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In the United Kingdom, the number of entrepreneurs is expanding. According to a study conducted earlier this year, more than half of 14 to 19-year-olds want to be their boss. According to a survey by Hiscox Insurance, 25% of London undergraduates were either running their firms or starting them while still at university — the figure was 36% in Hull, 32% in Glasgow, and 32% in Cardiff (22 per cent). We’ve compiled a list of the ten best advice for young entrepreneurs looking to start or expand their company.
1. Do something you enjoy
There’s no use in starting a business to start a business. You must be passionate about and knowledgeable about your product or service. How many people have imagined that owning a public relations firm is glamorous and easy money, only to discover that the reality is hard hours, pursuing clients, being turned down, and having to establish yourself in a very competitive market? Once you’ve identified a market niche, you’ll need to create a Unique Selling Point that no one else has. Whatever you do, don’t fall into the trap of thinking you can approach the market with a scatter-gun strategy. You must specialise.
2. BE AWARE OF WHAT YOU WANT
Starting your own company is not for everyone. What are you willing to give up to make it a success? Some people discover that academic life isn’t for them, but would you have the courage to drop out and do it alone? Perhaps not right now, but this is the kind of resolve that will give you the upper hand when the time comes. Entrepreneurs are known for their singular concentration. You must be willing to accept defeat and celebrate victories and keep moving forward and check your cibil score.
3. THINK OUTSIDE THE BOX
When it comes to USPs, don’t be scared to take risks. Clients appreciate creativity but don’t go overboard. Make sure your eccentric pitch is well-planned. Instead of gimmicks, stocks for kids, employ strategy and a thorough understanding of the market.
4. BUT OBSERVE THE RULES
Despite having an appealing freshness, your business strategy should be well-known. Ensure that your attire, presentations, and market reflect your youth, but showing up to a meeting in soiled trousers and tee-shirt, clutching a handful of dirty documents, and smelling like last night’s booze is unlikely to impress a corporate client.
5. TAKE CARE OF YOUR TIME
When launching a business, time management is crucial. As a young entrepreneur, you may still be in school, college, or university. Make sure you’re not overworking yourself — your studies are just as vital as your professional interests. Make a habit of keeping a calendar and making sure you appear on time for meetings. Successful businesses will tell you that planning and preparation are crucial.
6. KEEP YOUR OBJECTIVE
It will help if you remain objective regarding the sustainability of your business idea, no matter how passionate you are about it. When your company becomes your “baby,” it’s time to stand back and rethink your strategy. Seek guidance from a seasoned entrepreneur or someone who isn’t affiliated with your company. Rather than pursuing ideals, concentrate on the practicalities of running a firm. Examine profit and loss projections, the present market, and resources such as money. You can continue to innovate after particular that these goods are adequate.
7. SEARCH FOR A MENTOR
Despite difficult trade conditions, seasoned experts with decades of expertise are always available to share their knowledge. If you discover a mentor like this, especially one who has been successful in your industry, do everything to keep them. Take their advice into consideration, but don’t blindly adopt it. Don’t be scared to disagree with others; it’s what makes an entrepreneur stand out, and your mentor will respect you for it. Even if you don’t have a full-time mentor, successful business executives are usually willing to answer one-time queries if approached correctly. inspiresme.co.uk provides a database of such experts eager to answer inquiries from various industries. To ask one, go here.
8. LEARN HOW TO USE THE MEDIA PROPERLY
The media, including social media, exists to promote your brand, but you must understand how to use it effectively. Newspapers are increasingly limiting the amount of space available to promote businesses that cannot afford to pay for advertising. If your company offers a unique selling proposition, it may attract the curiosity of business editors. Carefully craft your press releases and avoid “stunts” that could backfire and harm your brand’s reputation.
Broadcast media, such as radio and television, still provide opportunities for promotion. Still, your organisation must have a unique selling proposition (USP) and a story hook to hang a story on. Amid a recession, are you creating a business that uses local produce or workers? Local radio and television, in particular, thrive on stories like these. Media releases should have a purpose rather than reflect your desire for publicity.
Social media is a fantastic tool for promotion, but one must utilise it cautiously. Small businesses can find Twitter to be a friend or a foe. Engage your audience instead of broadcasting incessantly. Above all, avoid re-posting other people’s links. This is the fastest way to lose followers.
9. CARE FOR YOURSELF
You may be full of energy and plans right now, but operating a business and all other aspects of your life may be stressful, even for a young entrepreneur. Allow for ‘down-time’ for yourself to properly arrange your social and entrepreneurial activities. When running a business, it’s easy to become overly focused on the issue at hand and let it overwhelm you; numerous ongoing chores can’t be disregarded. That isn’t to say they can’t be postponed.
10. CHECK YOUR ATTITUDE
You’re young, and if you’ve already started or are about to create your own business, you’re probably very confident. This is a positive trait, but make sure your self-assurance is not arrogant or cocky to clients, suppliers, or contacts. Nobody likes a smart-alec, but everyone wants an inventor. Consider constructing a personal brand, which is your professional personality and image that you employ in business, and developing a brand for your product or service.