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:
- IKEA
- WordPress
- FedEx
- Apple Computer
- Mrs. Fields
- Motown Records
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:
- Conflicts with ongoing education
- Lack of support from family
- Reduced start-up capital
- Lack of specific business skills
- Less experience in leadership and management
- 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.
