It is definitely a great idea to start a business as early in life as possible since it will undoubtedly give you more time to reap its benefits and grow all the while enjoying the process. However, it is not as easy as one may thing, there are various hurdles that a young entrepreneur may encounter when starting out.
Learning to deal with failure, and gaining knowledge do stay afloat will determine the success of your attempt at entrepreneurship.
Do what you love
As a young entrepreneur attempting to start a business as early as possible, it is best to choose what you want to do wisely. When starting your own business, it is advisable to give everything a shot and find out which areas of operation you can do well. More importantly, the area you choose should be something you find enjoyable doing.
Richard Branson of Virgin Group. believes that you have to do what you love, in order to love what you do. Doing nearly the same thing every day can eventually become a tedious task, it helps if you love what you are doing.
According to this successful CEO, he found himself in the same situation way back when. He was able to identify that his strong points definitely didn’t lie within the areas of math and science due to his dyslexia.
During this time, Mr Branson did not only realise his weak points, but also his strengths. He was able to determine that he was passionate about pop culture, music, and current affairs. As a result, at the ripe age of 16, Richard Branson started Student, a magazine that focused on the subjects that he liked.
Since the young Mr Branson was filled with passion on what he was doing, it gave him the strength to carry on and push through all-nighters and the seemingly endless challenges that blocked his way to success.
Pursue self improvement to grow confident
As a young entrepreneur, you have both a young mind and a young heart which may prove to be both a strength and weakness. More importantly, the market is already filled with wise and experienced tycoons that can cause one to become discouraged.
Do not let that reality get you down, strength also lies with the ripeness of your age. Make sure that you have a realistic view of your own strengths and believe in them. Having enough self-confidence will determine how long you can withstand the challenges that will consistently come your way.
Of course, it is best not to become full of yourself, know that with your young age, you have a lot to learn. Therefore, analyse weak points as well and pursue activities and opportunities to grow and improve your current skill set.
Business advises young entrepreneurs to keep an eye out for the success stories of other young entrepreneurs to learn from their victories and failures. Moreover, it is also a good idea to keep your eye on your long-term goals as well as having an adept understanding of company ideology.
Find a mentor
No one is born perfect, we all have our flaws and shortcomings, but that does not mean that these aspects cannot be countered or improved. Although it may take years to master certain skills, the advantage young entrepreneurs have on this aspect is that they have more time to polish they arsenal.
Having the right mentor will give you access to great advice from an experienced and established professional. The perks don’t stop there, nabbing yourself the perfect mentor will also mean that they can open doors within the industry for you. Moreover, they can also vouch for your credibility when called for.
Start out with a virtual office
As a young entrepreneur, the choices you make while starting up will prove vital in the long run. Renting out a reasonably large space for an office may not be the greatest thing to do. Renting out an office space will be a rather heavy cost for a young entrepreneur to bear.
More importantly, a lot of things can go wrong during startup, having a large commitment such as a rented office space could actually make things harder.
It is advisable to start out with a virtual office, utilising the available technology to make it easier for your young company to grow. All one needs is an internet connection and tools for communication like Skype, Trello, and Slack.
Maintain a respectful nature
Despite the freshness and possible naivety of a young entrepreneur, they can still pose a threat to veterans. It is best to make them partners and mentors rather than seeing them as someone you want to replace.
Being on the good side of established entrepreneurs is definitely in your best interest. Openly listen to their advice and respect the fact that they have gained a lot of experience in the field.
Don’t let initial success go to your head
It is important not to let your first big successful deal get to your head, especially when your company is still very young. Some startup entrepreneurs make the mistake of savouring the early fruits of their labor a little too much.
Moreover, that first taste of success might inspire you to continue what you were doing when you and your team hit the jackpot. However, keeping the business in the safe zone isn’t actually the best idea.
After savouring said fruit, it is best to start planning ahead and look for next possible moves that can further improve your business. It is essential to keep moving forward and expanding.
Age is only a number
One of the most obvious things that cause the youth to postpone starting up a business is their age. Some may say that they are too young, or perhaps they themselves believe that they are not ready.
However, that same youthfulness that you may think is a hindrance, is actually an advantage. Richard Branson himself encourages young individuals to take a step out into the world and explore the possibilities of entrepreneurship.
According to the Virgin Group CEO, you should never let anyone use your age as an excuse to not take you seriously. Moreover, young entrepreneurs have a fresh set of eyes and determination that may be one day come up with great innovations and ideas.