2009
This is a guest post by Tiffany Davis.
If you take a look at all the young entrepreneurs who have made it to the list of rich and famous, you’ll find that they’ve mostly made their money online, through applications and programs for the Internet. Their success has spurred on others to take up the challenge and see if they can be the next Mark Zuckerburg (Facebook) or Chad Hurley (YouTube).
But not everyone has it in them to be an entrepreneur, even though they may be brilliant geniuses [Stan's Note: I do not agree with this comment] What it does take to be an entrepreneur is:
Guts
When you aspire to become an entrepreneur straight out of college or before you’ve left your twenties, when you’re ready to go it alone without seeking the safety net of a regular job and a month to month salary, you need to be courageous and gutsy. You can achieve success only if you’re confidence level is high and if you’re relatively sure of your capability, come what may.
Fearlessness
You need to be willing to take the necessary risks that are a part and parcel of any business venture. Nothing ventured, nothing gained. If you’re hesitant about taking a large leap based on your intuition, you’re going to lose out on opportunities. You also need to be ready to deal with failure, because as clichéd as it sounds, failure is indeed a stepping stone to success. You can learn much from your failures if you treat each one as a new experience that allows you to prevent the mistakes you made in the past.
Caution
Even when you take risks on one hand, you need to tread with caution on the other depending on the situation and people involved. The best way to do both is to learn to read situations and people and then trust your instincts to tell you the best way to go.
Money
If you have your own money as seed capital, well and good. If you don’t, you need to arrange enough to cover your start-up costs. You may be working out of a single room, but your experiments and market research will cost you money.
Business Acumen
I’ve listed this last, but it is by no means the least important of the list. It’s not enough that you’re a genius who has the best ideas there are in the business, you need to know how the business end of the deal works. If it’s not in your blood, hire someone or join forces with a friend who complements your genius with their business acumen.
Any business venture needs great ideas and a whole lot of persistence and dedication in order to succeed. If you think you have it in you to be an entrepreneur, go ahead and try your luck. After all, how will you know if you’re good at it if you don’t even try?
This post was contributed by Tiffany Davis, who writes about top online college courses. She welcomes your feedback at TiffanyMDavis82 at gmail.com
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Money is really one common thing with successful young entrepreneurs. I think the reasons why these guys succeed is that they either have the startup capital to start with or they’re parents support them so much financially… That’s why they get ahead of most young aspiring entrepreneurs by miles…
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id like to think that capital should never an issue. money can be made without money. but as we all know, its really a plus if you have parents who can give you the starting moolah.
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As corny as it sounds, having passion for the business is another huge characteristic of successful entrepreneurs. If you want to start a business solely to make a lot of money, it’s not going to work. Starting a business is a lot of hard work, and you’ll only be successful if you enjoy that work, if you are passionate about that business.
If your business or business idea is something you think about every night before you go to bed, then you’re probably passionate about it. Passion, bordering on obsession for the business is key to a successful entrepreneur. If you don’t have it, don’t waste your time.
Nick Tart´s last blog post..‘Marketing’ Has More P’s Than ‘Hippopotamus’
…Wow, hi Tiffany. I just realized you wrote “100 Terrific Twitter Feeds for Young Entrepreneurs!” That’s a great article and I refer back to it all the time.
Nick Tart´s last blog post..‘Marketing’ Has More P’s Than ‘Hippopotamus’
Whilst on one end I agree that alot of young entr achieve great success so quickly is because of start up money, or a strong pool of resources, but always remember that passion plays a huge part.
If you can make $40 out of $20 – you can make a million dollars from $1.
Excellent post.
That’s a really good, inspiring post. I do think though, that money is HIGHLY important when starting out. I think that’s why a lot of rich kids get the chance to be successful, because they have the money to get a HUGE headstart. I do also think, though, that you can make money out of almost nothing… if you know how and have an excellent idea!
Great article! I routinely give talks about entrepreneurship at local high schools and I am always amazed by their potential. Sure there are a few that just blow your message off but there are always a few that take it to heart which is great to see.
Brilliant post! So very inspiring
That is a good way to put it Stan.
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In principle, all written on the case, but it seems to me that it was not always so difficult and frightening. While the need to always prepare for the worst, but hope that it would be better!
The CBI, Industrial Society and other quangos provide studies – many start ups are said to fail within the first two years and then others in the next three years . Why should this be so? Is it because almost all of them do not follow the above advise? I do not think so. The most important aspect of success in start ups is the ground work that goes into the venture before launch.
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Hi Tiffany,
Have you ever wondered, why universities and highschools produce so few entrepreneurs?
Well, maybe the question is not about know-how but about the will to become an entrepreneur, about dreams.
And when you have the will, you will find the ways.
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It is very easy to become an entrepreneur but what is hard is that how to be successful.
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Very inspiring post. I wish I did have the startup money to really spend the time to invest in my blog…I can really see how young people with adequate startup money could have a huge benefit.
i might also wanna add the aspiring entrepreneur must have the right emotional quotient to go into the field of business. because when you really think about it, business is 99% emotions, 1% technical knowledge.
http://bit.ly/jBvQj
ice_hot´s last blog post..How Earn money by reading your E-mail
I agree with you. I used to work in a large enterprise. I step out and start my own business on eBay. But I would like to step out eBay and start my new product line in my own web site. You help me a lot. You are great.
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I agree with you. I used to work in a large enterprise. I step out and start my own business on eBay. But I would like to step out eBay and start my new product line in my own web site. You help me a lot. You are great.
I actually don’t agree with Stan’s disagreement. There are a lot of geniuses out there but a lot of them just doesn’t have what it takes to be a successful entrepreneur so they end up working for someone else for a decent salary.
That’s just my opinion…
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As a young entrepreneur I would highly recommend investing in the future. But what exactly is the future? The future is online, domains, hosting, email and everything people need to function online. I am selling domains and hosting online with quite a bit of success.
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I’m also trying to be one of those successful young entrepreneurs. I started blogging last year when I was still in high school. Since then, I started to learn different things in blogging and online marketing. I’m looking forward to see myself as a successful Internet Marketer and entrepreneur in the near future.
Great blog. Inspiring stuff for a young entrepreneur. Here’s a blog about making money with Twitter that’s pretty cool http://moneywithtwitter.blogspot.com
Main thing which I feel important is … you should have some vision of your final destination which always encourage you to do the work more and more.
Such vision will always motivate you to keep doing the work towards that.
If you do not have a vision than create before move forward. Your path will be easy.
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You should have confidence on you and should have perfect aim with perfect plan.
You should have business mind which can understand clearly what is profit and what is loss.
Fire and desire to achieve more and more.
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Great Post, Jason. It’s really a great deal to become a young successful entrepreneur. As you said, we need the basic capital, and it would be best off to earn that with freelancing, before we begin
Great post! One of the things I always had a problem with is fear.
this is all very true, for me, i started using GPT’s and PTC’s to make my investment costs. I highly recommend using them, while you make money you learn a lot about SEO and how much time you need to put into your business to succeed. the first couple sites are the hardest, it gets easier once you have built your own network of sites though
thank you for this helpfull post
I agree with this post. Those are the elements for all the successful CEO should have. However, there is a very important element which is missed. Being focus on one of the task is very important. Nowadays, most of the people would like to gain money. They cannot concentrate on one of his major task. Most of the people cannot walk on the successful path are having the same mistake. They would like to do a number of things or having a number of excuses. Stanley would like to point out the young leader of online enterprises, such as eBay, youtube, facebook etc. One of the young entrepreneur which is the writer of Harry Potter, J K Rowling. She gave up her job in school. She concentrated on her own writing. At first, she didn’t want to be rich. She just want to publish her first novel of Harry Potter. Focus on 1 task is very important element for all successful entrepreneur. Please take this note.
As what Nick Tart says, passion and your love to what you are doing is also one of the important addition to this 5 characteristics. It is always what makes you happy that makes business grow.