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5 Success Tips For The Young Entrepreneur

[ 0 ] Mar. 11, 2014 | SBO Editor

tips for young entrepreneur

By DJ Muller

Founder and President, WebLink International

Entrepreneurship can be a daunting endeavor, especially at a young age.  However, with the right amount of knowledge, skill, determination and creativity, anyone, at any age, can find success starting and sustaining their own business.

Five Tips To Success For The Young Entrepreneur

Here are five ways to help ensure that you are on the right path to becoming a successful entrepreneur:

Believe you will succeed! Most people who are successful starting a business have a strong belief that they will succeed, and that belief drives actions that help them get good at plowing through the inevitable let downs. Never give up, and never stop believing.

Observe, and learn from others. There are a lot of people that are willing to share their passion for entrepreneurship with others. Through careful observation, you gain keen insight in respect to what it takes to start, manage and grow a business. By observing the successes and failures of those around you, as well as learning from your own personal triumphs and mistakes, you are taking the necessary steps to help ensure your future success. Be proactive – thinking and planning ahead will pay off in the long run.

Build a list of reputable references. Your first customer is an invaluable asset to your business as they are the tool that you will use to attain more customers.  Do whatever it takes to make sure that they are happy – even if you have to give your product or service away – to ensure that they are willing to be a reference for you and your business in the future.

Get good, paying customers.  Now that you have at least one reputable reference, it is time to get customer number two to part with their money. You don’t really have a business until someone is paying you for the value you are providing as an entrepreneur.

Be sure you are making money. If you sell something for $200, it doesn’t mean you made $200.  Calculate your true costs to make sure you are actually making a profit.  Many young people forget to take into account the money that they borrowed to produce, manufacture and deliver their product or service, labor costs, travel expenses, and advertising and promotional expenditures when calculating their bottom line. This is key to success for any entrepreneur.

Becoming a successful and profitable entrepreneur is no easy task.  Even when you may think you have a multimillion-dollar idea, you will not be successful if you are not making smart decisions.  Be proactive, learn from yourself and from those around you, make sure you have reliable references, acquire paying customers, account for all of your expenses, make sure you are profitable and, most importantly, believe in yourself and your idea.

 About the Author

DJ Muller is president and founder of WebLink International, the creators of WebLink Connect™ the innovative, insightful and intuitive association management software with superior customer support. WebLink empowers hundreds of trade and professional associations

and more than 500,000 small and medium businesses to help them acquire and retain more customers. Learn more at weblinkinternational.com.

 

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Category: Features