Some
of the world’s most famous and profitable businesses were started by students.
So why not be one of them and start your own? Microsoft began in Bill Gate’s
Harvard dorm room. Mark Zuckerberg started Facebook as a 19-year-old Harvard
sophomore. Google got its starts on the Stanford Campus as the computer science
project of doctoral students Sergey Brin and Larry Page, and thousands of other
students companies thrive in every industry.
Even if you’re not aiming to be another Bill Gates-maybe you just want
to earn some extra cash with a summer landscaping business, mini-importation and
drop-shipping business- you’ll have to navigate some unique challenges as a
young entrepreneur testing the business waters.
HERE ARE 7 TIPS FOR YOUNG ENTREPRENEURS.
1.
DO WHAT YOU
LOVE: All successful teen businesses have one
factor common: their owners love what they do. So choose a line of business
that aligns with your interests no matter what they are.
2.
KNOW WHAT YOU
WANT: Are you willing to leave school if your business
takes off? Or do you envision your business as a side project? Being able to
answer questions like these will help you organize your time and priorities.
3.
BE RADICAL: In your late
teens and early 20s, your thinking is fresh, original and full of energy. Don’t
be afraid to try something no one’s ever done, create an off the wall product
or shake up an existing market by changing factors (such as a service or
delivery model) those established companies take for granted.
4.
FOLLOW THE RULES: Being a young entrepreneur
doesn’t exempt you from registering your business, keeping records and paying
taxes. Following these simple rules now will save you from legal and administrative
headaches later.
5.
MANAGE YOUR
TIME: Running a business while going to school is
stressful and difficult. Understand what is required of you in your separate
roles as a student and a business owner, and employ planning and organizational
tools- for example, a well maintained appointment book, Microsoft outlook or an
online time/project management system to make most of your valuable time.
6.
USE SCHOOL
RESOURCES:
Being a student isn’t a handicap in business; on the contrary, it can be an
advantage. Your campus offers free computers and internet connectivity, a host
of potential employees and /or volunteers and the expertise of professors who
would be happy to share their knowledge and experience with you. You’re
literally surrounded by people and resources, so make the most of your
situation.
FIND A MENTOR: Buddy
up with a local entrepreneur or business leader with record of achievement. Your
mentor will help you understand the risks and challenges of business, provide a
sounding board for your ideas and help you find investors for your company.
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