Over the last decade or so, people have been more inclined towards self-employment as opposed to jobs. They would insteadwork for themselves than do it foranybody else. And it is the age of technology. Selling your ideas is way more comfortable than it was a few years ago. People can quickly achieve success with even the most basic knowledge of website development, marketing, social media management, and more. They can easily reach their target audience, connect with them, and convince them of their products. Also, entrepreneurship offers more fulfillment and motivation. Since it is your own product, you really put your back into it.
Did you Know?
- 62% of all U.S. billionaires are self-made. (Wealth X)
- More than 25 million Americans were doing their own business in 2016. (FreshBooks)
- 62% of adults firmly believe that entrepreneurship is a promising career.(Babson)
- 26% of entrepreneurs stated that their chief motivation for becoming entrepreneurs was the idea of being their own boss. (Guidant Financial)
- In 2015, a study published that said that more than 14% of the working population in the U.S. was into running their own businesses. That number has rapidly been growing since then.
As we go about our lives, we get ideas that may turn into potential businesses. These ideas come while driving, with friends, while we are in the shower, during a class, or possibly any random place. But what happens is that we ignore them. We either reject them outright or think that someone can do better or it has no potential. Even though almost everybody gets these ideas, only a few of us try to run with them.
Only a few are young people who are ready to face risks and take their ideas further. The reason being, they don’t think they are prepared to handle a business. You have to realize that there is no right age to start a business. Also, there are many ways that you can prepare yourself for what’s to come. You can get a mentor; you can do an online MBA no GMAT required, or a host of other things.
How Can Young Entrepreneurs Make Their Mark and Compete with The Senior Ones?
Here, we share some advice on becoming a young entrepreneur and surviving in a market where professionals are already established and doing well.
1. Build a Strong Savings Habit
No matter what age you start your business, there is one crucial thing. That is funding. You need money to start your venture. You might be able to depend on your parents, but not everybody can do that. They may not have the money. They may not believe that your idea is worth investing in. They may think that you should pursue a job as they did.
It ultimately means that you are on your own. Is this the end? Not at all. What you can do is start your saving scheme. Whatever cash you get from your job, freelance work, parents, or gifts from other family members and friends, keep it separate and save it. It might mean that you might not be able to enjoy some of the luxuries that other people do. You won’t be able to buy that PS5 or the brand new Yeezys. It will call for sacrifice. But in the end, you will gain more from your savings than your friends with their Yeezys and their PS5s.
2. Develop Your Problem-Solving Skills
To become an entrepreneur, you require specific skills. And one of the most critical skills for entrepreneurship is problem-solving. How can you solve problems? By looking for them. Ask your friends if they want help with something. Identify your strengths and see how you can use them in the community and at home. There are a lot of things that others are not able to do by themselves. You could do it for them. It will not only get you the experience that you require, but you may also get another exceptional business idea. If you see many people needing help with the same thing, you can turn it into your business.
3. Use Your Time Wisely
Since you are an entrepreneur, your time is, literally, money. You cannot waste it playing video games and spending time in bars and clubs. That doesn’t mean that you become a hermit. You should go out, have fun, and relax. But everything should be in its own time. Don’t waste any time on these things when you have other, better things to do. You have to develop and hone your business skills. Use your time to learn digital media marketing, for instance. If you plan a day at the beach, see if you can buy some beach hats, bathing suits, sunscreen, or anything else and sell them when you get to the beach. It’s not too time-consuming, and it will be an experience that you will never forget. You won’t make millions this way, but you will surely learn.
4. Sell Items Online
The entire world has gone online, and if you want to become an entrepreneur, you have to do the same. Try selling different items on Amazon, eBay, Craigslist, Etsy, and more. These are all excellent business platforms for beginners as well as experts. You can also use the drop-shipping model. All you need is a good connection with a wholesaler or manufacturer. You can buy from them at cheaper rates and sell them online.
5. Become a Freelancer
You can also start your career with freelancing. If you have any special skills that you can sell online, you can make a good income online. For example, if you are agraphic designer, you can develop logos and other visuals. You can build websites or become a virtual assistant. There are platforms like Freelancer, Upwork, and Fiverr where you can sell your skills. It will help you make money and hone your skills.
Becoming an entrepreneur at a young age can be scary. There are older, much more experienced guys in the market, and you have to compete with them. It is difficult, but not impossible. With the right mindset and the skills under your belt, you can compete with anyone, whether they are your age or older. Remember: age is just a number. Your experience, courage, willingness to learn, and ability to take risk will determine your endeavors’ outcome.