Editor’s note: This article was first published in August 2018. The entrepreneurs’ companies are as listed in the original roundup, which was undated; some may have changed hands or closed since.
Young entrepreneurs have a lot to teach us these days, both recent university graduates and those who have dropped out of university to give shape to their ideas and their dreams. This new generation has fully grasped the message that it will be easier for them to create their own job (their own business) than to look for a job working for someone else.
Once again we head to the United States, where seven young business owners who have successfully launched their own companies give us advice on a few points that I think are essential for any young (and not so young) person who wants to embark on the business adventure.
Advice for young entrepreneurs from young business owners
1. Do something
Many recent graduates know there are lots of business opportunities out there, but they want to wait. The truth is that even if that opportunity exists, they won’t recognize it if they keep waiting for it. The key is to do something. Ideally, do it in a field that interests you and start learning about that industry. That’s the only way you’ll discover your true interests, as well as the opportunity you’d otherwise still be waiting for. – Chris Hunter of Phusion Projects
2. Learn to put your ideas into practice
You can be the greatest thinker in history, but if you don’t apply your ideas, they’re worthless. I’d ask all recent graduates and unemployed people to start putting all their ideas into practice, even on a small scale, validate them, and then either drop them or scale them up. – Kelsey Meyer of Influence & Co
See also: Richard Branson: 6 business lessons from sporting success
See also: Business Adventures, the best business book ever according to Bill Gates
3. Find a lesson in every experience
I’m a firm believer that you can learn a lesson from every experience you have, good or bad. Whether you’re working for a big corporation or traveling the world as a freelance web designer, pay attention to what’s happening around you and think about what you can apply to your life and career. – Tim Jahn of Matchist
4. Never forget the power of marketing
Marketing and innovation produce results. Everything else is a cost. History is full of high-quality products that never succeeded because nobody knew about them. Marketing is the most important function in business. Never underestimate its importance, because without a good marketing strategy, your business will fail. – Charles Gaudet of Predictable Profits
5. Go with a unique idea
Your business idea doesn’t have to be new, but it does have to be unique. In other words, even if your idea is already on the market, it needs an innovative touch that sets it apart. – John Meyer of Lemon
6. Working for another company is great motivation
I never thought about starting my own company, but five years working for other companies gave me enough motivation to swear I’d never work for another boss again. I’d always advise working for someone else first, because having a traditional job at a traditional company will show you what you don’t want your own business to become. When you work for someone else, treat it as training paid for with someone else’s money. – Brittany Hodak of ZinePak
7. Start right now
If you’re like I was when I graduated, you have no money, you live with your parents, and you have no responsibilities: no kids, no mortgage and so on. That makes you lucky, because it’s the ideal time to start a business. You have nothing to lose by trying, and the world is waiting for you to take a big bite out of it. Over time, responsibilities pile up and fears appear. Now is the time: do it. – Nicolas Gremion of Free e-Books
Further reading
- 10 simple product ideas that made their creators millionaires
- A sushi chef shares the secret of mastery in business
- 10 reasons small businesses fail early on
Featured image: COD Newsroom, CC BY 2.0, via Flickr.
