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8 tips for young entrepreneurs

Being an entrepreneur means being your own boss, making all the decisions and pursuing something you feel passionate about. But it can also mean a lot of hard work, particularly when you’re just starting out. To give you a helping hand, here are our 8 top tips for young entrepreneurs.
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Believe in your vision: Pitching your idea to the world is easy when you truly believe in it. The more you show your passion and enthusiasm to others, the more they’ll recognise your sincerity, embrace your idea and help you to succeed. It will also give you the drive you need to push through any obstacles you face along the way, as you aren’t likely to give up on something you believe in.

Networking: It’s all about who you know.The more you put yourself out there and speak to people about your idea, the more likely you are to stumble upon those who can help you turn it into a reality. This means attending events to brush shoulders with potential investors and making yourself known. Be sure to present yourself professionally when networking to ensure you’re taken seriously. It’s also worth practicing what you’re going to say beforehand (e.g. your ‘elevator pitch’), so that you can convey your idea as clearly and confidently as possible.

Research: Know your market. The more up-to-date you are with the industry you’re trying to break into, the better chance you’ll have of knowing what to expect. Become familiar with competitors, which current methods do and don’t work, and the products and people around you. This will help you to improve your own idea and engage in conversations with others in the industry.

Planning: Have a plan… but don’t depend on it. While a plan can be a great way of guiding you and providing a structure, not everything is going to go the way you expect. Unforeseen obstacles – and opportunities – can spring up at any time, so make sure that you’re open to adapting, adjusting and realigning your plan.

Failure: Everyone fails sometimes. Read the biography of any of today’s top entrepreneurs and you’ll find that their pasts were as much about failure as success. And that’s okay, because it’s what you take away from that failure that really matters. Use it as a learning experience or a test-run, and then try again. Like actors that have auditioned hundreds of times before they get the part that kick-starts their career, entrepreneurs can build on their failures and come back stronger.

Take action: Grab every opportunity that comes your way, even if you’re tired and it’s the last thing you want to do. Missing an opportunity could be the difference between taking your business to the next level or taking a step backwards. Being as productive as you can will also significantly improve your chances of success and it’s the kind of thing that people around you will notice.

Set realistic targets: It takes time to build credibility and a great reputation, so make sure you don’t undo all that hard work by making promises you can’t keep. Set realistic targets and people will respect and trust you when you consistently meet them.

Hang in there: Success doesn’t always happen overnight – it can take years of hard work. Don’t let that deter you! Keep putting the work in and one day you’ll be rewarded with the success you deserve.

 

Those are 8 of our best tips for being a successful young entrepreneur. Good luck with putting them into action!

Article produced in partnership with EURES, the European Job Mobility Portal.

 

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19/02/2020

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"Focus on…" articles are intended to provide users of the EURES portal with information on current topics and trends and to stimulate discussion and debate. They do not necessarily reflect the view of the European Commission.