Young Money Makers

Young successful entrepreneurs 10 tips to starting a business

Why wait to start a business. Harness the power of youth and start a business immediately. It's a lot easier than you think and the 10 tips to young entrepreneurship will help you become a young successful entrepreneur.

Young entrepreneurs, before you start to plan for a business first you have got to figure out what your into and learn more about that subject.

• Identify your passion or interests One of the most important aspects of starting a business is to choose a field/industry/service/product that you are passionate about. Young entrepreneur's organizations may help you find a business that matches your personal interest makes the time spent building that business enjoyable.

• Educate yourself Once you decide on an idea, its important young entrepreneurs learn as much as you can about it. This is easy to do nowadays with the wealth of information on the Internet and the increase of young entrepreneur's network. Search for keywords relating to your business, and read, read, read. Talk to everyone that has any knowledge on the business you are considering. In a short period you can be considered a leading expert.

• Start now If you have an idea that you're passionate about and there is a need in the market for your product or service, start your business now. Even if it's not your "million dollar idea" start a business now to build your young entrepreneur foundation. That way you are prepared for future opportunities.

Business Plans - the Blueprints to Successful Businesses

No self-respecting young entrepreneur starts a business without a game plan, which is why - when you have a goal in mind - you need to prepare a solid plan. Without the roadmap, you cannot see what is needed for success. Naturally, at this stage, the first draft does not have to be elaborate, so don't get bogged down at the outset in the creation of a "perfect" plan - there's no such thing, truth be told.

A business plan is simply a road map create the business you imagine. Young entrepreneurs should remember this plan will change over time as your knowledge grows and new ideas come to mind. Successful young entrepreneurs plan early and often.

1. Young successful entrepreneurs describe their goals

Accurately describe your goals and objectives for your business. An example of specific objectives:

I have started an Internet marketing company. Ten thousand people have visited my site by January 2008, and I have made income exceeding $25,000.

2. Young successful entrepreneurs describe their product of service.

What is your product/service you are considering? Describe this in as much detail as possible. Identify the strengths and weaknesses of your business, and identify a price point (a price at which the product will be sold). Brainstorm with young entrepreneur's organization because your clarity of thinking at the start will help develop all the details that follow.

What are the features that make your product or service stand out? Describe the features of the product/service and how it will benefit your potential customers.

Features are the functions of your product or service. For example- small, sturdy, sleek case that keeps lipstick organized are features of a makeup case.

Benefits, on the other hand, describe how your product or service will help your buyer. It presents them a solution to their problem. You will save time and money with Product X because your makeup will be organized so you wont loose or ruin your eyeliner.

3. Young successful entrepreneurs find the need

It is important to find out early on if there is a need in the market for your product/service. You should offer a solution to a problem that people are actively looking for. It is important that there is demand for your product/service, and that people are willing to pay for your solution. Additionally, verify with your young entrepreneur's network that there are not better products or services that offer the same solution at a better price.

4. Young successful entrepreneurs Identify competition

Having a thorough understanding of your competition will give you an advantage when marketing your product or service. You want to understand what they offer, their pricing, and any services that make them stand out. Learn about the history of your competition and some of their top customers. For example, if you are starting up a summer house-painting service and you know your competitors mainly advertise exterior painting, you may want to advertise interior paining. Doing so will give you a competitive edge, so you'll stand out from all the other painting companies.

5. Young successful entrepreneurs list their Skills

What experience do you have that puts you in a great position to start this business? For example, if your idea is to offer in-house computer support and trouble shooting, how much do you know? What credentials can you speak of? You may have set up a small network for a friend's business, for example. That counts as experience - write it down on your business plan.

Understanding the skills you bring to the table will give you the confidence to stand behind your service while giving your business a competitive advantage.

6. Young successful entrepreneurs identify their target market

Who are your potential customers? A target market refers to the people that are most likely to purchase your product or service, and to whom your selling efforts are directed. Having a true understanding of your target market is one of the most important points to consider when developing a business plan.

So in your plan, identify the people you are trying to sell to. For example, if you were to start a tutoring service and math was your specialty, your target market may look like this: college and high school students in math courses 200 or below, with grades B or lower. It may even extend to the parents of students wanting better grades.

If you are selling a personally designed skate board deck, your target market would be people that ride skate boards, age range of 14 to 24, mostly male, and active. Your potential customers can be found a skate parks, skate shops, and extreme sport events, to name a few.

7. Young successful entrepreneurs identify risk and reward

As with all investments, managing risk is an important part of starting a business. This is especially true when it is your first business venture.

A key attribute of a successful entrepreneur is the ability to accurately evaluate risks. A common misperception is that entrepreneurs are crazy risk-takers. Successful entrepreneurs don't take wild risks, but only calculated ones.

Here is an easy trick I use to identify possible risks and to keep my eye on the prize. Take a piece of paper and on the left side write down all the potential risks; on the right side write down all the potential rewards. List them in order of importance to you. Do the potential rewards outweigh the risks? If so, this may be a good opportunity for you to move forward with.

When starting a new business you have money risk and time risk. You dedicate your resources to making the venture successful so it is important you identify how much money and time you will invest in this business.

If the idea of young entrepreneurship still seems to be a good fit after you have completed these steps get moving and become a young money maker.

Vince Shorb's multi-media course 'Financially Free by 30' guides participants step-by-step through the business building process. By the time they complete the course they have a business up and running. Young entrepreneurs get your free videos at www.FreeBy30.com.