17 Essential Tips for Young Entrepreneurs

Youth is the biggest resource of the Nation. Today’s generation is not only smarter but also ahead in innovation and dare to build their own empire at the prime of their youth. Though it takes a lot of efforts, a right amount of motivation and guidance can help the young budding entrepreneurs go a long way. Well who learn from than the experienced businessmen who started out at your age and now are known as the Young minds who made it to Big Shots.

Here are 17 essential tips for young entrepreneurs inspired by 17 people who made it under 17 years of age:

  • Dare to Dream:

Dr.A.P. J Abdul Kalam once rightfully said, ‘Dream is not what you see while sleeping, it is something that doesn’t let you sleep.’ Your dreams don’t have to look like anyone else’s. You get to define what success looks like in your life. Dare to dream your own unique dream of what living well looks like.

  •  Have a Vision:

The founder and CEO of Tumblr, David Karp, notes that an entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times. Having a vision means we have a clear sense of purpose.

It means we have a much larger picture of our business, than simply setting and reaching short term goals and tackling problems as they come along. In business, having a clear vision is absolutely critical. It is an extremely powerful tool to achieve the results you want.

  •  Do what you are Passionate about:

Where you care about DOING that thing, rather than what you get at the END of doing that thing. The dictionary definition of passion is “a strong feeling of enthusiasm or excitement for something or about doing something” The spark of passion when gets action it fires up and lights the way ahead.

  •  Take Action:

The world is full of great ideas, but success only comes through action. Walt Disney once said that the easiest way to get started is to quit talking and start doing. That’s true for your success as well. Work in silence, let your success make the sound.

  •  Face your Fears:

Overcoming fear isn’t easy, but it must be done. Arianna Huffington once said that she found fearlessness was like a muscle — the more she exercised it, the stronger it became.

  •  Take the Risk:

We never know the outcome of our efforts unless we actually do it. Jeff Bezos said it helped to know that he wouldn’t regret failure, but he would regret not trying.

  •  Believe in Yourself:

As Henry Ford famously said, “Whether you think you can, or think you can’t, you’re right.” Believe that you can succeed, and you’ll find ways through different obstacles. If you don’t, you’ll just find excuses.

  •  Rome was not built in a day:

No one succeeds immediately, and everyone was once a beginner. As Steve Jobs wisely noted, “if you look closely, most overnight successes took a long time.” Don’t be afraid to invest time in your company.

  •  Plan for raising funds & capital:

Richard Harroch, a venture capitalist, has this advice for upcoming entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”

  • Set goals and targets:

Ryan Allis, co-founder of iContact, pointed out that having the end in mind every day ensures you’re working toward it. Set goals and remind yourself of them each day.

  • Learn from your mistakes:

Many entrepreneurs point to mistakes as being their best teacher. When you learn from your mistakes, you move closer to success, since learning from failure is the first step towards succeeding.

  • Adapt to the market:

Bill Gates once said that your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.

  • Put customer needs at the top:

“Customer is the king,” is the first rule of any market and business organizations.

  • Manage Energy, not Time:

Your energy limits what you can do with your time, so manage it wisely. Plan a proper schedule keeping your physical and mental potential as priority.

  • Invest your money wisely:

Investing your money can allow you to grow it. Most investment vehicles, such as stocks, certificates of deposit, or bonds, offer returns on your money over the long term. This return allows your money to build, creating wealth over time.

  • Be Consistent and determined:

       Consistency in your business is far more important that you can imagine. Being consistent allows you to establish awareness, build trust and deliver your services efficiently and profitably.

Whether you are establishing your brand or determining the course of your sales and marketing strategy, you have to recognise the power of consistency. Give yourself an advantage over fickle competitors by becoming consistent in how you operate your business, and what you present and offer to your customers.

  • Deliver more than expected:

Google’s Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a great way to get noticed in your industry and build a loyal following of advocates.

Being a successful entrepreneur takes a lot of work, a lot of vision and a lot of perseverance. These 17 tips, from entrepreneurs who have already found success, will help you navigate the path much more easily.