Tips for Starting O/L from under 30s
from CBS News 11 July 15 enhanced by Peter/CXO Wiz4biz
Why? Career experts like Shawn Grahaam, who wrote a Fast Company article, says the under-30 generation wants more satisfaction from their jobs and more autonomy over their lives, making starting a business attractive.
Top Tips 4 under 30s. If you’re in this group or advising a wannabe young entrepreneur, here are points to consider before launching a new business, directly from successful young business founders under 30.
Tip 1: Focus. “Many businesses fail because they try to offer too many products or services. They want to be everything to everyone. It’s important to focus on developing your business with a very targeted product or service to sell to a particular type of business or individual.”
Robert Livingstone (26) Company: Ideal Cost.com. a national merchant consultancy specializing in the credit card processing space. Has over $1 Billion in annual transaction volume.
Tip 2: Picking a co-Founder. “Be very careful when starting up with co-founders. This is even more serious than a marriage. If all co-founders are not perfectly clear and aligned on the goals of the business, the business will fail. I’ve seen many start-ups with fantastic products, struggle to near-death only because of co-founder issues.”
Doctor Antoine Azar (29), eXM Interactive which creates mobile apps & interactive touch installations- has more than $1 million in annual revenue.
Tip 3: Talk to your Customers. Don’t assume you know what your customers want. You’ll be surprised — and too often, you’ll be wrong. There are many ways to solicit user feedback: Email, Surveys, Focus groups, etc. Get creative, get out there, and listen.”
Erica Zidel (29) Sitting Around.com, which is a company that makes parents’ lives easier through a complete end-to-end “Childcare” system. They’ve had 88 % month-over-month growth since launch, and were featured in the NYTimes magazine.
Tip 4: Start small. “Test out your concept on friends & family prior to raising money or investing a significant amount of savings. Being frugal in the beginning will help you focus on what’s really important and refine your concept before you try to go big.”
Emily Dubner (27), Baking for Good.com, an online Bakery inspired by the idea of a Bake Sale. It has partnered with over 200 national & local non-profits, and donated over $25,000 to these charities since September 2009.
Tip 5: Have a Mentor. “Everyone should have someone that they look up to, that can offer them advice from time to time. Maybe you offer to buy them Lunch for a couple hours of their expertise. Everyone needs a sounding board — someone who has been in the business longer and been through similar experiences. It could be the best Lunch you’ve ever spent and could lead to a launch.” LoL
Taryn Scher (28), TK Public Relations, a public relations & event planning company that specializes in luxury lifestyle brands. Three-and-a-half years into the business, TK PR has worked with more than four dozen major brands in 10 states.
Tip 6: Pick a young low $$ Web Master. “If you’re considering hiring a developer for a Website or Application, it’s best to select an individual (or team of individuals) rather than a firm. If you hire a full-service company, you will be assigned a project manager, who is an extra intermediary between you and the programmer. You’re also paying for the salary of the CEO and project manager, along with other overhead. Hiring an individual who can work from home, enables you to take control of the process while keeping costs low.”
Ben Sann (23), Best Parking.com, a parking decision engine that steers motorists to the cheapest & closest parking garages or lots in 30 North American cities and 79 airports. Featured in INC Magazine 30 under 30 list.
Also see Post on “Quotes from Entrepreneurs under 30”.
Comments: What are your best Entrepreneurial tips? Please add yours in the comments below.