Go Big! 9 Tips for Young People to Start a Profitable Business

Starting your business is about being scrappy. Being an entrepreneur for long, I’ve had a good experience growing these years. In the article, I’ll explain the tips for big success, keeping in mind the challenges that come along the way. No matter what you’re doing, it will get tough. But being careful from the start will help you get through the tough times.

Setting your feet in the world of business in your 20s takes a lot of nerve. Undoubtedly, the young population is finding its place in the global market and I truly admire the ones who are taking the plunge into entrepreneurship — through all the ups and downs of business. If the go-to-school-and-find-a-job path doesn’t appeal to you, you need to make a bold plan to have the entrepreneurial drive and reach your desire to do things differently. It’s obvious to be pulled in a thousand different directions as a young entrepreneur, so it’s important to focus your energy on what’s most important. But how do you decide, how do you know how to keep going?

Here are some surpassing business tips for success that will help you to get going to build your dream enterprise.

1. Discover Your Entrepreneurial Spirit

Being an entrepreneur is like being a pilot who is flying a plane without an end; meaning, it has endless possibilities to reach, to become successful, and endless in terms of what you accomplish, how successful you become, and do N-number of amazing things.

Whether you’re passionate about social media management, running a corporation, or being a travel consultant, it’s all about feeling great at what you’re doing. It could be anything but you should feel comfortable, secure and excited. Choose something for which you can keep working day and night without annoyance. Start the research that makes you answer questions like:

  • Does the thought of a potential business excite me?
  • Is it compelling?
  • What is the positive affinity for my business start-up?

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2. Age Should Not Discourage You

You are going to be one young entrepreneur with other entrepreneurs being doubtful about your energy to hold with your business. Some old people may intuitively judge you as a lazy laid back person. Some of them will not trust while some may be hesitant to give you the advice to grow. Hold on! Remember, your single greatest asset here is your age. And you definitely should believe in yourself.

Nobody is responsible for your success but you. So stand firm with confidence to recognize your ambitions. Richard Branson, English business magnate, investor, author, and philanthropist, encourages young individuals to go ahead into the world to explore the possibilities of entrepreneurship.

3. Focus on Your Market First

You have some great ideas, but however great it may be, you can never get anywhere if there won’t be any market for it. You need to do some basic market research. Focus on niches. Look for competitors. Give yourself an affirmation that there is a demand for your product or service. Then brainstorm to find a way to make it stand out from the crowd. Learn about the latest technology, trends, business management, and popular online collaboration tools. Make sure your approach is more likely to apprehend a large portion of the market.

4. Hiring at the Right Time

It can be a little tricky. First of all, I’d strongly suggest hiring only when you absolutely need to. Because it involves lots of processes (payroll, taxes, lawyer fees, etc.). Till the time, you’re good to go by yourself, leave behind hiring. But if you feel the need, do it wisely. Arrange for “walk-in interviews”, seek real references, look for people who are more like partners to help you grow your business. You can hire talent from a different city who can work collaboratively on work management software without even having to relocate.

5. Business plan

When you are all clear with what you want, where you want to reach, it’s time to roll your sleeves and set up a plan. A business plan will show your seriousness about your business. Because you’re starting young, you can use it trying to get funding from an investor. Make sure you include the required sections in your plan: executive summary, nature of the business, sales and marketing strategy, competitive analysis, design and development plan, financial factors, and everything that shows you have a clear path to profit.

6. Word of mouth marketing

Word of mouth is so impactful that eighty-three percent of Americans said they’ve made a word-of-mouth recommendation and half of Americans would prefer it over any type of marketing. Word-of-mouth marketing is about delivering real human experiences to the masses. Therefore, it is important to be able to market yourself well by explaining your business idea to potential clients (you meet at a party or through a friend) and make sure they thoroughly understand it.

How to use word of mouth?

Make a connection with your followers to actually generate real benefit. Share what makes you look interesting. Create new triggers so they remember you and talk about you always. Increase your value by sharing valuable stuff so it actually provokes an emotion.

7. Inspiration (Mentor)

You are young, you’ve got much more time to polish your flaws and shortcomings. How do you do it? Get hold of a perfect mentor who gives you great advice and open doors within your industry. Your mentor can be a person who inspires you greatly or some influencer you’ve been following. Steve Jobs mentored Facebook’s, Mark Zuckerberg. Whereas Jobs was mentored by Mike Markkula. It has been found in a research that quality mentorship brings a positive effect on young entrepreneurs. Look up to someone and take their advice to have a strong, ongoing relationship.

8. A professional communication network

Make sure you get out and network because they say “your network is your net worth”. Reid Hoffman, the co-founder of LinkedIn, believes that finding people who are already the way you want to be will be one best and fast way to turn you into a successful entrepreneur. Take advantage of LinkedIn and networking sites, attend business networking meetings, conferences, collaborate with other businesspeople, participate in relevant business Facebook groups, and have the right energy to make your connection work.

9. Social rejection

There would always be someone in your network who won’t understand your direction, who will not support your ideas and also might question your decisions. Don’t let this feeling discourage you. You could raise your spirit by networking with other young entrepreneurs and share your business ideas and experience with supporting acquaintances. With the growth of your supportive network, the feelings of social rejection will slowly sink.

CONCLUSION

Being a young entrepreneur is not easy but it can be incredibly rewarding. You’ve got the power to create a life that you love. Grow. Explore your passion. Be counted in your industry. It’s an exciting journey along with challenges that you got to deal with.

Good luck!

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Internet Entrepreneur, CEO of SDP Labs and Founder of ProofHub