4 Business Tips for Young Entrepreneurs

Pretty much all economists nowadays agree that the world needs more young entrepreneurs. New businesses are one of the engines that keep the economy growing, so fostering new generations of business-savvy risk-takers stand to benefit us all.

And what a risk it is! Setting out on your own will always be a scary jump. There is no sure way to absolutely ensure success as an entrepreneur, but grit, talent, a dash of stubbornness, and expert advice can provide you the next best thing.

After reaching out to a number of successful business owners, we’ve been able to put together 4 useful tips that are sure to help you be successful on your entrepreneurial journey.

1. Build a Great Credit Score

“It takes money to make money – and if you weren’t lucky enough to be born into it, you will need to offset this by making yourself into an ideal loan applicant.” – Daz Azakytu (Founder of DAZ Plumbing & Locating)

This is something that needs to be cultivated early on in life, and that can often be hindered by poor decisions made when very young. If your dream in life is to become a business owner, make sure to keep this in mind during your early 20s, especially when impulse purchases seem a bit too tempting. Depending on where you live, you may even be able to start building a relationship with a bank while still in middle school or high school. A secured credit card or a credit-builder loan can also give you a head start; just make sure you pay everything on time, and reap the benefits of your stellar reputation when you are ready to launch.

2 Ask for Help (and Pay Attention When Offered!)

“The business world often seems eager to reward self-reliance and independence.” – Rod Dixon (Founder of The Dixon Firm, PC)

However, this should never be mistaken for aloofness or loneliness. If you need help or advice when starting out, seek out a more-experienced ear. Nurture a relationship with a mentor and learn from their experiences starting out. On the other hand, when somebody offers you uninvited advice, take a step back and listen. While it’s true that there are ill-meaning folk out there who may be trying to take over your idea, it will do you no good in the long run to openly disregard or reject them. Even successful mavericks like Henry Ford later came to regret not listening to advice; he famously ignored his son’s warnings regarding his competitor’s success.

3. Learn the Law and the Rules of the Game

“We don’t often hear a lot of Fortune 500 companies who hit major legal roadblocks during their first year of their operations, and there is a very good reason for that.” – Jamichael Mitchell (Founder of EraBright SEO)

Before risking your money and your hard work on a new business, it’s important to know how to stay on the right side of the law. Even the best business ideas can be derailed if its early profits are wasted on early fines. Make sure to get a good accountant on your side and learn the basics about your local tax law. In addition, keep yourself in the loop of all industry-specific regulations and permits needed, especially if your business will involve food or vehicles. If you are hiring an extra set of hands, make sure the paperwork is stellar from day one.

4. Design, Plan and Love Your Product

“No matter what product or service are you planning to build your future empire around, it needs to be a field that you know and care deeply about.” – Bethaney Embry-Jones (Founder of The Embry Law Firm)

This is something that has been highlighted by countless successful business owners and job creators alike, such as Ariana Huffington and Steve Jobs. After all, you are about to pour thousands of hours into developing this seed into a money-making enterprise. You will need to love your product – and show it – whenever you are pitching the idea to a new investor or loan officer. You will need to keep your plan and goals in mind to make sure you stay on course, even when day-to-day operations seem to move you toward side priorities.

Finally, you will need to stay on top of your product’s design and shape; no matter if it’s a physical object or a service, there will always be edges to be smoothed over and something more to be learned about your clients, audience, or industry.