5 Business Tips for Young Entrepreneurs
In today’s money-driven world, everyone needs to be financially secure. People, regardless of age, are always in search of a stable supply of money.
Be it offline or online.
While some are contented with a 9-5 desk-bound job for stability, more and more young entrepreneurs who are more risk-averse start their own businesses and reap great, lifelong benefits as a reward.
Before you take this route, however, you should read the following business tips that can help you to make your upcoming venture a successful and profitable one.
Contents
Do What You Love But…
They say, if you love what you do, you will never work a day in your life. What this means is simply that, when going into business, you should pick something that you love
but one that can also pay the bills! That is, doing what you love “the smart way”.
There are a lot of practical reasons behind this. For instance, you are likely to work much harder, and therefore make more money, at something you enjoy doing. Suffice to say, if you are technology oriented, don’t start a clothing retail outlet. You won’t enjoy the work and failure is more likely, even with a lot of financial backing.
Youth is Your Advantage
If there is one thing you should take advantage of is your youth. Being young, you, quite likely, can come up with lots of new, unexplored ideas to start a successful business. When you look at history, most of the biggest companies today started when there was nothing else like it. That’s why they were so successful, they beat the competition to it!
When you discover the perfect niche on your own, the possibilities for growth, and advancement, are endless. Further, even when competition comes knocking, you will already have the experience that they don’t, and a solid customer base, whose trust you have earned.
Stay On the Right Side of the Law
With all this talk about making money, surely you don’t want to waste it all on legal fees and penalties being on the wrong side of the law, do you?
For this reason, you need to take the necessary steps, in your country, to register your business, submit necessary reports to financial authorities etc. Numerous, potential successes have been ruined by their ignorance or disregard of this fact.
No matter how good your business sense is, no matter how much your customers love your product, and keep coming back, the law can still ruin you. Stay on the right side!
Don’t Bite Off More Than You Can Chew
Being a young entrepreneur, you will certainly need excellent time management skills. Especially if you’re still in school, your time is likely limited. Many young people get carried away with their grand plans and bite off more than they can chew. Don’t start what you can’t follow through with.
Plan what to do if your business grows rapidly. Will you be willing to drop out of school to pursue it full time? Bill Gates did, but it won’t necessarily work for you. Consider your circumstances carefully and make an educated decision, not wholly based off financial prospects. Whether money is the most important thing is debatable but there are other important things in life!
Don’t Stretch Yourself Too Thin.
If the pressure mounts up, take some time off, even if it means hiring your friends to manage it in your absence. Simply put, don’t let the work overwhelm you. You need to balance your responsibilities with relaxation. Learn to step back and do whatever it takes to free your mind. This is perhaps the most important tip for follow-through. Don’t let it ruin you!
In closing, hopefully, these above business tips will guide you along the way to your first successful business venture. The possibilities and niches are endless and waiting to be tapped. Go out, research and find what’s right for your talents, passion, and financial backing, if any.
So get to work now while you are young and win the war!
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Yeah right, youths are explorers. I was able also to improve my time management skills. I remember my mom said that she was impressed to me because I was able to balance, online career, school stuffs, and social life.
Very interesting post to read, lots of reasonable thins you say here. Great to know there are young people who can manage to do right things in a right way!
Splendid Kid, count your blessing that you have a very supportive mom. You’ll surprised many just do not have it. All the best, SK.
BCG,
And they also many young people who can manage to do wrong things in a wrong way. Yes? No?
Very good post. I am 40 years old, but I am young in comparison to a 90 year old, so I consider myself young 😉 I like what you said about being an entrepeneur both online and offline. For those of us developing the transition to the entrepeneur mindset, I recommend the latest podcast (free)@ http://www.morningcoach.com
“Youth is Your Advantage”
Don’t forget, we have more than just different ideas, but we also have a higher tolerance for risk.
These new ideas aren’t much good if we don’t have high risk tolerance – something that young entrepreneurs can afford to have!
Unfortunately many young people I know do too many wrong things
Honestly, I think it’s also important to continue having fun! Yea it sounds great to make a ton of money, but don’t lose sight of enjoying what you’re doing and loving everyday. You need to find the proper balance between the two goals.
I think spreading yourself too thinly is one of the most important things to bear in mind, when you work for someone else this can be an issue but becomes clear when other people are waiting on you and you feel that you are being pulled in too many directions but when you work from home for yourself you have to do everything but it is that time when your site has grown and you can release the reins a little and delegate some of the tasks to external companies when you can really grow your site.
I think that there is a lot of opportunity for young people in the ‘time saving’ areas…
Dog walking, errands, etc…
We all have so much to do, and never enough time!
I think it is best to solve finances at an early age so when you are older you can just sit back and relax. I’m 20 and I also plan to retire at 21 or 22. So far so good, soon at 1k/month 😀
Oh yes, do it while you are young!
Making sure that your business name is registered and you’re legally entitled to use it is very important. There is nothing quite as bad as getting an irate phone call from somebody who has the rights to your brilliant business name, even if they’re not actively trading under that name.
Youth definitely has its advantages. It allows time to make mistakes and to learn from them. It also makes it possible to invest a bit of money and take advantage of comound interest. The younger the better.
Its always great to start young because than you can learn from your mistakes and you can also retire early if you are successful or continue growing and become even more successful.
Hi there,
Good tips!
Cheers,
Eddie Gear
My friends always tell me that I can’t make money doing what I love in this world. Fortunately, I don’t agree on that because I will do what I love the right way.