Challenges faced by young entrepreneurs

In GoForth’s July newsletter, we focused on the inspiring stories of young entrepreneurs. So we were excited to see a tweet from Babson College today, linking to an article entitled “Why Young Entrepreneurs Fail.”

The title is a bit heavy-handed, but don’t be discouraged! At GoForth, we love people who are honest about the fact that entrepreneurship is challenging as well as rewarding. Here’s an excerpt from the article:

One of the biggest mistakes young entrepreneurs make is neglecting their revenue model. Today there are so many businesses that haven’t figured out how to monetize themselves yet. To me, the word monetize is redundant in business. If you don’t have a business model, you aren’t really in business–it’s just a hobby.

Here’s the full article on the challenges faced by young entrepreneurs. It’s a well-balanced look at young entrepreneurship and the things that must be kept in mind when starting a small business.

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GoForth highlights the innovation of young entrepreneurs

This month at GoForth Institute, we’re highlighting the passion, innovation and indomitable spirit of young entrepreneurs.

Famous businesses started by young entrepreneurs

Some of the world’s most famous companies weren’t created in a boardroom by a committee of seasoned professionals. Here are a few businesses that you probably know which were started by entrepreneurs under the age of 35:

  • IKEA
  • Facebook
  • Apple Computer
  • Google
  • Mrs. Fields
  • Motown Records

What great things can young entrepreneurs do?

Young people possess endless energy and great ideas. These qualities, coupled with their ability to quickly adapt to new technologies, make them natural leaders in tomorrow’s small business climate. According to the Canadian Youth Business Foundation, “Seventy-once percent of small business owners will retire within 10 years, with 41% retiring within the next five years.” Looks like tomorrow’s small business leaders are arriving just in time!

At GoForth Institute, we believe strongly in the importance of small business education and supporting entrepreneurs of all ages. Read our July newsletter for fascinating stories and facts about youth entrepreneurship – the future of small business in Canada is here!

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Finding the best location for your small business

We’ve all heard the saying Location, location, location! The actual place where you launch your small business is a very important consideration – especially for businesses that rely on window shoppers and foot traffic. Finding the best location for your small business is a step that involves a lot of research, but can make a big difference in the success of your business.

So, how do you find the best location for your small business?

Identify the best location for your type of business

There are several different location types for businesses:

  • Home-based businesses – Home locations are great for businesses who need minimal equipment and don’t have much face-to-face contact with customers. Depending on the kind of work you do, you may need a separate office or meeting space.
  • Retail businesses – Retail businesses are located in shopping centres, strip malls or street-level shops. These locations must be accessible to customers. Consider also the amount of competition nearby – is it complementary to your business, or is it direct competition?
  • Mobile businesses – Mobile locations are favoured by businesses who take a service or product to where their customers are. These locations often cost less to operate and have more flexible hours than traditional storefront locations.
  • Commercial businesses – Commercial businesses often have office locations where clients can visit to interact with them. These differ from retail locations because there is no storefront location and, often, there is a service offered rather than a product.
  • Industrial businesses – Industrial businesses are often further away from commercial or retail centres and must be accessible to trucks and tractor trailers making deliveries and pick-ups. They are often also large, accommodating equipment.

Analyze your desired location

You’ve found a location or two that you really like – but that’s just the beginning! Once you’ve got a location or two in mind, sit down with a large piece of paper and analyze your business’ potential location from the following areas:

  • Accessibility to customers
  • Nearby competition
  • The business environment (health of surrounding businesses and nature of environment)
  • Access to supplies and resources
  • Site availability and regulations
  • Costs
  • Layout

Finding the best location for your small business involves a lot of work and research, but it’s a critical step. Your business’ location can make all the difference to your success!

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