If you’re a young entrepreneur interested in getting a head start on your business ventures, there are some special considerations to keep in mind.
Given that you may not have much of a credit history, it may be challenging to secure financing. With a lack of business experience, you may have to work harder to be taken seriously. But success is still possible. Below are a few tips to help you on that path.
Tips for Young Entrepreneurs
1. Build a Solid Financial Foundation
Starting up and staying in business requires a good financial foundation and plan. And low credit scores appear to remain one of the biggest obstacles young folks face when it comes to funding their businesses:
“Most young people also have limited or no credit history, which means that the credit cards they could conceivably get…will have low credit limits.”
The article referenced there also provides insight about developing your finance strategy.
There are a few other financing options you can consider such as crowdfunding, peer-to-peer lending and borrowing from friends or family. Each option has pros and cons, but it’s worth checking into the potential of various approaches to determine what might be a good fit for your business.
2. Find a Mentor
You may feel a little lost or overwhelmed as you try to navigate the business world, especially starting out. A mentor can be an invaluable asset to help you along your way.
Whether it’s a former boss, someone in your business network or knowledgeable family friend, find a mentor who has experience in your field and has walked in your shoes before.
You’ll benefit from expert advice, network expansion and more – and you’ll have nothing to lose!
3. Be Passionate and Stay Committed
For your business to succeed, you’ve got to stay committed – fight the good fight for what you’re passionate about, and be prepared for a tough road. But your dedication can go a long way not only for you personally, but also make a positive impression on others who may eventually support your business.
Face the reality that you’ll be putting in more than the typical 9-5 hours. Treat adversity as a learning experience. The more you grow in your knowledge of your business and industry, the better off you’ll be in the long run. Take advantage of free or low-cost workshops available locally or through online webinars.
Starting a business as a young entrepreneur presents a unique set of challenges, but with the resources available through sites like this and others, you’re also presented with excellent guidance to help you achieve success.
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I could not stress it enough how a mentor can speed up the process. Trust me. I thought I don’t need a mentor. Then I have to put in 5 years of time just to learn the ropes. You need a mentor to speed up the process. After all, he knows the ins and outs and can assist you when things don’t come your way.
These are great tips! You might add keeping a network of entreprenuers at close for tips and coaches. As always, we need to surround ourselves with the people whom we share the same interest with.