If you are a young entrepreneur or aspire to be one, you need to start off strong in order to succeed for a long time. The entrepreneurial world can be intimidating, and myths like “90% of startups fail” really make it difficult to survive even if you think you are well prepared for it.
1. Find What You Are Passionate About
“Build a business around something you are passionate about” – Brendan Cox
If you look at the data of startups in recent years, the most successful are those whose founders were passionate about their venture. So you need to find out what you are passionate about and think about how you can turn it into a business. When you start a business based on your passion, you bring your skill and motivation into the business, which will be a huge factor in making it a success.
2. Know Your Target Market
Most businesses fail to understand what “target audience” means. It doesn’t mean just to know what part of the population will be their customer, but it also means that you understand what your target market expects from you in terms of your product or services. The demographics of the target market also play an important role in establishing your brand.
3. Get Funding
Most great ideas need money to kick-start the business. Start working on raising funds as early as possible – preferably in high school. There are many different crowdfunding platforms that allow you to bring your idea to life through investors.
4. Find A Mentor
A mentor is a business expert who can guide you as an aspiring entrepreneur. Mentors play an important role in the planning and execution stage of business. Mentors know all about the struggles and hardships of business as they went through it, and they are best suited to steer you through any struggles that you experience in the business.
5. Plan Ahead!
Whether it’s for tomorrow or for next year, planning is vital for your business. Make a proper plan for business execution and set short-term and long-term goals for business growth. Planning should be a constant part of your personal and business life if you want to stay in control.
Are you an aspiring entrepreneur? Check out my new book: Strictly Business: How to Crush it as a Young Entrepreneur.