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.