Featured insights

Tips for Young Entrepreneurs Before They Meet a VC

Tips for Startup Founders Before meeting a VC
Img. Src: http://corporatemonks.com

Young people are driving the way the internet works and the amount of young entrepreneurs is increasing day by day. However, the rate of success of such young adults is not as high as it could be, owing to the sheer abundance of young talent all over the world. Young entrepreneurs have to face a number of challenges in this field, but there are certain things that you can do to help your chances of success! With no restrictions on entry to the online business world, young people are exploring new opportunities online. 

Define your market

It’s one of the most common mistakes that entrepreneurs make. Go with something that makes sense for your scope. If you’re a small startup and still a student, staying local or targeting fellow students might be the best direction. The Internet gives us almost infinite reach, but it’s vital to narrow your market down to what is realistic, and stick with those who have a reason to be interested.

Don’t forget PR

Traditional and online press relations can yield coverage that has longer shelf life and costs less than advertising. Think about what makes your product new, interesting, and relevant. Then, talk to the media about it. You might get great reviews, mentions on blogs, or even appear on news segments. Many media outlets have sections dedicated to people in the community doing outstanding things. Even an article in your campus newspaper can be a valuable source of publicity.

Look for mentors

The beginning of any venture can be exhilarating, frustrating, liberating and terrifying all at once. Remember, although younger generations can be more tech-savvy than those who have been in business for years, there are still basic principles that are refined by experience. Many communities offer networking opportunities for entrepreneurs young and old. Take advantage of this, and you may be surprised at the wealth of knowledge your colleagues have to offer.

Make Use of All Available Resources

Often, young entrepreneurs suffer from a lack of funds to get their business going. This of course, proves to be a problem when you want to develop your idea and grow your business. However, there are many available resources that you can use to help you get started.

For example, instead of finding office space to work from, why not start your business and work from home until you can afford to move into business premises. If you are short of funds, try selling your unwanted belongings on eBay. Even ask to borrow money from your parents to get started.

Often, you can make use of the resources that are available to you to get started and develop your business from there.

Monitor Your Progress

Keep monitoring your progress over time and keep a track of all your daily activities. You can develop a specialized system for handling your daily schedule and monitoring your performance, though a simple calendar and marker pen can be just as effective. Set up multiple goals and fix a deadline for each. If you witness your progress dropping, add on some extra hours or get some added help to accomplish your tasks. Always have an eye on the bigger picture, it can be easy to slip behind but it takes a lot of hard work to get back to where you should have been in the first place!

Strive for success, but remain humble.

“First and foremost, any young founder must have an insatiable hunger for success and winning — and be resolutely prepared to work your a** off, as your competition most certainly will. Most importantly, stay humble and listen. Your team absolutely needs to understand that you’re predictably calm and composed for them to flourish.” – Jon Sebastiani, founder and CEO of Krave Jerky

These tips won’t earn you certain success, but every bit of knowledge you can gather before you begin your entrepreneurial career can help you avoid serious mistakes.

About the author

TIO Press

Add Comment

Click here to post a comment

Your email address will not be published.

Pin It on Pinterest

Share This