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13 Success Tips for Young and Aspiring Entrepreneurs
Published on January 15, 2024
Did you know that the number of aspiring entrepreneurs that filed paperwork to start their own business grew by 24% after the start of the COVID-19 pandemic? This means that more and more young entrepreneurs are working towards achieving their dreams of business ownership.
If your goal is to own your own business, before you take the plunge into entrepreneurship you should learn as much as you can about it. Read on for tips that can help give you the best opportunity to be successful in your role as an entrepreneur.
1. Learn Business Basics
One of the first things young and aspiring entrepreneurs should do is learn the basics of business. You should learn a bit about bookkeeping and accounting to help manage finances.
A business owner should also understand how marketing works and how to close sales. You'll also want to learn about legal business structures to help choose the best one for you.
Knowing these basics can help you choose between a few kinds of business structures and models. Then, you can focus on other aspects of running a business to get your organization off the ground.
2. Balance Passion and Profitability
When starting a business, you should figure out what you're passionate about. Having an interest in your business will make it easier to work on your company before it starts earning money.
However, you don't want to choose something that doesn't have profit potential. Do some research to determine how much you could make in a year and what profit margin you can expect.
Combining passion and profitability will help you find your ideal business model and the type of business you want to start. Then, you can learn more about that idea to confirm it's the right path for you.
3. Look for Gaps in the Industry
New business owners should pay attention to the market. Specifically, look for any missing pieces or gaps in the industry you want to enter and determine how you can fill those gaps.
You can look at your competitors to see what they sell. Consider what customers are complaining about, and pay attention to any trends regarding features, functions, or other things.
Then, you can start a business that fills that need. You'll be able to stand out from your competitors right from the start, and that can help you get your first few customers.
4. Do Plenty of Market Research
After you find a need, you should do more market research. That way, you can make sure it's something people know they need or want, and that can help you validate your business idea.
If you find there isn't a huge market for the business, it might not be worth starting. Aspiring entrepreneurs may want to start the first business idea they have.
However, this can lead to a lot of wasted time and even wasted money. It's better to learn more about your ideal customers and talk to them if you can.
By doing that, you can get the information you need to develop and launch a successful product or service. It can also save you a lot of time and effort if you find that there isn't much need for the product, you can adjust your idea accordingly.
5. Consider Funding Sources
Aspiring business owners also need to think about how they'll pay for their business. Depending on your idea, you may be able to use your personal savings to launch.
However, you might need a bigger business budget. If so, you'll want to look at outside funding sources, such as grants, loans, and investors.
Think about what you need to pay for, including inventory, employees, equipment and a retail space. Some businesses are cheap to start, such as online service-based businesses. For example, you can start your own web design business with SiteSwan for as little as $149/month. All you need is a computer or laptop, cell phone and reliable internet source to get started.
On the other hand, some businesses cost a lot to launch, such as a retail store. Figure out where you'll get the money you need so that you can have a successful launch.
6. Develop a Business Plan
Don't even think about starting a business without a business plan. Writing a business plan allows you to put all of your thoughts on paper regarding your product or service, finances, and marketing.
For one, you'll need a business plan if you want to get any investors because they want to know your plans for growth. Even if you'll fund the business yourself, it helps to have a plan.
Whenever you have a rough day or lose sight of your goals, you can look back at the plan. That way, you can remind yourself of why you started and what you can do to reach your goals.
7. Find a Mentor
Young and aspiring entrepreneurs may also want to work with a business mentor. Look for someone who has a similar business to the one you want to start.
You don't need to be direct competitors, but it helps to have some overlap. That way, you can learn from what your mentor has had to go through when growing their business.
Learning from a mentor can save you a lot of time and keep you from making mistakes. A good mentor may also be willing to invest in your business or give you a credit line to help keep your company going.
8. Never Stop Learning
Starting a business is an excellent path for many people. However, it's not something you can study for, start, and expect to be a success without more work.
Young and aspiring entrepreneurs never stop learning. You should always learn new things about your industry, your product or services, and business, in general.
Make time to read a business book or listen to a podcast each week. If you learn anything that you think could help your business, implement the strategy and test it out.
9. Manage Your Energy
As a young entrepreneur, you may have all of the energy in the world. However, running a business can also take a lot of energy and time, and you need to manage that.
If you have low energy, that can keep you from working and staying motivated on your business. Consider when you have the most energy during the day, and use that time to do tasks, like calling clients, that take more effort.
Then, you can use the rest of the day for lower-intensity tasks, and take breaks when you need them. That way, you'll have plenty of energy to get through the entire workday.
10. Be Willing to Sacrifice
Unfortunately, starting a business often requires a bit of sacrifice, at least in the beginning. You may not be able to go out partying with all of your friends every weekend, for example.
Instead, you'll probably need to stay home and perform market research, market your business, or review your finances. As you grow, you can start to outsource those tasks and get your time back.
However, unless you also have the money to hire right away, you'll have to put in a lot of hours yourself. Luckily, those sacrifices can be well worth it once your business becomes a success.
11. Know When to Delegate
One of the best things you can do for your business is to bring on employees or contractors. That way, you can delegate tasks, especially the tasks you aren't very good at or don't enjoy.
An excellent task to outsource is that of accounting, especially if you're not good with numbers. You can hire an accountant or bookkeeper to handle your finances.
You may also want to bring on an assistant to help with other administrative tasks. As your business continues to grow, you can hire people to help with marketing, sales, and other responsibilities. Don't Be
12. Don't Be Afraid to Make Mistakes
Young and aspiring entrepreneurs are almost always bound to make mistakes. Even if you have a mentor, you might encounter problems they never did.
You need to be willing to face your mistakes and failures head-on. Then, you can learn from what you did wrong, and you can avoid a similar problem in the future.
Whether your mistake relates to marketing, budgeting, or something else, pay attention to it. You shouldn't dwell on it for too long, or you could hold yourself back.
However, you should recognize that you don't know everything. Then, you can move on and make your business more successful.
13. Take Action
You can learn as much as you want and do a ton of market research. Eventually, though, you're going to need to take action and start your new business.
This can be difficult if you're still in school or if you need to have an outside job to support yourself. However, you don't need a ton of time to work on your business.
You can start in a few hours a week, especially if it's something you do online. If you need to get more done, you can always outsource some of the tasks.
Either way, you need to start your business at some point, or you'll never be an entrepreneur.
The Best Business for Young and Aspiring Entrepreneurs
Young and aspiring entrepreneurs have a lot to learn when it comes to starting their careers. If you want to make your next business a success, you should consider putting the tips listed in this article to practice.
Make sure you do your research and learn about the business you want to start, industry and market. This can help increase the chances of choosing a business that makes sense for you.
Are you ready to dive headfirst into entrepreneurship but don’t know what type of business you want to start? Consider a web design business with SiteSwan. Request a free demo to learn how to get started!
Did you know that the number of aspiring entrepreneurs that filed paperwork to start their own business grew by 24% after the start of the COVID-19 pandemic? This means that more and more young entrepreneurs are working towards achieving their dreams of business ownership.
If your goal is to own your own business, before you take the plunge into entrepreneurship you should learn as much as you can about it. Read on for tips that can help give you the best opportunity to be successful in your role as an entrepreneur.
1. Learn Business Basics
One of the first things young and aspiring entrepreneurs should do is learn the basics of business. You should learn a bit about bookkeeping and accounting to help manage finances.
A business owner should also understand how marketing works and how to close sales. You'll also want to learn about legal business structures to help choose the best one for you.
Knowing these basics can help you choose between a few kinds of business structures and models. Then, you can focus on other aspects of running a business to get your organization off the ground.
2. Balance Passion and Profitability
When starting a business, you should figure out what you're passionate about. Having an interest in your business will make it easier to work on your company before it starts earning money.
However, you don't want to choose something that doesn't have profit potential. Do some research to determine how much you could make in a year and what profit margin you can expect.
Combining passion and profitability will help you find your ideal business model and the type of business you want to start. Then, you can learn more about that idea to confirm it's the right path for you.
3. Look for Gaps in the Industry
New business owners should pay attention to the market. Specifically, look for any missing pieces or gaps in the industry you want to enter and determine how you can fill those gaps.
You can look at your competitors to see what they sell. Consider what customers are complaining about, and pay attention to any trends regarding features, functions, or other things.
Then, you can start a business that fills that need. You'll be able to stand out from your competitors right from the start, and that can help you get your first few customers.
4. Do Plenty of Market Research
After you find a need, you should do more market research. That way, you can make sure it's something people know they need or want, and that can help you validate your business idea.
If you find there isn't a huge market for the business, it might not be worth starting. Aspiring entrepreneurs may want to start the first business idea they have.
However, this can lead to a lot of wasted time and even wasted money. It's better to learn more about your ideal customers and talk to them if you can.
By doing that, you can get the information you need to develop and launch a successful product or service. It can also save you a lot of time and effort if you find that there isn't much need for the product, you can adjust your idea accordingly.
5. Consider Funding Sources
Aspiring business owners also need to think about how they'll pay for their business. Depending on your idea, you may be able to use your personal savings to launch.
However, you might need a bigger business budget. If so, you'll want to look at outside funding sources, such as grants, loans, and investors.
Think about what you need to pay for, including inventory, employees, equipment and a retail space. Some businesses are cheap to start, such as online service-based businesses. For example, you can start your own web design business with SiteSwan for as little as $149/month. All you need is a computer or laptop, cell phone and reliable internet source to get started.
On the other hand, some businesses cost a lot to launch, such as a retail store. Figure out where you'll get the money you need so that you can have a successful launch.
6. Develop a Business Plan
Don't even think about starting a business without a business plan. Writing a business plan allows you to put all of your thoughts on paper regarding your product or service, finances, and marketing.
For one, you'll need a business plan if you want to get any investors because they want to know your plans for growth. Even if you'll fund the business yourself, it helps to have a plan.
Whenever you have a rough day or lose sight of your goals, you can look back at the plan. That way, you can remind yourself of why you started and what you can do to reach your goals.
7. Find a Mentor
Young and aspiring entrepreneurs may also want to work with a business mentor. Look for someone who has a similar business to the one you want to start.
You don't need to be direct competitors, but it helps to have some overlap. That way, you can learn from what your mentor has had to go through when growing their business.
Learning from a mentor can save you a lot of time and keep you from making mistakes. A good mentor may also be willing to invest in your business or give you a credit line to help keep your company going.
8. Never Stop Learning
Starting a business is an excellent path for many people. However, it's not something you can study for, start, and expect to be a success without more work.
Young and aspiring entrepreneurs never stop learning. You should always learn new things about your industry, your product or services, and business, in general.
Make time to read a business book or listen to a podcast each week. If you learn anything that you think could help your business, implement the strategy and test it out.
9. Manage Your Energy
As a young entrepreneur, you may have all of the energy in the world. However, running a business can also take a lot of energy and time, and you need to manage that.
If you have low energy, that can keep you from working and staying motivated on your business. Consider when you have the most energy during the day, and use that time to do tasks, like calling clients, that take more effort.
Then, you can use the rest of the day for lower-intensity tasks, and take breaks when you need them. That way, you'll have plenty of energy to get through the entire workday.
10. Be Willing to Sacrifice
Unfortunately, starting a business often requires a bit of sacrifice, at least in the beginning. You may not be able to go out partying with all of your friends every weekend, for example.
Instead, you'll probably need to stay home and perform market research, market your business, or review your finances. As you grow, you can start to outsource those tasks and get your time back.
However, unless you also have the money to hire right away, you'll have to put in a lot of hours yourself. Luckily, those sacrifices can be well worth it once your business becomes a success.
11. Know When to Delegate
One of the best things you can do for your business is to bring on employees or contractors. That way, you can delegate tasks, especially the tasks you aren't very good at or don't enjoy.
An excellent task to outsource is that of accounting, especially if you're not good with numbers. You can hire an accountant or bookkeeper to handle your finances.
You may also want to bring on an assistant to help with other administrative tasks. As your business continues to grow, you can hire people to help with marketing, sales, and other responsibilities. Don't Be
12. Don't Be Afraid to Make Mistakes
Young and aspiring entrepreneurs are almost always bound to make mistakes. Even if you have a mentor, you might encounter problems they never did.
You need to be willing to face your mistakes and failures head-on. Then, you can learn from what you did wrong, and you can avoid a similar problem in the future.
Whether your mistake relates to marketing, budgeting, or something else, pay attention to it. You shouldn't dwell on it for too long, or you could hold yourself back.
However, you should recognize that you don't know everything. Then, you can move on and make your business more successful.
13. Take Action
You can learn as much as you want and do a ton of market research. Eventually, though, you're going to need to take action and start your new business.
This can be difficult if you're still in school or if you need to have an outside job to support yourself. However, you don't need a ton of time to work on your business.
You can start in a few hours a week, especially if it's something you do online. If you need to get more done, you can always outsource some of the tasks.
Either way, you need to start your business at some point, or you'll never be an entrepreneur.
The Best Business for Young and Aspiring Entrepreneurs
Young and aspiring entrepreneurs have a lot to learn when it comes to starting their careers. If you want to make your next business a success, you should consider putting the tips listed in this article to practice.
Make sure you do your research and learn about the business you want to start, industry and market. This can help increase the chances of choosing a business that makes sense for you.
Are you ready to dive headfirst into entrepreneurship but don’t know what type of business you want to start? Consider a web design business with SiteSwan. Request a free demo to learn how to get started!