Advice for young entrepreneurs
“I’m still in high school, but I want to be an entrepreneur!”
There are undeniable appeals to being labeled an entrepreneur. Words like ambitious, smart, resourceful, and successful come to mind when someone is introduced as an entrepreneur.
entrepreneur (noun): One who takes the initiative to create a product or establish a business for profit
The American Heritage Dictionary
If you’re in high school or college and the idea of controlling your own destiny sounds appealing, this post is for you. We’ve put together a list of tips based on the proven success of entrepreneurs around the world. The advice here also applies to young professionals who are considering breaking out of the standard office environment.
The first piece of advice is so important that we’re separating it from the rest of the list!
Find a mentor who has started and operated a business
The short video below summarizes the need for mentors. Taking yourself seriously is the first step to getting other people to take you seriously. It’s great to hear ideas from friends your age, but they can’t give you the type of business advice adults can.
Choose your advisors carefully! Get on spikeview and tap into the global community.
And now, 10 tips for young entrepreneurs in 2022
1. Ask for help.
You can’t do this alone, but you don’t have to. There will always be generous people who would be more than happy to help. Whether it’s little tasks like listening to your pitch or offering feedback on the product. Ask for help.
2. Spend as little money as possible.
Whether you inherited $10,000 or only have $10, spend as little as you can at the start. Obviously, this is much easier if you’re creating digital products. At some point you’ll be looking for loans and investors. When the checks start coming in, be frugal.
3. Learn to identify risks and rewards.
Life is full of trade-offs. Spend time reading books and watching YouTube videos about how to identify business risks. Your risks and rewards will vary depending on industry and a host of other factors.
4. Keep positive people close to you.
Negativity ruins relationships and businesses. It’s crucial to surround yourself with uplifting people. That doesn’t mean everyone will agree with your business idea – and that’s fine! The point is to deliberately have a positive mindset.
5. Identify your customers.
Targeting the wrong customers or buyers is one of the most common mistakes made by young entrepreneurs. They get excited about their product without thinking who exactly needs the product. How old are the customers, how do they shop, how reliable are they, what else do they buy, etc.
6. Study your industry.
Related to knowing your customer, know your industry. Even the most innovative products or apps can be connected to some industry. Perhaps you overlap two or three industries. Study the popular brands and top sellers and make notes about how they rose to success.
7. Manage your time wisely.
We can’t get back time. Being an entrepreneur means sacrificing some of the activities you’re used to. Less time for streaming shows, playing sports, or just lounging around. You’re going to want to get used to scheduling your days on a calendar.
8. Partner or collaborate with another business.
Have you ever seen a commercial where two brands team up? Skateboards and clothing brands are a common example. They’re in different industries, but share a common customer. Think about what products or services fit with your business idea and collaborate.
9. Write down your short- and long-term goals.
Use a pen to hand write goals on paper. Then type them into a document saved in the cloud. The act of writing by hand engages your brain in a different way than typing. You’re more present. Goals should be short (first 30 days) and long (first 12 months).
10. Never stop learning.
Be intellectually curious. Read about topics you know nothing about. As you grow older, you’ll discover how these once-random things you learned help shape you into a successful business owner and operator.
Tell us about your business idea
We’d love to hear from you. Are you an aspiring entrepreneur? We’d love to hear what type of business you’re considering.