A young entrepreneur is one who is ready to take a business plan for the purpose of making money. An entrepreneurial spirit is characterized by innovation and risk-taking. All young entrepreneurs under the age of 20 have a strong vision and goal of their life , which is to succeed in their various businesses.
Andrew Medal, a Contributor, Serial Entrepreneur, Digital Strategist, Web Designer, Author, and Volunteer has mentored about 15,000 young entrepreneurs from all over the world in his closed Facebook group, and he is happy to provide an insight in entrepreneurship.
He stated thus “Entrepreneurship saved my life, it’s the purpose of my existence and it’s what I wake up for every single day. Of course, I want to give back to other entrepreneurs”. Andrew, as an entrepreneur, is basically concerned with empowering the young entrepreneurs to understand the various laws that guide a business creation and management.
A young entrepreneur must be guided by his or her own vision, passion, and purpose, and must be one who is ready to take risks because it is Essential to becoming a Millionaire. An entrepreneur is someone who understands his or her business strategy and has a unique brand.
Below are the 15 tips that Andrew shares with young entrepreneurs on how to create and manage future businesses;
1. Connect with everyone.
As a young entrepreneur, to build up your network , you must get connected with a lot of people in varied walks of life, especially on email, social media and also by doing a lot of reading and research and you should be able to link up with them for guidance, which of course, will boost your achievement.
2. Focus on your personal brand.
As a young entrepreneur, you should know what makes you unique and build your brand from it.
3. Exploit your age to attract mentors.
Being a freshman in the field, it’s beneficial for you to take the advantage by meeting successful entrepreneurs for business mentorship and counseling. Showing your interest for mentorship is beneficial to you as a young person.
4. Leverage all resources.
Being a young person who wants to become a successful entrepreneur, you should be able to know some entrepreneurs who live around your area, as well as asking friends to assist you, do research online, and also make use of the resources available.
5. Get started.
Starting now will give you exponential experience and growth potential. You’ll learn as you go, just like every other entrepreneur. Stop analyzing everything in your life, and just start. Stopping being afraid of making mistakes or failing. Every failure is a blessing in disguise provided it teaches some needed lesson one wouldn’t have learned without it.
Writing is beneficial for so many reasons. It helps improve your grammar and vocabulary. It helps you communicate better, and it will be great to follow your personal growth and development by going back and reading your previous thoughts. Always have your thougts put down in writing.
7. Live at home.
Living at home is more advantageous because it reduces the cost on bills and other expenses. You must mind how you spend. This doesn’t mean that if you have the bucks enough and think that staying away from home will facilitate the achievement of your goal, that’s your call to make.
8. Get a part-time job. Maybe.
Getting a part time job helps in assisting financially, so you can be able to handle your bills as well as being financially viable in case you are to open your own company for financial stability.
9. Learning is more important than money.
As a young entrepreneur, you must always learn. Learning is more important than money. You have plenty of time to make money, and your evolution will help expedite your money-making process.
10. Stop looking for investment.
Most at times before we take off with a biz idea we’ve our gaze casted on some virtual investor. As a young entrepreneur, don’t get blinded by propaganda. You’ll raise money when you need to raise money. For now, focus on your product validation and customer/user experience. That’s what matters most.
11. When you’re ready for investment, go to friends and family.
The three F’s are your best in attracting funding for your company. You’ll need to put together the right documentation, learn about investment instruments (convertible notes, etc.) and show how you plan to use that money. When you’re ready, meaning you’ve validated your idea and have some attraction, the most probable place you’ll find funding is through the three F’s ( friends, family, and fools).
12. Ask for help.
As a young entrepreneur, it’s beneficial to ask for help. Some entrepreneurs or some people in general are unnecessarily proud, which is not a spirit an entrepreneur should uphold. It’s easy to ask for help. Just ask. Ask all the time, and use the help given you.
13. Take aggressive risks and trust your gut.
Even at a young age, you have an idea of what you want in life. If something doesn’t feel right, learn how to trust your intuition and make decisions. Now’s the time to think and take big risks. You’ll learn and you’ll grow. If it works, great. If it doesn’t, you learn. Either way, you win. Move across the world, create that app and whatever you envision, take the risk.
14. Don’t use age as an excuse.
There are plenty of people who have done more at a younger age. So using your “age” as an excuse as to why you can’t accomplish something is dull. Use your age to your advantage, and you’ll accomplish more.
15. Have a rule or dogma.
As a young entrepreneur do what is best for your life. Don’t let family or friends dictate your decisions. In every big choice you make, analyze the reason you’re choosing that direction, and make sure it aligns with your own vision for your life. This is your life, you need to do what is best for your dreams, visions, and goals.
Life is all about choices. We have the freedom to make the choices we want, and every choice will have a consequence, whether intended or not. Learn from others, figure out your vision, test ideas and trust your gut. I believe in you, so go believe in yourself and make that huge impact you know you’re going to make.
Create an idea book. Look at every successful person in history and see what they all have in common. You must have an idea book. This includes works of mark Zuckerberg, Steve Jobs, and others. They all have (or had) idea books. Jot down your ideas all day long, carry it with you always and review your book every day and night.
From the 15 tips highlighted above if carefully followed , it will go a long way to empower you, as a young entrepreneur.
To learn more tips, visit: entrepreneur.com.