Starting a Business for Young Entrepreneurs
Capitalize on trending business opportunities and start building your resources at a young age. Kickstart your entrepreneurship and set yourself.
Young and Thriving Entrepreneurs
Young adults are brimming energy, ambition, and motivation to start something unique. They can come up with brilliant ideas after seeing an opportunity or a need for a change in society. As a result, they are well suited to pursuing a career in as an entrepreneur. So, without further ado, allow Streamsoft to answer the question: “How do young entrepreneurs start?”
Entrepreneurship is attractive to young and innovative people who are always on the lookout for the next new thing. They are disruptive and eager to start something revolutionary. By knowing how to take calculated risks, young entrepreneurs can overcome the fear of failure that holds others back.
However, it’s not all smooth sailing. Starting a business may appear daunting at first for young entrepreneurs. They may even be uncertain about how they should begin their business or how to keep up with much older and experienced competitors in the market. To help with these unknowns, here is Streamsoft’s checklist of things that aspiring entrepreneurs should keep in mind before taking the leap to actualize their start-up business.
How Do Young Entrepreneurs Start
Starting Small
Starting a business is not an easy task. Many corporate veterans even struggled with starting one during their first times. Therefore, it’s no surprise that young entrepreneurs might struggle some in the beginning as well. The only difference is that young entrepreneurs have the extra benefit from starting their small businesses at a young age.
Young entrepreneurs have new skills and ideas. Just finishing college, their education and learning is still up-to-date and fresh in their minds. In addition, they are often eager to apply it as soon as possible. Just like with their ideas, young entrepreneurs have the advantage of viewing things with a fresh set of eyes. They tend to view problems from a new perspective that sets them up for creating unique solutions.
Additionally, young entrepreneurs have high levels of energy and motivation. They still possess the youthful spirit that their elder counterparts may sometimes lack. They carry a positive outlook toward challenges that they may face. And because of this, they can enthusiastically face everyday problems, ready to create solutions.
Not to mention, young entrepreneurs have time on their side. Starting a business during their prime gives them a head start on the field. Being early in their careers means that they have more time to build their business. They have years ahead of them to establish and expand their business.
Be Equipped
A business idea will remain an idea until translated to a message and conveyed to the target market. A business needs to be able to introduce itself to its target market. This communication creates a relationship between the business and its customers. In starting a business, young entrepreneurs should keep in mind that its purpose and identity are fundamental for a business to thrive.
A purpose and an identity serve as the backbone of any business. Starting a business is, first and foremost, defined by its purpose. Knowing their purpose in starting their business helps young entrepreneurs be sure of what they should be providing to their target market. This awareness helps them build their vision and craft smart goals aligned with the purpose. Defining the identity helps ensure that they will be recognized and remembered. With a solid identity, customers can differentiate a business from its competitors.
Aspire and Be Inspired
Many success stories portray a link between youth and success. To demonstrate that age is not a hindrance to success, nor is it equal to experience, here are success stories of famous and young entrepreneurs who have achieved greater heights despite their young age.
Famous Young Entrepreneurs
Scott Osburn & Hank Keller
Highland Entertainment by Dallas natives Scott Osburn and Hank Keller, is a full-scale concert promotion and production company based in Dallas, Texas. They were both 26 when they started out promoting events in college. From there, they started organizing private parties and promoting music festivals. With continued hard work and a motivation to succeed they have reached the point where their concert promotions have a global impact.
Brent M. Skoda
Brent M. Skoda, on the other hand, went from selling paper to overseeing five companies under the control of Ahkeo Ventures at the age of 27. Growing up in an entrepreneurial family, he had an eye for opportunity and a positive attitude-believing that anything is attainable when he puts his mind to it. Proof of this was easily seen when he landed Wal-Mart as a client for Joshen Paper & Packaging, where he worked his first job in high school by making a hundred calls. His eye for opportunity and innovation was clear when he noticed a demand for energy-producing products and thus came up with vaporizing caffeine.
Both Skoda and Osburn and Keller were able to compete with older entrepreneurs due to their unique take on the needs and demands of their market. The Dallas duo saw the need to connect artists to their patrons, while Skoda saw the demand for energy-inducing products. All three young entrepreneurs started with their business careers as early as they could and succeeded. Still, the question remains, how can young budding entrepreneurs compete with seasoned entrepreneurs? The remainder of the article highlights the primary skill that indicates that a young entrepreneur can compete with well-established ones.
Talk to the Right People
Entrepreneurs have a reputation for trying to do everything singlehandedly. However, for young entrepreneurs, that may be a struggle due to a shortage of skill or experience. For this reason, they are encouraged to pursue their entrepreneurship with the help of the right people.
Consulting the right people means having someone to share the work with, share ideas with, and someone who considers the success of another as their own. Not only does working with the right people expanding the available skill sets for young entrepreneurs, but it also provides a working business relationship that makes pursuing entrepreneurship less overwhelming.
Streamsoft, for example, is a business solutions company that young entrepreneurs can consult and partner with to boost their startups. Streamsoft currently assists in areas such as digital marketing, website design, and technology services. With Streamsoft, young entrepreneurs can compete with other famous and young entrepreneurs or their older and experienced counterparts.
To Conclude
Young entrepreneurs are eager to turn their business ideas into successful businesses. They are risk-takers, and have goals for big successes even at a relatively young age. On top of that, they are quick to adapt, and can keep up with the more experienced entrepreneurs. Undoubtedly, they are solutions driven. Starting small, being equipped and inspired, and having the right people are key. With these skills, young entrepreneurs are capable of starting any business they set their minds to. And they will find success in whichever market they set out to join.
