Starting your own business: 10 tips for young entrepreneurs

Posted July 16, 2014 by
Young entrepreneur displaying laptop computer in office

Young entrepreneur displaying laptop computer in office. Photo courtesy of Shutterstock.

Does the thought of working for a behemoth corporation make your stomach churn? Does the idea of being shackled to a 9-to-5 workday make you cringe? You’re not alone. According to a survey by CreativeLive, a full 47 percent of currently employed millennials are not happy with their job and would love to get out of corporate America.

So, how do you break free? Starting your own business might be the ticket.

When it comes to striking out on your own, there is no time like the present. According to a study by Millennial Branding and oDesk, 72 percent of budding entrepreneurs want to quit their jobs and move into something more fulfilling. In fact, 61 percent plan to make the leap within the next two years. If you seek independence in your work, crave being your own boss, and are ready to put your passions to the test, here’s what you need to know.

How to get started: 10 steps to striking out on your own

In the beginning, you might have a lot of ideas but no concrete plans. Here are some tips for transforming those dreams into the reality of owning and running your own business.

  1. Create a solid business plan. A strong business plan addresses all the key issues that will lead your company through the first years. What is your purpose? Address the mission, values, customer base, direction, measurements of success, and even your competition. Where do you want to be in one year, five, ten? The business plan can form the bedrock for a blossoming idea.
  2. Build a massive network. Attend networking events, enlist family and friends to hand out your business cards, strike up conversations at the cafe, and do whatever else you can to connect with as many people as possible. Who knows? You might meet the person who will join your team and help kick your idea into high gear.
  3. Figure out logistics. What will you need to give your business a chance to succeed? If you need a physical location, make it one that gets plenty of traffic. If you need a website, hire a top-notch web developer. If you need to hire more people, figure out how to make it work financially. Logistics can make or break any great startup.
  4. Get educated. The more you know about your particular field or business, the better your chances of success. But not only should you know all there is to know about your area of expertise, you can also learn more about entrepreneurship. Many colleges and universities now offer courses in how to become your own boss.
  5. Start part-time. Not sure you can afford a full-time investment of both effort and money? Hey, we’ve all got bills to pay. Move into your own business slowly, by working on it part-time at first. Once you gain some traction — and some income — it’s time to ditch the day job and call your own shots.

By Shannon Lee

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