Do not underestimate the kudos of being a young entrepreneur. In many walks of life the fact that someone is young is often undermined. People band around phases such as “lack of experience”. But young entrepreneurs have so much more to build on and bring to the game.
Fresh Approaches & Fresh Ideas:
Too often we are held back by tradition. Young entrepreneurs see look at things differently and apply new techniques and technologies to sound messages to their customers and better products to the clients.
Finding a Gap in the Market and a Market in the Gap:
Its an age old mistake that many big business make. The youth of today are tomorrows customers. Don’t ignore an emerging market.
The Power of Knowledge:
What would a top company pay to have their finger on the pulse. Successful young entrepreneurs fully utilize the knowledge of what other young people want in their offer. Being a part of this young and fast moving community means you have the absolute inside track in how this market sector thinks, what they want in life and how they like to receive their news and information.
The Power of Social Media
Social media is an incredibly powerful and using it to its full advantage can reap huge rewards. But how many established businesses really incorporate it into their marketing strategy. Communicating electronically is second nature to young entrepreneurs. This medium can get you, your message and your product in front of a massive range of potential customers from individuals to corporations. So don’t wait for your customers to come to you. Start making some noise and get your message out to your customers.
Cost Effective Marketing
Social media is one of the most cost effective marketing tools available and when linked to a Webpage , Facebook and Instagram account can offer the making of a fantastic promotional campaign. All run from the comfort of your home. So if you are cash poor but time rich then the world is and open stage for any young entrepreneur.
Be Confident and Believe in Yourself.
Don’t let the fogies get you down. An essential element that contributes to success is having a strong belief in yourself and your business. So don’t let your age make you doubt your ability.
Find a Mentor and Tap into Expertise
You don’t have to be an expert in everything and why would you want to. An entrepreneur has to juggle many balls when launching a business. The art of successful business people is finding others that can help and deciding on which functions you should take control of and which operations can be farmed out. If bookkeeping is not your thing, buy it in. And remember, you can’t know everything so seek out expertise.
Having a mentor can be crucial to the success of any business regardless of the age of the owner. A good mentor can offer essential guidance, feedback, knowledge and connections. They are also independent and impartial and so not influenced by friendship and family bonds.
Do not underestimate the importance and power of networks. Getting out and about puts you in front of customers and important contacts and suppliers. You can share best practice, link up with like minded people and find potential partners and cohorts that can effect group bidding and buying. Do not be put off by established networking groups with long term members. Delegates like new blood they bring fresh ideas to the group. As well as potential new business.
So when you are out and about circulating and schmoozing remember the “Three R’s” – Relationships, Referrals and Recommendations.
The Importance of P.R.
So, contrary to what you may think being young and in business can actually be a huge advantage. Many people are intrigued by the success of young entrepreneurs and the media know this. Especially if you are new on the block. You can use your age as a point of interest in your promotional campaign and when pitching press releases to the media. Just ask Mark Zuckerberg, Steve Jobbs, and even Sir Richard Branson and Lord Sugar.