Becoming An Entrepreneur In Your Twenties Isn’t Difficult
You hear about in in the news all the time. Someone, somewhere has made a fortune setting up their first business. Meanwhile you’re struggling to pay the rent. Typically, to add insult to injury, these people are either your age or younger! How is that possible? It’s at this point you start the age old self-reassurance tactic.
It must be someone they know. Their dad’s rich or, they’ve got an uncle in a point of authority. You get the idea. It’s too difficult to believe that these people succeeded where we failed without any help. It’s too painful to accept this realisation. So, we make up excuses to make ourselves feel better. But the fact is that most of the people telling themselves this never bothered to try. How do you know you can’t set up a business when you’ve never attempted it. How do you know you can’t become the next news story about an entrepreneur making millions in your twenties? The answer is that you don’t know this. You couldn’t possibly. So before you start to shrug off the success of these astounding individuals, ask yourself the unspoken question.
Could you be next?
When you start to think about the answer, you’ll come to a shocking realisation. You could because it doesn’t take much knowledge to be an entrepreneur these days. If you’re wondering where to start, you just need an idea.
Forming An Idea For A Business
The best part is this idea doesn’t have to be original or new. For instance, you might decide that you’re going to set up an IT support company. It’s true, there are hundreds of businesses like this already on the market, so what chance does your company have of reaching success. But again you’re asking the wrong question. You should be thinking about what’s stopping it being a success. The answer? Nothing. There’s nothing to say setting up a new IT business this year couldn’t lead to success. In fact, that particular industry is booming so if you have a little knowledge it could be a great idea.
To come up with a great idea for a new business, you don’t need to have a lot of experience. You certainly don’t need to know everything about the industry. You just need the confidence to sell the concept. Later on, you’ll be able to hire other people to sort out any issue you don’t fully understand. A good way to think about this is by considering professional yachtsman. Many yacht owners don’t know how to swim but that doesn’t stop them getting in the boat. Thus, limited experience shouldn’t stop you thinking about starting a company.
Once you have the idea for your company and the product or service you’ll be selling, you need to create a business model. This is a guideline for how you will run your company. Typically many new businesses are being set up and run online these days. This immediately limits the costs of the company and it’s easy to do. For instance, you could set up a company to sell wholesale goods. If you’re doing this, you just need to set up a site with some e-commerce software. Buy the product and arrange shipment. Once you’ve done this, your company will be making enough money to reach profitability. But profitability isn’t enough. You also need to think about how your business will stay profitable in the years to come. If you are investing in wholesale, you’ll need to think about how you can offer more than other companies. Or, how you can market your product in a unique way. This is all part of your business model.
The Determination To Succeed
You’ve probably noticed we’re making the setup of a company or business sound quite easy. Come up with an idea and then start getting the services you need to make it happen. But the fact is that this part of the business is as simple as it sounds. It’s not even that difficult to get the money you need. You’ll find countless companies online offering you business loans that you can use for funding. If you’re confident in your chances of success, you can even get a high-interest loan and speed up the process. It’s not hard, and anyone could do it. But does that mean that anyone could or more importantly, should become a business owner? Of course not because if you’re running a business, you need to know how to make it a success.
Largely, this will come down to how much effort you’re willing to put into it. If you think running a business and making it a success is easy, you’re in for a nasty surprise. That’s just not the case. In your first year alone you’ll face more problems than you could ever imagine. The success stories find away to persevere through and find solutions to the problems.
You might find that you have a difficulty with productivity in your company. If you find yourself running a big company, this is an issue you’re going to face. Mainly due to the fact that with so many parts and sectors it’s unlikely that all will be running smoothly. But you can find the solution to this issue if you’re determined enough. That might be changing your staff or investing in new tech. You’ll have to do everything you can until you reach a higher productivity level.
Pride In Your Company
One of the last things that we can teach you before you become an entrepreneur is to have pride in your product. You need to make sure that you know you live or die with your company. This will encourage you not to invest or sell cheap poor quality products or services. Let’s look at Donald Trump as an example. Many people think of Donald Trump as a successful business owner. But Trump has had a number of failed business ventures including steak and alcohol investments. The product sold was inferior and people simply didn’t buy it. You can learn a lot from this failure.
When you do run your business, you can not forget the importance of your reputation. At some point it will be all you have to ensure your business continues to make a profit.