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5 Tips for Young Entrepreneurs

by Alex Pedersen

Ambitious young adults struggling to find employment are increasingly turning to entrepreneurship (self-employment) as a way to earn a living. This young entrepreneurial generation is finding self-employment to be a great option as they can be their own boss, enjoy flexibility and control their daily routines. However, starting a business can be challenging. Here are a few tips to help you succeed:

1. Find your passion: Finding what you are passionate about and developing a business around that passion will allow you to love what you are doing every day. That passion will keep you motivated even when you face challenges.

2. Develop a strategy: Having a great idea is the first step to starting your own business, but to be successful you need a strategy. This includes doing market research, setting goals, identifying actions and creating a financial plan to support your strategy. You need to put your ideas on paper and be able to explain them to others. Strategies help to organize your thoughts and develop a plan of action.

3. Maintain your integrity: Honesty, dependability, trustworthiness and a strong character are all important when you establish yourself as a business owner. It helps to appreciate that clients and business associates prefer to do business with someone they like and trust.

4. Take advantage of social media: When starting a business, most young entrepreneurs have limited financial resources to buy advertising. Social media is a great resource to connect with current and potential clients and market your products and services for almost no cost.

5. Find a mentor: Forming a mentorship with a business owner can be extremely beneficial. Mentors can help you access knowledge, give you different business perspectives and open doors to other business contacts. Find a mentor with relevant experience who will offer you insights and advice based on their experiences to help you overcome your challenges.

Starting a business is increasingly the choice of today’s young adults. The key to being successful is to connect with and learn from others. That includes taking advantage of free opportunities for training, business advising, mentorship and networking that can be found in entrepreneurial training programs such as BizU, which was recently launched by Wilfrid Laurier University, YMCA and Lutherwood. Free programs like this can help you discover relevant business resources in the community and develop a strategy that will help your startup business experience be enjoyable and rewarding.