February 20, 2012
Young entrepreneurs have the advantage, as youth can maximize their energy, time and commitment towards projects. If you are a youth considering self-employment, your timing may be great. The definition of young entrepreneurs is wide open, but has generally been referred to as individuals under 30. Some government programs for young entrepreneurs cite and target the “30 and under” age category. This is not to discount the fact that many eager entrepreneurs of all ages will put maximum efforts towards their business ventures.
As a young entrepreneur, dedicate your time and resources to building capacity. Seek out career options and avenues for business. A best practice for you may be to engage in two career – job streams, gaining a valuable cross-section of experience and exposure in those fields. Having two operational skills sets, along with management experience will give you the competitive advantage.
As a young entrepreneur with no commitments, you have the ability to work a day job (or night job) gaining operational and management experience. Concurrent with employment, you have the opportunity to run or undertake pilot projects to test out your product or service in test markets.
Before you are ready to make the jump, ensure that you are confident that you will successfully implementing your business. You want to make sure that you have the operational, management and financial capacities necessary for business. If you are not quite ready, take a step back and get more prepared.
Mentors for Young Entrepreneurs
It is extremely important that young entrepreneurs engage in a mentoring relationship with successful business people. Even though you are eager to begin at a young age, you don’t have the massive experience under your belt like an astute, successful business person. Learn everything you can from successful people around you. Engage yourself in an open learning environment. If you are not open to mentoring and learning, you may not get far. Mentors will open your eyes and doors to other aspects of business such as financing, partnerships, markets, and the little things you may not have thought of.
Funding and Business Support Programs for Young Entrepreneurs
As a young entrepreneur, you have some additional avenues for funding support. Both the US and Canadian governments have business funding programs set aside to encourage youth entrepreneurship. Tap into these programs, as business grants or low-interest business loans will give you the competitive advantage financially.
Business development programs in both countries also have business support programs to help you along in the implementation phase of your business. Additional marketing programs can assist in the awareness and access to markets.
Business planning is a key component to moving forward and taking the next step as a young entrepreneur. Do not overlook the importance of strong, detailed business and financial planning. Lending agencies and programs will need to analyze business plans, and will base their funding decisions on the strong merits of your applications and business plans. Professional assistance in the development of the business plan will give you the competitive advantage.
Business information, resources and tips for young entrepreneurs
© 2012 Strategy Plan One