If you're under 30 years old, you probably want to run your own business. That's the finding of a recent University of Phoenix survey. In the 1, adults surveyed, 63 percent of people in their 20s either owned their own businesses or wanted to someday, and of those who were not already entrepreneurs, 55 percent hoped to be in the future. And while the urge to be your own boss isn't confined to the young, people under 30 have more of an entrepreneurial itch than their older counterparts.
In the survey, the older the respondent, the lower the likelihood that he or she had entrepreneurial ambitions. Only 26 percent of those over 60 not already running their own businesses had any desire to do so. Why are the young people so eager to strike out on their own? For one thing, entrepreneurship may simply be more feasible for somethings who don't yet have children or mortgages, who may still have parents who can offer economic assistance, and who have the energy to handle a startup's grueling hours.
But there's another important reason: They've seen the lure of startup culture. To quote Albert Einstein:. T wo years ago, I attended an amazing entrepreneurship conference called Pioneers Festival. One of the speakers was Philipp Moehring from Angelist who gave a prodigious speech on what investors look for when they evaluate your company. In one of his slides, he mentioned this:.
This is a ranking of factors when it comes to product evaluation. As you can see, the idea gets That is something incredibly important to grasp. Your idea, no matter how innovative you think it is, no matter how interesting it sounds in your head, no matter how much research you have put into it, is worth nothing. Which brings us to the most important part when it comes to product and business evaluations: Traction.
If your product is converting, if it is generating revenue and if it is attracting interest, it is a great product. Do me a favor and watch Shark Tank. You will notice how the eyes of the sharks shine whenever the entrepreneur mentions good numbers in the users acquired or sales accumulated over the past year. Regardless of the industry or type of product. Great investors know that once your product generates traction and reaches product-market fit, it has the potential to become a gold mine.
So, the main principle here is that, in the beginning, you have to assume that you know nothing and that your idea is worth nothing. Now you are more humble and you can make sure that you will focus on the fundamentals of your business.
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This is wrong and dangerous. When someone tells you that, they are either ignorant or they are leaving a lot of money on the table. That said, I am not suggesting that it is ok for your product to be average and that you should spend most of your time on marketing and branding. What I suggest, is that you should spend an equal amount of time on creating a great product and on promoting it successfully. Every product out there has to face competition.
Successful branding is one of the surest ways to make your product stand out. I am going to demonstrate this importance with a simple analogy. Imagine you are Super Mario. You fight turtles, you spit fire, you eat mushrooms and want to save the princess. At some point, you find a magic star that makes you invulnerable for a small time frame.
That magic star is networking. Without the magic star, you struggle a lot. You face a lot of obstacles and difficulties. You need to try different approaches and tactics in order to reach the end of the game. With the magic star, nobody can touch you. You actually kind of bulldoze your way to success. Networking allows you to meet the right people and these people feel obliged to help you if you were introduced to them by someone they trust and respect.
Now, this is good in theory but practically it is quite arduous because it requires a lot of effort and great social skills. In that respect, I want to add one more thing: Do not consider networking unless you have made a lot of progress with your product development. If you are just starting and you have just an idea, going to networking events is a waste of time.
You might listen to some successful people promote their story and you might get some interesting feedback, but, most probably, you will end up disappointed because no one will be interested in you. Make sure that you focus on creating a great product and once you see the first signs of traction, you will be in a position to promote it. P rofessionalism and delivery will help you stand out. It is absurd how many businesses are leaving money on the table because of their inability to exude professionalism. In the trade business I run, our operations are in Greece at the moment.
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Some of the companies I decided to contact, in order to buy raw material and other services for my product, dumbfounded me with their lack of professionalism. There is nothing worse than that when it comes to business. He was very excited about buying a new car and when he starting discussing with the dealer he got turned off because he was unable to make him feel sure about what he was buying.
A couple of weeks ago, I attended a startup event. Among the presenters was a company that developed a platform that helps consumers find the cheapest price of a product online.
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They are a very successful company and they stand out because of their incredible work environment. Hiring the right people is a very challenging endeavor and many companies face extreme problems because of that.
Your customers will want what they want when they want it. And when they do, you have to be ready for them. The hardships you experience at work are a result of your job being just that: work. As mentioned above, starting your own business will be a lot of work. Entrepreneurship may entail a different set of challenges, but it is in no way easier than having a corporate job. As an entrepreneur, you answer to no one and everyone. Technically, you won't have a boss, but you'll still have to answer to your customers, your suppliers, and your employees. You can cut yourself as much slack as you want, but any slack you cut yourself will have a direct effect on your business.
Although starting and running your own business can be a lot of fun, you are bound to come across tedious tasks.
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At times, the workload will overwhelm you. To be a successful entrepreneur, you will have to face both the good and bad with a relentless fervor. Enjoy the good times, but don't depend on them to keep you going. Building awareness about your company within your target audience is necessary, but you need to look at publicity as a means to an end, not your end goal. Being an entrepreneur is about building a successful business by creating and delivering value, not by becoming a celebrity.
Just because someone you know or admire wants to work with you, that shouldn't make a business opportunity attractive. Furthermore, even if a friend or a family member has a great business idea, mixing business with personal relationships can be problematic. The Balance Small Business uses cookies to provide you with a great user experience. By using The Balance Small Business, you accept our. Entrepreneurship Starting a Business. By Ryan Robinson. You See an Opportunity. You Have Experience in the Industry.
You Have the Resources Necessary. You Hate Your Job.