TOP 3 TIPS FOR YOUNG ENTREPRENEURS

[JCBrown]

Morning Ladies and Gents!

I hope everyone enjoyed the sunny (non-existent) weather over the weekend.

I wanted to find out from you, especially those who run or have run their own businesses in the past, what your top 3 tips would be for any young entrepreneur who is embarking on a business journey?

The field or sector they have chosen is irrelevant. But what hard truths or nuggets of value would you give to that person that can really help them?

 

[fisicx]

Do they have to be entrepreneurs? What about those just starting a business?

Either way:

1. Do your research. Make sure there is a market for your idea (eg: if three people are already washing windows in your locality there probably isn't going to be much of a market).
   
2. Can you afford to fail? If you take out a loan to buy stock that doesn't sell can you still afford to pay your bills.
   
3. Social Media isn't a source of customers.

 

[Mark T Jones]

1 don't refer to yourself as an entrepreneur.

2 it's ALL about the customer - identify exactly who they are before you do anything

3 you're not as important as you think you are. (That's a discussion in its own right)

 

[Paul Norman]

1. Don't overestimate your ability

2. Enthusiasm is good. But it does not replace the need for actually knowing how to do stuff

3. Do you have the resilience to bounce back from a disaster?

 

[Chris Ashdown]

Don't underestimate the difficulties in getting sales

Marketing is very cash hungry so do a deep examination on the likely costs before you start

Make a realistic cashflow spreadsheet with various scenario's for lower sales than you expected, cashflow kills more companies by poor sales or to fast expansion

4th
Don't get big headed and call yourself a Entrepreneur, your just a start up company which stands a great chance of failing in the first 3 years

 

[japancool]

Don't all of these things apply to older entrepreneurs as well?

There have been plenty of older people starting up business during the pandemic as well.

 

[Ozzy]

Don't all of these things apply to older entrepreneurs as well?

Ah yes, what the media refers to as "Silverpreneurs" as a play on the grey hair elder folk.

 

[MBE2017]

Ensure there is a market for what you plan to do, ie if you want to be a window cleaner knock plenty of doors and find out how many will use you and at what rate. So research before jumping.

You do not have to re invent the wheel, but try to make an existing business better, more competitive, faster etc.

Work out how much you need to earn, allow for holidays, tax, equipment, bad payers etc.

 

[Ozzy]

Don't ask friends and family what they think about your idea, ask people who don't know you from Adam. Ignore the compliments and positive vibes and instead pay attention to the constructive critique of your idea.

The money in the bank isn't all yours, even after you've paid all your bills. About a 1/4 to a 1/3 of it belongs to Her Majesty's treasury in one way or another.

Don't gamble what you cannot afford to lose.

 

[japancool]

I don't know about 3 tips, but one I would give is -

Don't fall in love with your idea. It's okay to fail, and most do. Learn from your mistakes and move on.

On yes, and never, ever rely on someone's promise or goodwill. Get it in writing.

 

[ChrisGoodfellow]

If you care passionately enough about a problem or idea to want to start a business that's great. But it's always worth asking how else you can have an impact or learn. If you're a young entrepreneur, say straight out of university, it might be better to join a small company, learn as much as you can and then start something...

 

[NickGrogan]

1) Read the top 3 books in your sector
2) Read more
3) Keep reading

 

[Deleted member 59730]

I liked the advice given by an American colleague to young people asking how to become a photographer.

Study book keeping.

 

[DavidWH]

1) Learn how and when to say no

2) Learn from mistakes, adapt to try and prevent the same mistake occurring.

3) Don't be everything to everyone, be something to someone.

 

[ecommerce84]

Actually enjoy being young, as it quickly goes.

Invest in nice shirts, and good haircuts and they’ll pay dividends.

Don’t be afraid to fail - the younger you are the more time you have to recover. And many successful businesspeople have a failure or 2 under their belts.

 

[pentel]

Decide how much you are willing to lose and if you reach that figure re-evaluate

Nothing succeeds like persistence. Too many people give up once they hear no. Rephrase the wording of your offer and try again. And again. And again.

We have 2 ears and 1 mouth for a reason. Listen to your customers. Solve their problems, not always in the way the expect,

And for a fourth?

Be honest to your customers, to yourself and to HMRC.

 

[cjd]

Don't take any notice of lists of tips.

Know stuff, proper stuff like accounting, product development, wholesalers, distribution, prices, competitors, finance, IT, marketing & sales, contract law etc - or have people that do. This usually means working in the industry that you finally grow your own business inside.

Have enough money behind you to sell nothing for a really long time. Most of succeeding at business isn't radical innovation or, god forbid, passion, it's having enough cash to stick around long enough to make it work.

 

[japancool]

Learn to love coffee, you'll probably be drinking a lot of the stuff.

 

[Lucan Unlordly]

1. Get some understanding of sales techniques so you can use them on suppliers or see them coming when they try to use them on you.
2. Plan what you intend to do tomorrow before you leave for home (Never done it but should) as you can easily lose a lot of time juggling unexpected balls when working for yourself.
3. Enjoy working hard...

 

[JEREMY HAWKE]

Be prepared to sacrifice everything and work every hour of the day !

 

[Bob Morgan]

. . . and remember what George W Bush was (alleged) to have said! "The French have no word for Entrepreneur!"

 

[AllUpHere]

Be prepared to sacrifice everything and work every hour of the day !

Sod that; I'd say the opposite. Work out how you can have the business and the life you want. Unless you want to join the super rich, you don't need to sacrifice everything for business.

 

[AllUpHere]

. . . and remember what George W Bush was (alleged) to have said! "The French have no word for Entrepreneur!"

Haha, whether he said it or not, the quote certainly suits him.

 

[Andraz]

1. Don't stop learning different photographic technics.
2. Marketing
3. Creatin visual pleasing and interesting photographs

 

[japancool]

1. Don't stop learning different photographic technics.
2. Marketing
3. Creatin visual pleasing and interesting photographs

Mainly useful if you're doing your own photographs. If you're a plumber, less so.

 

[Deleted member 335660]

Hi JC,

i ran an Entrepreneurial Challenge at University and the three big mistakes students made were:

1. They did not understand how finance worked in business.
2. They did not the extent of competition
3. Lack of research.

You need to have some understanding of profit and loss, cash flow etc. So read a book on it.

They felt there idea was unique and that they had no competition, but you are competing for people’s money not just an offering from a competitor of yours.

As others have said, you need to do research into your market, understand the distribution channels, pricing structures and competitors.

 

[Chris Hanson]

1. Sell a need, not a want. Make customers need what you offer.
2. Love what you do. You're going to be doing it for a long time.
3. Create an exit plan. Once you've built it, what's next?

 

[Annameka_TAX]

My advise is to get a good support system. 1. A strong business mentor (someone already successful on the path you embarking upon), 2 . A savvy accountant/advisor that can help you take advantage of relevant government schemes, grants and your tax relief. 3. A strong (adaptable) plan, being flexible gives room for you to mature with the changing markets. But the most important thing is never give up, be bold and be different, take your role seriously as a global innovator!