3 years ago, on January 11th, Akash Mehta published a post outlining 8 Top Tips for Young Entrepreneurs. Not only did he single out young entrepreneurs but he also focused on Online start-up businesses run by young adults especially those under the age of 18.
photo credit: The Lost Wanderer
Interestingly enough Akash’s 8 tips are relevant for all entrepreneurs and I decided to list and review them here:
1. Be ready to handle the challenges of a business.
Before you begin anything, consider whether or not you really want to be in business. Running a business isn’t for everyone — you may be technically minded, but running a profitable business is a different thing altogether. Still, if you have an idea, and you really want to go into business with it, don’t give up now. You just might it make it big!
2. Plan your idea on paper and be ready to explain it to others.
He suggests writing out your plan with pen and paper and I agree especially with his comment that while writing, you have a lot of time to think out your idea.
3. Make good use of all the resources available to you.
Learning to take advantage of the available resources is going to give you a huge advantage as an entrepreneur.
4. Build your product to be as complete as possible before seeking financial assistance.
Develop your product as much as you can before seeking financial support; if possible, put together a demonstration video. The more you can demonstrate your idea, the more convincing you’ll be.
5. Maintain a professional communication channel.
Preparing stunning introductions and speeches always helps for the times when you have to work locally; keep a standard speech in mind and make sure you can deliver it confidently as needed.
6. Monitor progress and keep track of tasks.
Often a dedicated calendar and marker pen are sufficient, but develop a system that works for you and allows you to keep track of deadlines, pending tasks, and goals.
7. Be prepared to fail.
In the event that your business doesn’t make it big, and you end up pulling out of it, look back on what you’ve learned and consider what you plan to do next time.
8. Have fun!
Always keep an eye on the big picture, and make sure you enjoy what you’re doing. Becoming an entrepreneur requires a lot of enthusiasm — you can face some serious challenges if you don’t take pleasure in your daily business activities.
For more a more detailed read on all the tips please go to 8 Top Tips for Young Entrepreneurs.