How to be an entrepreneur at a young age

In this post you’ll learn a few things about entrepreneurship at a young age.

Entrepreneurship just like the fields that were once male dominated and now are more balanced, has gained the attention and interested of new groups of people, including The young ones. Going are the days in which being young meant that all you could do was to go to school and have fun, and that doing business was more for the adults with kids. The young generation is now at least as ambitious as the adults, with similar dreams of success and greatness, and once in a while we hear the story of teenagers and young adults owning the majority if not all of medium to large enterprises.


 

How to be an entrepreneur at a young age?

although age is not as much of a constraint as it might have been I’m the years before, being young in the business world can still be a little more difficult than being so as an adult. This extra difficulty can be demotivating sometimes, but there is a set of things you can do to increase both your experience, and your odds of success regardless of how old you are, or how little experience you have. Below are 5.

1. Look for mentoring

One thing that we don’t often hear from motivational speeches and other people giving us life advice, is to look for a mentor. There are lots of things one needs to learn in order to become a.successful businessman/woman, as well as questions that one needs to make in order to know whether.the current path/strategy will lead you to.where you want to go. Mentors, specially If they have decades of.experience, can.shorten the time aspect of the learning process, by pointing you to the most important things to learn, as well as where to learn them from. They can also help you make the right questions, which they have learned over the years with their successes and failures.

I learned in university through a business mentors that more than just having an idea, one also needs to know exactly what kind of value it delivers to the target costumer, as well as how to make a profit from The idea. The major question I learned to ask myself when I think of a business idea was: ” will anyone be willing to pay money for this? “. I also learned that it was a red flag if the answer to this question was “no”.

2. Keep a journal of practical ideas

Another important thing on.being an.entrepreneur regardless of age is to keep a.constant flow of new ideas. If you’re very creative you’re likely to come up with many over the time and forget. So write down everything you see as a potential business idea even if you don’t have the skills/knowledge to implement it. By writing down.your ideas in a notebook, you can more than make sure you don’t forget them also build up on already existing you had making something completely new and innovative.

3. Look for opportunities

There are so many Opportunities out there these days, that its all a matter of looking. This is specially true if you’re a university student.

At university I became aware that there are institutions whose goal is to find good ideas on their early stages to invest, and what they want from you is a concrete description of what you want to do. Investors are always on the look for the new “Google” or “Microsoft”, that some of them are willing to support those who have promising ideas. Apart from educational institutions, banks are also known to try to help aspiring entrepreneurs to realize their dreams and If you have a great idea and you’re not sure where you can raise money for it, you can also enter competitions. This is a great way to: raise money for your idea(if you win), meet new people you can partner with, as well as to gain exposure to potential investors.

4. Network

Building a network is a very important but overlooked thing that if done properly could result in more open doors for you in terms of opportunity. I’m sure we all heard to no one can become successful on its own. As much as we would love to believe on the opposite, few are the ones who get to the top without the help of anybody. As Him Rohn once said, even if you did It on your own, you still have the people around you to thank for not disturbing you.

Befriend everybody regardless of how little you think they can help in your cause. The reason for this is that even the ones who can’t help you directly, they usually still can do so indirectly, by introducing someone they know can help.

5. Be willing to work for free

One of the biggest problems people tend to have is the need/obsession for compensation. The unwillingness to work for free might be useful in the job market, but detrimental if you’re trying to become successful in business. The reason for this is If you’re just starting, chances are that you don’t know as much about business, and the people who do, will likely be too busy managing their own.. This is where you make the proposal to work for free. By doing this, the person benefits from having an extra pair of hands to help move their cause without having to pay anything, while you on the other hand, get to learn what makes them successful straight from the source, without having to pay for any mentorship. You must be willing to work for free if you want to get the attention of the people who have the power to open new doors to you.

Summary

One last thing I find very important, and probably more than any other tips above is to make sure you invest in yourself . As the investor Charlie Munger once said: “spend each day trying to be so little wiser than you were when you woke up”. This means that you also have to become a learning machine. Create the habit of reading more, and when you do, make sure you read in a variety of subjects, not only the ones you’re interested in.

 

 

 

 

It is all about knowledge and experience; )

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