3 Tips For Young Entrepreneurs

Learn how it plays, learn how it pays

With the crushing student loan debt that has plagued an entire generation of kids who were told to go to college, it’s no wonder many young entrepreneurs are considering a different path. Many young people are interested in becoming entrepreneurs, whether becoming the next social media star or taking skills they already have and using them to find new opportunities that don’t involve working for someone else. 

For most, it’s hard to know where to start. After all, not everyone is born with the knowledge and the prospect can be frightening because there are so many unknowns. However, with some resilience and hard work, starting a business can lead to great success. Here are three tips that young entrepreneurs can use to get their careers off to a great start.

1. Set clear and realistic goals

According to Entrepreneur, one of the best ways to be successful in anything is to have clear goals in mind. For example, you will want to take an honest look at your personal strengths and weaknesses. Before you even think about funding or business structure, you need to have an honest conversation with yourself.

Some questions you may ask yourself include: Do you have the skills necessary to attain your goal? Do you have resilience if your plan fails so that you can pivot and go in a new direction? Can you deal with failure and see it as an opportunity to begin again more intelligently? All of these assessments will help you know your own limitations and weaknesses before you even start your new business venture.

2. Hone your problem-solving skills

Starting a new business can be a bit overwhelming, especially if you are just starting out. Naturally, you are going to run into some hiccups along the way. The most important thing to remember is that there are no failures when it comes to starting a new business. You simply learn what doesn’t work and begin again with that knowledge. The idea is to use the knowledge you gain from what doesn’t work and turn it into an opportunity. 

For example, maybe you had trouble finding a supplier for a product you want to sell. When you solve the problem, maybe you could offer a course on how to find suppliers for others that are starting their own business and create another income stream. One of the best things you can do as an entrepreneur is to be on the lookout for a new solution to an existing problem.

3. Take tips from others

The final, and arguable, most important tip is to learn from others. This could mean reading books that other entrepreneurs like yourself have written, or asking your customers what they want. Your most dissatisfied customers are your greatest source of learning, according to Bill Gates.

You could also reach out to others in your industry that have found success and ask questions if they are open to sharing. The point is that there is a lot of value in listening to your audience or others who have been where you are now. 

No matter what business you have chosen, these tips are just starting points when you begin to develop a budding career as an entrepreneur. Know Opportunity is a course that teaches entrepreneurial skills to young entrepreneurs. Originally developed as an interactive learning experience, it gives students an idea of what entrepreneurship is like in the global marketplace.

Even if young people aren’t interested in learning how to be an entrepreneur, the lessons they will learn from Know Opportunity will help them better understand how the economy works.

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