Ten Principles Every Young Entrepreneur Should Follow

Many young fellows from around the world dream to have their own business. Youth unemployment is a big issue in most places and having a job is often impossible to guarantee financial fitness. Still, how do you go from not knowing much about doing business to succeed in your first business endeavor? Well, there’s not a short answer to such a question. It’s a learning process. A game of patience. There’s no such thing as a magical formula that will work for everyone.

Building a business is a unique adventure. It depends on the time, the ecosystem, the industry, and some other factors. Above all, it depends on the team (or the person) putting all the pieces together to make the business’s dream a reality: THE MIND BEHIND THE PROJECT. In this article, I will share ten points on the process of starting a business. It might not answer all your questions. However, it will give you a few ideas; the building blocks to building a lasting business.

Dream

Almost everything on the face of the globe started with a dream. When someone wants to achieve something; this person will need to design what he or she wants, plan it, built it and so forth. So, start with what you want to do. Picture it very well because this is key to getting where you want to be or doing what you want to do. Do not want it for the sake of wanting it. Nonetheless, have a desire to make the world a better place; to transform your society; to solve a problem, to make people happier and live a little better — a dream of ensuring financial fitness for yourself and your loved ones. Dream to leave a legacy after you die. Dream big. Dream great. Dream beautiful.

Research 

Once you have an idea, don’t just jump to the conclusion that it is a viable one. Don’t be a fool. Being an entrepreneur is not an easy path. It is always a risk. So, be careful. Research your idea. What is evident about your company? What makes it unique? What makes it worth looking into? What do you find when you research the market? Who is already offering the same product or service? At what cost? With what technology or process? Who would be interested in what you have to offer? Why? What is their social status? What is their income? What are their taste and preferences? Do you or a member of your team have the required skills to create/produce, maintain, manage the product or the service you want to provide? How will you convince people to buy into it? Why should customers come to you instead of somebody else?

Plan

Once you have searched your idea, the market (clients, products, competitors) and have answered the previous questions; it is smart to talk to friends, colleagues, professors, mentors and entrepreneurs for advice. Make sure you speak to trustworthy people who will not steal your project. People who can help you assess better what you are getting yourself into. Then you are ready to plan. A business plan is the key to success. Roughly it’s a written document that introduces your business to a potential investor. Even better, it defines clearly your project. It provides information about your team, your resources (Human, Financial, Material..), your competition, your product/service, market, marketing strategy and more. A business plan is a very technical document. It would be best if you had some expertise to get it done. Typically, you will need to look for help from a professional or at least someone with experience.

Strategize

It’s one thing to have a plan. It’s something else to make things happen. You will need to put a team together and make it work. Then, train your staff. It would help if you found suppliers. Having a client base is a critical factor. It would be best if you also mastered the chain of supply. You must ensure that your resources work before even utilizing them. Of course, producing standard quality goods/services is necessary. Going through all the hoops, it takes time to make your dream come true by putting your plan into application. For all that, you need to be strategic.

Design

We live in the social media era, where people’s eyes are shifting more and more from text to image. More and more businesses are using Facebook, Twitter, Instagram & Pinterest to promote their services and products. How will your business stand out? How will you use a VIRTUAL IDENTITY to sell your project? It would help if you had something attractive, out of the ordinary that at the same time represents very well who you are as a business. It gives the first impression of your business. Let it be a good one.

Register

In most countries, not being registered can send you to jail. If not, it can prevent you from doing business with respectable institutions and being a reputable business yourself. To be among the best and putting the best opportunities on your side, get an experienced lawyer to help you in the process. If you don’t have much money, you can always get a referral from a friend, a business partner or a family member to get excellent service at a fair price. A good lawyer can save you from trouble within the group, with clients, investors, and the government.

Funding

Most people don’t start their business because they want to get a million dollar somewhere and start spending it on their dream. Well, that’s not going to happen. Money is not the first thing you need for a business. Once you have a well-thought plan and a convincing strategy, people will be likely to spend on your project. Nevertheless, you must prove to them how they will get their RETURN ON INVESTMENT (ROI). Grants, loans, crowdfunding, a group of friends putting their money together are a few ways to start.

Market

Marketing means identifying your client’s base, reaching out to them and keep them appraised. It also implies branding: giving people the best perception possible of your business. It also means an advertisement plan: making your product known. Make sure you reach the category that is your target.

Manage

Management is a vital part of making a business successful. From maintaining quality and timely service, keeping your office or company orderly, making sure you’re making the best of your money, your products/services, your personal and clients to efficient administration; all of the aforementioned factors are essential parts to making your business dream a reality.    

Renew

The French saying goes: “tout nouveau tout beau,” meaning “so new, so beautiful.” Therefore, once people get used to your brand, product, and services; they become ordinary. That’s why you need to come up with something new all the time. Something people will want to try. Also, to renew your clients’ curiosity.