Some of the best advice for entrepreneurs are those that fit the times we live in.
Over the last few years, there has been plenty of uncertainty in economies around the world.
Most international students felt the brunt of this when their study abroad plans were put to a halt or struggled to land a job upon graduation.
As a result, today’s teens are thinking more broadly and have different plans for their future employment.
Instead of working under an employer, many have decided to start their own business and be their own boss.
According to a March 1 survey from Junior Achievement USA, about 60% out of 1,000 teenagers aged 13 to 17 are more interested in someday starting their own business instead of working a traditional job.
The results from the survey showed that nearly two in five teens were first interested in entrepreneurship thanks to social media influencers and celebrities.
Furthermore, 45% of teens are keen to learn the ropes from current business owners and 37% would be interested in programmes at or after school teaching entrepreneurship.
But while starting your own company may seem like a dream come true, it comes with its own set of challenges – especially if you’re a student.
But with the right guidance, tools and tactics, you can boost your chances of creating a successful startup down the road.
If you’re an aspiring student entrepreneur, here are some of the best advice for entrepreneurs from entrepreneurs:
1. Create a plan (but be flexible!)
One of the most basic advice for entrepreneurs is to create a plan. Every business starts with an idea or a passion that could be turned into a business.
As Steve Jobs said, “Work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work — and the only way to do great work is to love what you do.”
So, figure out what that is then put it into action with a solid plan.
In business terms, the plan can be thought of as your business strategy.
This includes considerations like your value proposition (or what your business has to offer/the value it brings to customers), your target market (who you want to target), and your mode of operation (how you plan to take the business from an idea through its go-to-market plan).
When creating your plan, the best things to do when starting a business is to keep an open mind and be flexible.
The entrepreneur journey isn’t easy and you’ll run into plenty of hurdles and challenges. How well you can shift and adapt will be the determining factor to your success.
2. Find a mentor
Running a business requires a wide range of skills and expertise you likely haven’t mastered yet.
Finding a mentor remains a solid advice for entrepreneurs to take and is one of the most crucial things a young entrepreneur can do.
Your mentor should be someone you can trust to provide you with advice, answer questions, and help build your network of connections.
You can get started finding a mentor through your college or in networking groups.
3. Prepare to make sacrifices
As they say, Rome wasn’t built in a day. An advice to entrepreneurs before starting their business is how they have to prepare to make sacrifices.
Starting a business is rarely an overnight success and takes lots of trial and errors as well as calculated risks.
Being a successful entrepreneur requires an immense level of dedication to your dream — which means sacrificing time and money to make it happen.
You may feel the fear of missing out on weekly parties or having to give up those nightly Netflix binges, but think of it as necessary steps to make in order to work towards your dream.
Those sacrifices are much easier to make now as a student with less obligations than when you’re a working adult.
5. Be persistent and trust yourself
In order to succeed as a new entrepreneur, you should learn all you can: not just when you start on your entrepreneurial journey, but constantly since your industry will always be changing.
To do so requires having the right mindset. Trusting yourself is a good advice for entrepreneurs to bear in mind.
Things will undoubtedly get difficult, and you’ll likely find yourself with a lot of questions.
Persistence will get you through the tough times so that you can find your way back into the light.
While you’re busy hustling, don’t forget to still prioritise both your physical and mental health.
At the end of the day, there is only one you so don’t be shy to ask for help. No one is expecting you to get it right the first time.
6. Execute and start your business
The last advice for entrepreneurs: take action! You can do all the necessary planning, but making those plans a reality is at the heart of entrepreneurship.
Being a business owner means taking risks even when there is uncertainty.
The best way to learn about entrepreneurship is to make mistakes and learn.
Even once your business is going, you’ll need to continually scan for new growth opportunities and challenges and take action to come out on top.