May 6, 2012
Young Entrepreneurs
Are you a youth and itching for the chance at an entrepreneur opportunity? Does self-employment appear more appealing, more fitting with your aggressive aspirations? You may feel that you are ready to take the jump, but feeling some anxiety in the riskier avenue of self-employment.
Some are ready to take the step at an early age, and when we reference young entrepreneurs, most reference being under the age of 30 as the youth entrepreneur category. However, most young professionals take a strategic approach in capacity development prior to diving into entrepreneurship.
As a youth, you may have an early competitive advantage jumping into self-employment early. Here are some tips you may find valuable for your entrepreneur journey at a young age.
Young Entrepreneurs – Goal Setting
What is your employment / self-employment pathway and what do you intend to do? You will need to answer the “why” – why do you want to go into business for yourself? Why do you feel this is your best opportunity? Why do feel your products and services will meet a target market’s needs?
You need to determine what your personal and business goals are, for the short-term and long-term. Develop your list of priorities and goals as a starting point step towards self-employment.
Self-assessment – Young Entrepreneurs
As you have ideas of what type and industry you want to be self-employed in, you need to develop a list of essential and asset skills necessary for operations and management of a new business. Essential skills would be the skills to carry out operational tasks and the normal core business skills to adequately manage the business. Asset skills would be those skills that would add value to your business, such as knowledge and abilities in a specialty area (i.e.: Branding market specialist, IT tech specialist).
On the other side, you need to accurately and as objectively as possible, complete a self-assessment of your skill set. You should identify and rank your operational and your management skills. You have probably recognized that there are some consistent traits and characteristics across successful entrepreneurs. Complete a gap analysis between necessary skills and the skills you possess, and note skills that are needed to complement your own skill set.
Capacity Building for Young Entrepreneurs
Capacity building involves you strengthening your skill set in those traits, characteristics and abilities you may have identified in your assessment as weaker or needing attention. Strategically think and plan to build operational, management and financial capacities… all will be required for business.
Young Entrepreneurs need Mentors
Young entrepreneurs jumping into business in isolation is extremely rare. Very few successful entrepreneurs have done it by themselves alone. Don’t be afraid to call upon someone you admire, someone you have noticed as being successful in employment or self-employment. Successful business owners and entrepreneurs that you know may act as a business mentor to you and show you the tricks and tips at the start-up phase and beyond. Entering into a mutual mentoring relationship is considered one of those key actions that will move you towards success.
Business Planning for Young Entrepreneurs
You will need to conduct strong and detailed business planning prior to diving into your business venture. Due diligence will be required on your part to analyze your industry and markets, your business operations, and your intended mix of products and services to offer the masses. This could be considered one of your final steps in preparing you to present you business case to financial lenders, partners or investors. The more prepared and the more work you put into business planning, the better the plan will be to implement and be used as your blueprint.
Business information, resources and tips for the entrepreneur
© 2012 Strategy Plan One
