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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