January 9, 2011

It can be daunting task trying to set up a business and that puts off a lot fo people from pursuing their dream. But its doesnt have to be if you simply take the time to reseach what it is you want to do and take baby steps one day and a time until you feel you can really make a go of it.

1. Do what you love. All young successful businesses have one factor in common: Their owners love what they do – so choose a line of business that aligns with your interests, no matter what they are.

2. Know what you want. Are you willing to leave your current lifestyle behind for your business? Boyfriends, best friends can be great for support for your business but they also can be a distraction. So in this case will you spend less time with them to focus on you business? Or do you envision your business as a side project? Being able to answer questions like these will help you organize your time and priorities. And will also indicate how serious you are.

3. Be radical… As a young business women your thinking is fresh, original and full of energy. Don’t be afraid to try something no one’s ever done, create an off-the-wall product or shake up an existing market by changing factors (such as a service or delivery model) that established companies take for granted. See what problems exist in your life or others and try to solve them with a new creative product.

4. … but follow the rules. Being a young entrepreneur doesn’t exempt you from registering your business, Once you start making money, keep records and pay taxes. Learn about accounting by googling for information on how to organise your accounts for your business. Following these simple rules now will save you from legal and administrative headaches later. One your business picsk up nd money is coming in you can go to an accountant to help with your finiances.

5. Manage your time. Running a business whilst taking an education or if you have children can be stressful and difficult. Understand what is required of you in your separate roles as a student/mother and a business owner, and employ planning and organizational tools – for example, a well-maintained appointment book, Microsoft Outlook or an online time/project management system – to make the most of your valuable time.

6. Use resources. You’re literally surrounded by people and resources, so make the most of your situation. If you know anybody that has starting a business wether they have succceeded or failed they will have vital experience to shar with you. Use your home as a office,kitchen or workshop space to get started, no need to have unwanted overheads if it is not needed. The internet, is massively filled with all the information you need, so serch online for as much info as possible. Your reach is global.

7. Find a mentor. Buddy up with a local entrepreneur or business leader with a record of achievement. Your mentor will help you understand the risks and challenges of business, provide a sounding board for your ideas and help you find investors for your company.

8. Be dedicated for excellence. Its amazing how many people say they would love to do this or that. But when given the chance to do juts what they have been asking for they dont dedictae their time iand efforts and think that success will come by occasionally working here or there. Put in as much time and hours into your craft, go out to be the best you can be.

9. Be good to yourself. Regardless of how organized and enthusiastic you are, some days will overwhelm you. Some Business people dont like taking any time off and this can have an effect on prodcutivity. Don’t be afraid to step back from work and do whatever relaxes you. Whether it’s the rush of exercise, the lively company of good friends or a quiet day or at (least half a day) reading a book in the sun, take advantage of opportunities to invigorate yourself and balance your responsibilities with relaxation. Your body will have time to energize and you will bounce back fresher and ready for new challenges.

10. Check your mentality. One of the problems that can afflict young entrepreneurs is a mental block against, as Nike might say, just doing it. We’ve all been raised on stories of Internet billionaires, wealthy young actors and other tales of spectacular overnight success. Knowing how well other people have done in business and how quickly they’ve scaled the mountain is demotivating when you think things around you is taking too long. It can make some young entrepreneurs feel as if they don’t want to get started on a business unless it’s going to be the next YouTube. This is a self-defeating mentality. Combat it by reminding yourself that you’re not competing against anyone but yourself. Do whatever it is that you can do today, whether that means tutoring, designing your new product or building online communities. The important thing is to get your feet wet and get started – not to take over the business world. remember every success story has a begining.

And Lastly the bottom line is that your days are ripe with entrepreneurship opportunities. You may never again have the energy, resources or motivation to start your business as you get older, so get to work!!!

%d bloggers like this: