Young Start-Ups - What to Consider and Practical Tips
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More and more young entrepreneurs are starting up with great ideas and a lot of enthusiasm.
In the following, you will find out what young founders should pay attention to, useful practical tips, and interesting experience reports.
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| Young Start-Ups - What to Consider and Practical Tips |
Young Entrepreneurs
Starting a business as a young person is of course very possible today, much more so than it used to be. The barriers to entry are lower, especially on the Internet. Nowadays you can build your own business here without large financial investments or loans.
Nevertheless, there are a few things you should pay attention to because online is also a real business. And since young founders often lack professional experience and know-how, one should be particularly careful and attentive to avoid various pitfalls and the resulting financial difficulties, for example.
That's why I want to give you some tips in this article.
The Right Expectations Are Important
You can always find great success stories online that are very motivating and inspiring. The potential on the Internet is huge and the opportunities there often match the interests and hobbies of the young founders.
Visions and big goals are right and important, but you also have to have a healthy sense of reality, because independence is a long way online, too. In the vast majority of cases, you will not be successful overnight.
Instead, the norm is that its tough business, not a walk in the park. You need endurance, a lot of energy, and a little luck.
Tips for Young Founders
First, you have to say that young is not just young. For example, it is no problem to found a company as an adult after graduating from school or university. From the age of 18, there are no special requirements or restrictions for self-employment.
However, such young people often have little, if any, financial reserves. In addition, there is usually a lack of helpful business contacts and little experience, both in the technical and in the commercial area.
Instead, young entrepreneurs often bring along special and creative ideas. You are not yet so caught up in established thought patterns that may reduce risk but also inhibit innovation.
However, as a young founder you have to pay attention to a few important points:
- Taking the Start-Up Phase Seriously
Often the technical aspect is addressed in the high motivation, but the other aspects of a start-up are neglected. You should avoid that in any case, otherwise, it can lead to trouble and bigger problems. - Analyze the Market Well
This includes analyzing the market. A good idea is very tempting, but it may well be that something similar already exists or that you can't find enough potential customers for it. - Fulfill Legal Requirements
During the formation (and of course afterward), the legal requirements that such a formation entail are very important. For most online business start-ups, however, these are limited. - Looking for Experienced Partners
It is a very good idea to look for experienced partners for your own business. This can be, for example, a tax advisor or a business angel. In any case, you should make up for your lack of experience and the sometimes still lacking know-how with good partners. Networking also plays an important role. - Practice Appearance
A common problem with potential customers is the external image of young founders. Traditional companies in particular often do not take young founders seriously. Therefore you should practice appearing confident and convincing. In addition, it can make sense, for example, to address customers who have a young target group. They also tend to trust young founders. - Make Use of Independence
As a young founder, you usually don't have a family of your own and other obligations are also limited. You should take advantage of that and, for example, move to a big city or even go abroad, if that makes sense. - Keeping Your Costs Low
As already mentioned, a business does not become successful overnight. Of course, the lower your costs, the better you survive the first phase of low income.
These are some of the important points to keep in mind as a young entrepreneur.
It's different for underage founders. They can also set up a business, but there is a lot more to consider here, as you are not yet fully capable of doing business.
Part-Time Start-Ups as a Good Start
For young people, starting a part-time business is an interesting alternative to jumping straight into the deep end of full-time self-employment. Here you can collect your lack of experience, the required commercial know-how, and more.
But here, too, there are a few things that need to be considered. This also applies, for example, to found a company while studying.
In my opinion, part-time self-employment is a very good start, especially for young people, because it allows them to get used to life as an independent person. Little by little you can turn this into the main business or you realize that it is not for you, because not everyone is born to be self-employed.
Contact Points
There are many contact points and sources of information for founders and these are of course also interesting for young entrepreneurs.
There are also special Facebook groups, such as the Young Founders group, where you can exchange ideas with other young people.
Interesting competitions, various student start-up initiatives are also interesting places to go to gather information, know-how, and contacts.
Testimonials
I have conducted interviews with many founders in the past, including some young founders. Here are a few examples with interesting insights:
- Blogging, Instagram, and more during your studies - motivation and practical tips
- Interview with student startup - idea, implementation, teamwork, and marketing
- Online shopping with interactive videos - interview with a startup founder
Of course, I am also happy about your experiences as a young founder. If you have more information or tips, please leave a comment.
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