Key Tips & Advice That All Budding Entrepreneurs Under 30 Absolutely Need to Know
Posted on March 3, 2014
50 years ago, hearing of a rich and successful entrepreneur aged below 30 years old was, a lot of the time, simply unheard of. These days, with the rapid increase in business education and innovative technology, among other things, many of the world’s best entrepreneurs have not yet celebrated their 30th birthday. Inc. Magazine’s 30 Under 30 Class of 2012, which was issued earlier in the year, compiled together America’s top young entrepreneurs. Among these were founder of the popular music program that is Spotify, Daniel Ek, and Pinterest’s creators, Ben Silbermann and Evan Sharp. So – is it the under-30 crowd we have to primarily thank for the social media we know and love today? It certainly seems so! If you’re under 30 and dream of success in the business world, read below for the best tips and advice that could enable you to do just that.
Develop a Business Plan
Every small idea in the world that has grown into a profitable and successful business starts with one step – producing a business plan. It is a fact that investors will only take you seriously if they can see that you have put time and effort into doing so. Not only this, but a business plan gives the actual entrepreneurs a much clearer idea on what type of business they want, the nature and operation of it, and what they would like to achieve from it. They clarify ideas, spot potential problems/risks, set out goals and measure progress. Mollie Breault-Binaghi, 2011’s U.S. SBA Young Entrepreneur of the Year says, “When you’re going to be investing not only money but your time, you need to invest an equal amount of energy laying it out on paper before you jump in.”
Accept Help from a Mentor
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When setting up most businesses, especially when new to the process, every budding entrepreneur can benefit highly from a mentor. This can be anyone from a family friend, a former boss or a work colleague – anyone who has valuable knowledge and/or experience in the field you have chosen. Good mentors offer help, guidance, support, extra knowledge and potentially lots of useful contacts.
Put Your All Into It
Have you ever heard of a business becoming successful when the entrepreneur simply does not wish to put their everything into it? Not likely. Alisha Webb of under30ceo.com writes, “If you really want to make a success of things, you will sacrifice everything else in your world in order to make this work.” This is completely true. For a business idea to hit the top, the person behind it has to be 100% dedicated into making it work. Thinking of everything you can achieve if your business does go well can really help to get into that frame of mind.
Learn From Mistakes
Every part of life involves making mistakes, but the important part is to learn from them. It is an absolute fact that not only those under 30, but anyone of any age launching their first business is guaranteed to make a mistake of some sort. Savvy businesspeople take note of their mistakes, how they overcame them, and what they learnt from doing so – this process is a great way to learn the correct way of doing things.
Watch Every Dollar
A common mistake made by many entrepreneurs is thinking they have already made it. It’s so important not to get caught up in this mind set, but instead to keep a watchful eye on your cash at every moment during the first few months. After all, with the economic crisis, entrepreneurs always have to be wary as anything could happen at any given moment. Scott Gerber of Entrepreneur.com says, “Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.” It’s a great idea to keep track of all income and expenditure within your business. This way, you are able to establish what you could potentially spend less on, and where you are going wrong. For ‘fancy’ purchases, it is advisable to wait until your business has really taken off.
As a young small business owner with little or no career or credit history, it will potentially be challenging to secure capital. Most small, start-up businesses take out a loan first – the SBA suggests borrowing from family, crowd funding or microloans. There are many loan options available, so it is highly important to do your research and shop around for the best possible deal you can find.
Don’t Give Up!
The final piece of advice and arguably the most important for budding entrepreneurs under 30 is to simply not give up hope! Sure, you will come across a concoction of issues and problems along the way, but the real thing that matters is how you overcome them. Those who are meant to be successful, no matter what is thrown at them, will be. Such an important quote to keep in mind!
About the Author:
Blair Thomas is an electronic payment expert, who loves all things finance and planning. He is also the co-founder of eMerchantBroker.com, the #1 high risk merchant account company in the country. If you would like to see what he’s up to, add him to your Google+ circle.