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Tips for Young Entrepreneurs

Entrepreneurship doesn’t have to be limited to just Baby Boomers and seasoned business veterans. Young entrepreneurs are truly proving that age is just a number as they deliver some of the most exciting innovations in business and technology. Not everyone has the privilege of being born into a family business or wealth, but starting a […]

Entrepreneurship doesn’t have to be limited to just Baby Boomers and seasoned business veterans. Young entrepreneurs are truly proving that age is just a number as they deliver some of the most exciting innovations in business and technology. Not everyone has the privilege of being born into a family business or wealth, but starting a business need not be out of reach simply because you lack decades of experience. Of course, youth and inexperience will bring their own host of problems, but it’s possible that a great idea can lead to success. It is likely that you will need to rely on the wisdom of those around you, like family, friends, and colleagues. Of that wisdom, here is some of the advice that you’ll likely hear

Lean on Your Strengths

Ideas don’t necessarily have to come from previous experience, but it’s generally a good idea to put your past experience and strengths to use. For example, if you have an extensive background in sales, you can use that to search out profitable opportunities and drive your business. Sales is a useful skill, but you can apply any background into an important asset of your business. If you’re more of the creative type, you can channel those skills into creating compelling marketing content. Experience in human resources gives you the skills to create and oversee a dynamic team. Though entrepreneurship is likely to take you down a new career path, remember your roots and lean on your strengths. 

Be the Change You Wish to See

Millennials are increasingly starting businesses in favor of becoming their own bosses. Whether this comes from a pursuit of freedom or the dissatisfaction with corporate America, you have the opportunity to change the status quo and run your business in a way that feels fulfilling. Employees are tired of being treated like cogs in a machine, so make it a point to prioritize staying connected to your team. One of the best ways to invest in a business is to invest in your employees. In nurturing your employees and giving them opportunities to achieve, you will see better returns like improved morale, and subsequently, increased productivity. 

Don’t let Limited Resources Stop You

The best way to learn about entrepreneurship? Start a business. Of course, this is easier said than done, even more so for young entrepreneurs who might not have a safety net in place. Older entrepreneurs have had time to save money, gather business knowledge, and build up their networks. Even without these benefits, you can still take the plunge. Forbes reports that 69% of American entrepreneurs start their businesses from home and that one-third of small businesses start with less than $5,000. There are resources to help you do more with less: small business loans are available, and social media is an effective, low-cost marketing method. Even though there is no guarantee of success when you start your entrepreneurial journey, you can’t succeed if you never start. 

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