7 Expert Tips for Young Entrepreneurs: Start-up Planning

To be successful, it’s helpful to take notes from those who’ve already made it. It’s great to have someone to bounce ideas off of, but not everyone has the opportunity to meet their mentor in person.

For many recent graduates, the dream job is to be their own boss. A lack of funds and experience are two of the most apparent roadblocks that will prevent you from making your dreams a reality.

But don’t be discouraged! Of the successful business owners polled by Small Business Trends, 82% believed they had the right education and experience to run their business.

Finding the most relevant and valuable information and advice can be difficult when conducting an internet search on the topic of “how to become an entrepreneur?” Here are seven pointers for aspiring young entrepreneurs to help you get started.

1. Do What You Love

There’s no point in starting a business just to start a business. You must be passionate about your product or service and know everything there is to know about it.

How many people have imagined that running a public relations firm is glamorous and easy money, only to discover that the reality is long hours, chasing clients, being turned down, and struggling to establish themselves in a fiercely competitive market?

Once you’ve identified a market niche, you’ll need to come up with a Unique Selling Point (USP) that no one else has. Whatever you do, don’t fall into the trap of thinking you can approach the market with a scatter-gun approach. You must specialize.

2. Build a Strong Network

It’s critical to recognize the value and experience that everyone can provide for you and your startup, from your peers to your professors.

Take advantage of all networking opportunities available to you as part of your degree, including networking events, industry talks, internships, and even coffee morning catch-ups. It doesn’t have to be in a formal setting; simply getting to know your coworkers on a more casual level can lead to a professional working relationship.

It’s a winning combination to surround yourself with a team that’s just as professional, hardworking, committed, and driven as you are.

3. Identify The Market Gap

This may seem self-evident, but it’s one of the most important pieces of advice that’s often overlooked – especially since misreading market demand is the leading cause of startup failure.

It isn’t about doing something new, but about doing something different when it comes to identifying a gap that needs to be filled. While it’s critical that your idea be profitable, it should also align with your personal goals.

When it comes to reinventing the wheel, you may feel stuck in the mud, but perseverance and some brainstorming should lead to the light bulb moment. You can also come up with an original idea by using what you already know from your own experiences.

4. Know Your audience

Here’s a hint: your audience will never be “everyone.” Your product or service will always be better suited for a specific demographic, so figuring out who that is is crucial.

Market research will help you in determining your target audience’s needs, wants behaviors, and attitudes, as well as how your product or service will best serve them.

5. Surround Yourself With Experts

It’s natural to want to be involved in every aspect of your company because it’s your baby. However, if you want to expand your company, concentrate on that and let others lead and thrive. Make the most of your expertise, but also know when to step aside and delegate to experts in other fields.

Mentorship is also important. Even if you are the CEO, you can always learn from others. Continue to seek out opportunities to learn, whether it’s through listening to podcasts from industry experts or tech whizz kids, or simply connecting with your team and support systems to stay grounded. Other viewpoints are always beneficial.

6. Don’t Let Limited Resources Keep You From Getting Started

Many older entrepreneurs have the advantage of years of saving money, gaining business knowledge, and building a powerful network of connections to help them get started when they’re ready.

Although you may not have those advantages as a young entrepreneur, that should not deter you from taking the plunge.

In fact, 69 percent of entrepreneurs in the United States start their businesses from their homes. One-third of small businesses begin with a budget of less than $5,000, and 58% with a budget of less than $25,000.

For instance, Make Tech Quick, a technical blog led by Anubhav Roy, started with a budget of a mere $8,000 but has successfully scaled its business to more than $20,000 in less than a year. 

Although not everyone has access to personal capital or family and friends to rely on, there are ways to get more done with less, and small business loans are plentiful.

Spreading awareness through social media and word of mouth is a low-cost marketing strategy, and incremental loans can help you grow gradually, so you don’t get in over your head.

7. Learn To Use the Media Properly

The media, including social media, is there to help you promote your business, but you must know how to use it effectively.

Newspapers are increasingly limiting the amount of space available to promote businesses that cannot afford to pay for advertising.

However, if your company has a unique selling proposition, it may pique the interest of business editors. Carefully craft your press releases, and avoid “stunts” that could backfire and harm your brand’s reputation.

Broadcast media, such as radio and television, still provide opportunities for promotion, but your company must have a unique selling proposition (USP) and a story hook to hang a story on.

In the midst of a recession, are you planning to start a business that uses local products or workers? Local radio and television, in particular, thrive on stories like these. Media releases should serve a purpose rather than simply reflect your desire for publicity.

Social media is a fantastic tool for promotion, but it must be used with caution. Small businesses can find Twitter to be either a friend or a foe.

Don’t broadcast all the time; instead, interact with your audience. Above all, avoid re-posting other people’s links. This is the fastest way to lose followers.

Conclusion

Entrepreneurship can be a trial by fire; working without a safety net is one of the most difficult aspects of starting a business.

It is, however, some of the most crucial lesson-learning you can do. After all, when asked, “What is the best way to learn about entrepreneurship?” by Small Business Trends, more than half of respondents simply said, “Start a company.”

Young entrepreneurs do not need to wait until they are older or more experienced to launch a successful company.

However, you should always take into account the wisdom of those who have gone before you. Entrepreneurship is a never-ending learning experience, and you can’t succeed if you never try.