What All Young Entrepreneurs Need To Know About Startups
Take it from someone who is in the midst of building a startup. It’s not as easy as some would lead you to believe. HeartStrong Media is the company I’ve wanted to build since I was eight-years-old.
Being a millennial, I understand the economic challenges facing younger generations – not to mention numerous media outlets ignoring facts in order to place blame on the future of the planet. Fun right?!
Overcoming these obstacles are increasingly difficult when young minds are lacking mentors who understand their situation, show them respect, and have an understanding of the changing world.
It’s also important to not become discouraged and give up on your plans due to minor mishaps. Incorporate the lessons learned from difficulties in your life and apply them to your business.
The key is to ALWAYS keep learning.
Life is full of hardships, those who grew up in modern society are well aware of that. Younger generations have taken the blame for societal problems created by their elders.
Is that fair? Of course not.
Yet, what those of my age group grew up being able to search the entire history of human knowledge. Despite the negatives, the internet is an amazing tool which allows individuals to learn whatever they like.
What was once only available to those with the money to pay for expensive degrees, can be learned from the comforts of one’s home. The availability of knowledge allows everyone to learn and apply those lessons to their startup and is an amazing advantage to those who utilize it.
Therefore, while you may not have a business or engineering degree, there are a number of ways to learn the skills you need to run a successful business. Sure, certain businesses need a specific skill set and education background — yet, those are unique situations.
Young entrepreneurs have the ability to learn and develop skills that will help them thrive in the business world. Here are some essential tips that will help young business minds help reach their and achieve success.
Incorporate social values
If Corporate Social Responsibility (CSR) is important to you, do not compromise those values when creating your startup. Attaching your brand to a social good will not only benefit the planet, it will help spread awareness about your company as well.
Protect your data
The concern over data security in the digital age has a direct effect on startups. As little as one breach could lose faith consumers have in your brand, and it could also cost the company a great deal of capital to resolve. Blockchain startups are using innovative security models to provide to protect records and enhance security.
Work with people you trust
Despite what many say, you’re not going build a successful business by yourself. It’s vital to the success of a startup to trust your partners and their expertise. Nobody has all the answers, and that’s quite alright.
Foster an open environment
Echo chambers don’t benefit anyone and are an effective way of limiting the potential of your business. Within your company be open to new ideas, different points of view, and build an open environment where everyone feels able to share respectful and thoughtful ideas.
Authenticity is important to millennials and post-millennials, so it’s beneficial to your brand to express your creativity and be genuine with your mission statement and how you present your startup to the world. If you don’t believe me, take a look at the success Wendy’s has had on Twitter.
Use social media
Effective social media use will allow your brand to be authentic, creative, and reach a larger audience than those who neglect to develop a structured digital strategy. Determining the best outlet to focus your strategy will depend on the target audience and budget of your startup; however, every brand should attempt to develop a presence throughout numerous social media platforms.
Will these tips guarantee a startup will become a success story? No, but they will provide a foundation for those who are ambitious enough to work towards their goals.