work… you have a potential idea that could make your business even better. Let an unhappy customer tell you where the issues are with your products or services.
39. Seek customer feedback: don’t just anticipate your customers’ needs. Ask them what they want to give them exactly what is right for their needs. For example, if customers ask for peanut butter instead of peanuts, it will give you an idea that will ultimately satisfy the customer’s desire.
40. Be careful with your money. when you finally get the fund to run your business, spend it wisely. Don’t be frivolous with your expenses; spend it on things that don’t matter, neglecting the important things. Use your money wisely and it will make a big difference to you.
41. Over Deliver: Since you are still new to this block, you will need to show yourself to your clients. Surprise and seduce them by offering them more than they expect. It will grab your attention and increase your popularity.
42. Purchase insurance
Insurance is an agreement by which an insurance company guarantees a person compensation in the event of a loss. Insurance is a very important part of a successful business because no one knows the future and anything can happen. Insurance can help mitigate the consequences of loss, theft, or damage to your business assets. The types of insurance vary from company to company, so you need to find the right one for you.
43. Be flexible: More often than not, you will need to modify the original business idea to suit “real world” situations. Don’t be harsh and stick to the foreground, as that probably isn’t your best plan yet; be ready to change and create what your customers need most.
44. Avoid fighting with partners: If you have a partner, try not to fight as much as possible, as this will end up killing the business if there is no partner. If you are having an intractable conflict with a partner, sever the ties and move on, rather than fighting them to the detriment of your business.
45. Get a copywriter: If you are not a talented writer, you will need copywriting services to help you write targeted emails, newsletters, press releases and other similar publications. to promote your brand.
46. Delegate: Don’t try to do all of this. Divide responsibilities if you have workers to divide the work into reasonable units. Be an active manager in managing your work, not the other way around.
47. Make sure your clients pay their bills: this may sound obvious, but eventually a few young entrepreneurs will benefit. Always receive payment for any services you provide to a client. To facilitate payment, you can set up online payment.
48. Don’t Trust All Social Media: There is no doubt that social media is a very important marketing tool to market your business, but it shouldn’t be overused. Experiment with other options and see how it works, because effective advertising yourself really involves a combination of techniques, not just one.
49. Learn to deal with disappointments: If you suffer from rejection from investors or customers, don’t get angry and don’t be discouraged. Find out why you were rejected, make the necessary changes, and try again.
50. Know when to call out: If the business plan you launched doesn’t work, don’t be afraid to announce that it is going to go away, learn from the failed business and get better. Don’t waste your time and resources beating a dead horse. Failure of your business will not make you a failure, let go of your pride and move on.