Did you know that some of the world’s most famous companies weren’t created by a committee of seasoned professionals? Here are some familiar businesses that were started by entrepreneurs under the age of 35:
What great things can younger entrepreneurs do?
Young people have the advantage of optimism, endless energy, and fresh ideas. They’re often more willing to try new things than older people, can quickly adapt to new technologies, and can bounce back from mistakes. These qualities can make them natural leaders in the quickly-developing small business world.
What challenges can younger entrepreneurs face?
Many young entrepreneurs don’t consider their youth a bad thing – they’re eagerly working on building their business and taking steps towards their dreams. That passion is awesome! However younger entrepreneurs do face some unique challenges, including:
Clients or suppliers who see the entrepreneur as a “kid,” and who may take advantage of youth or perceived inexperience
How can younger entrepreneurs overcome these challenges?
At GoForth Institute, we believe strongly in the importance of small business education and supporting entrepreneurs of all ages. Knowledge is power! We advise younger entrepreneurs to seek out a trusted mentor, whether it’s in the field you want to enter, or just an experienced person who you trust to point you in the right direction.
We also strongly advise younger entrepreneurs to even the odds by knowing your business inside and out. Create a business model and vision statement, and be able to show clear leadership, organization and ownership of your business. To take it a step further, why not try answering the 6 common questions investors ask in a pitch? Even if you’re not seeking investment, they’re valuable, foundational things to know.
GoForth is proud to be the training provider for the innovative Middlesex Youth Entrepreneur Initiative by Community Futures Middlesex. This innovative entrepreneurship training program will help new and aspiring Middlesex County business owners aged 18-39 develop and redefine their skills. We’re happy to partner with Community Futures Middlesex to help educate and inspire the future of local entrepreneurship.
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.
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:
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!