Entrepreneurship has opened the door to opportunity for many young innovative people.
It’s no secret that entrepreneurship is an amazing avenue for young people, allowing
them to take ownership and control of their future by creating something from nothing
and making a lasting change in the world around them. There are countless examples
of young entrepreneurs who have reached heights of success well beyond what most
would traditionally consider possible for someone their age.
To learn more about starting a business at a young age, we gained some insights from
Euran Daniels, an internationally known entrepreneur who started his first business at
the tender age of 10. Currently, Daniels is an international award-winning author,
producer, and motivational speaker whose business ventures span across a range of
industries, including tourism, technology, education, and entertainment. He is the
founder of Daniels Tours LLC, Daniels Production Company LLC, and Daniels Creative
Daniels believes entrepreneurship is a powerful force that drives innovation and
economic growth and can be a rewarding career path for young people with the right
mindset and skillset. The potential for growth through entrepreneurship, both personally
and professionally, is incomparable to other industries. The unique combination of
creativity, risk-taking, resourcefulness and ambition, that is often associated with
entrepreneurs, can be seen as a key part of their success. Entrepreneurship also allows
individuals to make a positive impact on their local community, making it an attractive
option for those looking for meaningful work. However, starting a business can appear
to be overwhelming, especially for those who are just beginning their professional
journey. Here are a few key points from our conversation with Euran:
- Find your niche: Finding your niche as an aspiring entrepreneur can be a
challenge, but it’s worth the effort. When you find what interests you and aligns
with your passion, everything else tends to fall into place. Knowing your niche
allows for more focus in terms of marketing, networking, and growing
relationships within the industry. Think about where you want to go and what you
want to do in entrepreneurship. What is the best way for you to make an impact?
Ask yourself these questions and take your time answering them thoughtfully.
Once you’ve identified your niche, research who could potentially be interested in
what you’re offering. Finding a niche takes research and patience, but is an
incredibly rewarding experience. You’ll be able to tap into your passion, make a
difference, and build something you’re proud of.
- Develop an entrepreneurial mindset: The first step towards becoming an
entrepreneur is to develop an entrepreneurial mindset. This involves adopting a
growth mindset, being open to new ideas, and taking calculated risks. Young
people can cultivate this mindset by seeking out opportunities to learn from
successful entrepreneurs, reading books on entrepreneurship, and attending
networking events. Submerging yourself with successful entrepreneurs and their
content will allow you to start thinking like a successful entrepreneur.
- Leverage technology: The impact of entrepreneurship leveraging technology on
our world is undeniable. More and more businesses are utilizing new
technologies to streamline processes, create innovative products, optimize
customer experiences, and increase profits. From artificial intelligence (AI) to
virtual reality (VR), entrepreneurs can develop solutions that revolutionize their
industry—a trend that has only accelerated with the growth of the digital
economy. Technology has made it easier than ever to start a business with low
overhead costs. Young people can also use social media to build their brand,
create an e-commerce website to sell products or develop a mobile app. There
are a variety of online tools and resources available to help entrepreneurs
manage their businesses. Take advantage of them all!
- Seek mentorship and guidance: Mentorship and guidance can be invaluable
for young entrepreneurs, especially those who are new to the business world.
Mentors can provide advice, offer insights, and connect young entrepreneurs
with valuable resources and contacts. There are a variety of mentorship
programs available for young people, such as SCORE, a non-profit organization
that offers free mentoring and resources to entrepreneurs. Another valuable
resource is an organization called the Young Entrepreneur Council, a community of
young entrepreneurs who provide mentorship and support to each other. The
more connected you are, the more you will learn.
- Build a strong support system: Starting a business can be a lonely and
stressful journey, which is why it is important for young entrepreneurs to build a
strong support system. This could involve joining a business incubator or
accelerator program, participating in networking events, or connecting with other
young entrepreneurs through online communities or social media. Having a
support system can provide the encouragement and motivation entrepreneurs
need to push through the challenges of starting a business.
- Start small and test your idea: Starting a business can be overwhelming, but
young people can make it more manageable by starting small and testing their
idea before investing a significant amount of time and money. This could involve
creating a minimum viable product, conducting market research, or soliciting
feedback from potential customers. Most often, your best idea will come from
something you are already doing successfully. Your closest friends and family
members are often great resources to test your idea. Getting the constructive
feedback up front can be very valuable when nurturing your idea. This approach
will allow young entrepreneurs to validate their idea and make adjustments
before scaling up.
- Embrace failure as a learning opportunity: Failure is a natural part of the
entrepreneurial journey, and can be difficult for young people who may be less
experienced or less financially secure. Embracing failure and learning from it
can prove to be a valuable asset when launching a new concept. The insights into
what works and what doesn’t can help young entrepreneurs refine their idea and
approach during the early stages of development so they do not spend an
enormous amount of time and money on something that will not work.
- Have a financial plan: Starting a business requires capital. Most young
entrepreneurs start their businesses leveraging personal assets. Most often,
entrepreneurs seek financial support from larger institutions after their concept
has proven to be successful. There are many resources to assist with finding
capital to scale your business. Different types of financial support include grants,
loans, and crowdfunding. Young entrepreneurs can also consider participating in
pitch competitions or seeking out investors who are interested in supporting young,
innovative businesses. It is recommended to start small, perfect the concept,
Remember, entrepreneurship is not easy. It requires dedication and hard work, but the
rewards can be invaluable. The pursuit of entrepreneurship may come with risks, but
the potential payoff is often more than worth it. Entrepreneurship provides a unique
platform for young people to pursue their dreams and create something special with
lasting change in the world around them. So if you have an idea or passion project,
don’t let fear or doubt hold you back – take the plunge into entrepreneurship today! You
won’t regret it!