Whatever they believe, they can achieve… As long as they develop the right mindset, surround themselves with mentors and work hard.
With less obligations and responsibilities, young entrepreneurs can put more focus and time into their startup.
Not everyone is meant to be an entrepreneur. But for those who are, trying while you’re young is ideal. Your opportunity cost is lowest! Many people I know say, “Well, I’ll work two years in banking or consulting and then look at entrepreneurship.” The reality is, soon they’re getting married or having a family, and the chances of them leaving a steady salary to take this risk disappear.
[VIDEO] “We know that one of the greatest drivers of a purchase is a referral from someone you know and trust,” Deep Patel, founder at OwlMetrics and marketing influencer, told Yahoo Finance. “Gen Y grew up testing the waters of social media, but Gen Z doesn’t know life without it.”
While young founders have all the poise and promise needed to start a company, there are some experiences and information you simply cannot replace with hustle. First-time founders often have to spend a great deal of time overcoming their naivety, as they overestimate their likelihood of success while underestimating the amount of work ahead of them.
Here are five lessons I’ve learned from building my own company at 18, including what you should avoid doing as a young entrepreneur:
A week after my college graduation, I boarded a 14-hour flight to Paris brimming with excitement at exploring Europe for the first time.
I’m a planner.
I chose my niche, mapped out what to do every summer, played by my strengths, and almost signed a contract to accept work for a multi-national insurance company.
Ideally, I was starting my first “real world” job a few weeks after the end of my month-long trip as a management trainee. Y’know, the fancy schmancy car, 50k a month salary, and a lifetime of networking opportunities.
“That was my plan.”
The change of context is important. Before we only had in mind that the product being launched was functional enough. That the customer / user could run at least 2–3 basic things perfectly, but the client has grown, the client understands 5–6 basic things easily, we have to offer something more, something with which feels familiar and something that will surprise you at the same time.
It is a misconception that there are a small, finite number of good ideas to start companies. Some people are nervous to share the ideas they have, accordingly, because they think someone else will steal them. In reality, though, there are innumerable ideas that could become viable companies today.
Here are nine ideas, specifically, that you could start even from your college dorm room:
Seventy-five percent of the 2025 global workforce will be Millennials and Generation Z. For organizations with a growing Millennial workforce, it’s critical to re-engage Millennials in order to avoid the high recruiting, training and productivity costs associated with employee disengagement.
With a workforce that is 80 percent Millennials, VaynerMedia–the full-service digital agency founded by Gary Vaynerchuk–believes creating more company heart is the solution to better engage their 600+ Millennial employees.
Like any startup founder, podcasters have to identify a need, a minimally viable product and — the hardest part — a source of money.
When we think about entrepreneurs, we often think about people who have risked everything — an established career, financial security and personal relationships — to build and monetize a hip new startup. But startup founders are not the only entrepreneurs risking stability in favor of the unknown.
How many times have you said to yourself, “If only I had 36 hours in a day, I’d get everything done”? Or maybe “My to-do list never gets shorter”? For most top-performing entrepreneurs in major leadership roles, this self-criticism can come up frequently and ironically make us even less productive. Yet very few tackle their organization skills head-on to actively develop habits that will allow them not only to complete their daily to-do list, but to get ahead in a significant way.