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| Entrepreneurship Tips |
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Sadly,
these successes aren't as common as they could be. While the
world has countless enthusiastic young people with ideas and
technical skills, there are many challenges facing these youthful
entrepreneurs. These range from the natural -- Venture Capitalists
(VC) disputing their expertise, for example -- to artificial
(such as the age restrictions placed on credit card services
that might otherwise be used to pay for start-up resources).
Here are some tips for the technically-minded young entrepreneur
-- both the aspirant service provider and the ambitious salesman
-- to help them overcome these challenges and succeed in their
ventures. |
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| 1.
Be ready to handle the challenges of a business. |
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Running
a business isn't easy. With customers to deal with, clients
contacting you at any hour of the day, products to maintain
and possibly even staff to manage, operating a business is
very intensive. Before you begin anything, consider whether
or not you really want to be in business. Running a business
isn't for everyone -- you may be technically minded, but running
a profitable business is a different thing altogether. Look
at the market leaders -- Google, for example, is managed by
three people: two technically minded founders, plus an experienced
professional in the business-oriented role of CEO. Still,
if you have an idea, and you really want to go into business
with it, don't give up now. You just might it make it big! |
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Another
important issue you will have to deal with is time, or a lack
thereof! With school, work, and everything in between, you
could soon find yourself trying to get through 30 hours of
work every day. Running a business is more often than not
a full time job, and at some point, something's got to give.
Think about where you want to go in life, and make your decisions
accordingly. For example, you could be part of a sporting
team, or you could go into business, but you probably can't
do both. Often co-curricular and non-school (where applicable)
involvements are the first to go; to maintain your social
involvement, consider attending user groups, where you can
also network and create opportunities for your business. |
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When
you're running a small business, opportunities can come up
at the most unexpected times. You may run into a potential
client at a party, a conference, or even a bus stop. You can't
let everyone know about your new product or service but the
more people who do know, the more opportunities you're likely
to get, and therefore the better your chances of making it
through your first few months in business. Get the word out
-- you might just chance on a recommendation to a potential
client! |
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Work
out your business model and the most useful, concise description
you can come up with for your goods or services. Let me take
this opportunity to recommend my ingenious patent-pending
project management system -- I call it Pen and Paper. Working
out a plan with pen and paper is often far more effective
than typing it up, and gives you more time to think it out
while you write. Be ready to explain your business to anyone
at any time; with this plan in hand, you shouldn't have any
problems. Without a plan, your explanations can end up being
inconsistent, sounding unconfident, and achieving little or
no effect. |
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Get
business cards printed and carry them around. I've been handing
out cards since I was 13, and they're very effective client-winners.
At the very least, they give you something on which to scribble
the contact details of potential clients. If you bump into
anyone who might be in the market for your goods or services,
let them know what you do; briefly explain your business using
the plan you prepared earlier and give them a card. When you
meet in person, some people simply won't take you seriously;
a business card demonstrates that you're serious about what
you do. |
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| 2.
Make good use of all the resources available to you. |
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Often,
young entrepreneurs don't have a lot of capital, but there
are still many resources available to you. For example, if
you're building a web application for the financial services
industry, do you (or more likely, your parents) know any accountants
of economists? If you need to quickly undertake a photo shoot
for an advertising campaign that a friend has offered to help
out with, could you set something up in your parents' garage?
For some, imposing on friends and family to help get things
moving can be awkward, but learning to take advantage of the
available resources is going to give you a huge advantage
as a young entrepreneur. |
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Lack
of access to capital can often become a challenge for young
entrepreneurs -- basic business development resources such
as ad campaigns can become a problem if you don't have a budget.
With a bit of thinking, however, many of these problems can
be alleviated by taking advantage of the resources at hand. |
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| 3.
Build your product to be as complete as possible before seeking
financial assistance. |
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So,
you're developing your whiz-bang product, and suddenly you
realise that the Flash charting library you've been using
in your application actually costs $1200 for commercial use.
You pick up the phone, call Uncle Rob and ask if he can lend
you the cash. He politely declines. A series of calls to your
other relatives end in a similar fashion. |
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As
an entrepreneur, you have ideas with a lot of potential. Just
as you will eventually sell your product to potential customers,
selling your product to potential financial backers is even
more important, and this makes explaining and clarifying those
ideas a priority. Develop your product as much as you can
before seeking financial support; if possible, put together
a demonstration video. The more you can demonstrate your idea,
the more convincing you'll be. Building on the advice that
we discussed in point 2 above, potential financial backers
-- especially venture capitalists -- are very important to
the success of your business, and deserve an appropriate amount
of your attention. |
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| 4.
Maintain a professional communication channel. |
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When
dealing with clients, you may find yourself working with mature
professionals who are high up in their respective corporate
hierarchies. Getting them to take you seriously is the tricky
part. |
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If
at all possible, live locally, but work globally. Run your
life in your local neighbourhood, but until you're older and
feel confident to deal with clients in person or over the
phone, you might consider restricting your customer base to
offshore clients (although for US-based entrepreneurs this
isn't always an option). Assume the role of a mature industry
professional, and you'll be treated like one. When you go
professional, age won't matter unless you make it matter.
Preparing stunning introductions and speeches always helps
for the times when you have to work locally; keep a standard
speech in mind and make sure you can deliver it confidently
as needed. |
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When
you're working globally, keep communication to email -- definitely
don't offer instant messaging as a method of communication.
With email, you have a chance to gather your thoughts, and
to work out how to respond to clients. As a young entrepreneur,
you often have to tread carefully and make sure you don't
lose anyone from your limited customer base. With email, you
can take the time to prepare a professional response that
conveys your intended image. Instant messaging should be avoided
at all costs, especially if you plan to contact clients using
the same instant messaging profile you use to contact friends
-- this creates all sorts of opportunities for revealing your
lack of experience. |
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| 5.
Monitor progress and keep track of tasks. |
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The
last thing clients want is for you to miss a deadline because
you were out on a date or partying with friends. Keep a reasonable
separation between your professional and social lives -- the
so-called work/life balance -- but keep track of your progress
in your life as an entrepreneur, and maintain a close eye
on your daily operations. |
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Often
a dedicated calendar and marker pen are sufficient, but develop
a system that works for you and allows you to keep track of
deadlines, pending tasks, and goals. Importantly, establish
many goals, and give each a definite deadline; then make sure
you achieve these goals within the time frame you have given
yourself. Of course, this is easier said than done, and requires
a lot of self-discipline. |
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Make
sure you keep an eye on the big picture, of course. Work out
when you expect to start generating revenues, when you want
your products and services to be ready, when you aim to secure
your first customer, and so on. If you see progress in general
sliding, consider putting in a few extra hours here and there,
or (if possible) hiring some help -- reliable offshore freelancers
are plentiful, and the kid next door might not mind helping
you out here and there in return for a bit of pocket money
(although again, this might be a bit too close to home). |
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| 6.
Be prepared to fail. |
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| Let's be honest
-- most start-ups just don't take off. However, this eventuality
shouldn't be confused with "failure." Every time you
start a business, you gain a new raft of experiences, extend
your skill set, and learn valuable lessons for your future enterprising. |
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In
the event that your business doesn't make it big, and you
end up pulling out of it, look back on what you've learned
and consider what you plan to do next time. Chances are that
you intend to start another business in your lifetime; when
you do, you'll be one business the wiser, and ready to deal
with new challenges. There's always another opportunity; dust
yourself off and keep on going! You haven't failed; you've
progressed. |
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| 7.
Have fun! |
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You
might have built a fantastic product and sold it to half of
your target market. Perhaps it even made you rich and famous
and put you on the cover of TIME magazine at 16! But at the
end of the day, the question is: did you have fun? |
It
may be the case that your product doesn't take off, you can't
find any suitable buyers, or the world simply isn't ready
for your product or service. In any case, always keep an eye
on the big picture, and make sure you enjoy what you're doing.
Entrepreneurialism requires a lot of enthusiasm -- you can
face some serious challenges if you don't take pleasure in
your daily business activities. |
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