History’s great entrepreneurs didn’t wait to be told what was next, they defined it.
As our world evolves and demand for new innovations increases, it’s up to a new generation to create the solutions to tomorrow’s problems. This fresh crop of entrepreneurs will need to be assertive, curious, savvy and independent while combining divergent thinking with strong business intellect.
Starting a business can be one of the most challenging experiences out there — long hours and financial risk are inevitable — but it can also be the most rewarding and satisfying.
While the demand for young entrepreneurs has already been proven, it is important that they are encouraged to see through their ideas. If you have a budding entrepreneur seeking advice, these tips will help them get started.
Know your market
Business sense is crucial before getting any idea off the ground — it’s essential to know how to market an idea. Knowing how to generate revenue not only plants the seed for further innovation, it also allows young entrepreneurs to see exactly what it takes so that they are not left clueless when they take the leap for themselves. Developing business knowledge can start at a part-time job that involves running errands and filing paperwork, or it could take the form of the classic lemonade stand and washing the neighbour’s car for extra cash. Budding entrepreneurs can learn the process of running a business while getting an idea of the profit they can generate by themselves.
The beauty of risks is that they teach something, irrespective of the outcome. A failed venture might be the catalyst for tweaking the approach being taken, while a carefully considered risk that comes to fruition shows that you’re on the right track. Rather than just focusing on the end goal, it’s important to track the whole journey and consider where the plans need to be changed.
Financial literacy is crucial
Entrepreneurs with a solid foundation of financial knowledge present a great canvas for business innovation. Being savvy about budgeting, credit management, tax planning and income fluctuations will only make a person better prepared in the world of business. Not only does it potentially eliminate the need for an external accountant, but it also provides clarity on the financial capabilities needed to develop an idea.
Seek out a mentor
A mentor can provide unique insight into the ups and downs of entrepreneurship, showing them how to get their idea off the ground and develop it into a fully-fledged business. Young entrepreneurs will no doubt be able to take something useful from their advice on everything from finances and business acumen to communications and human resources.