How to get started as a young entrepreneur

So you have an idea for a business. If owning and operating a business is on your agenda, it wouldn’t hurt to brush up on a few business start-up basics. That first step, after all, can be the key to business success. Owning a business requires major planing,time and investment. Here are some steps to get started as a young entrepreneur.

Step 1· The big idea

First thing’s first: You need the idea. And it has to be good.The best way to ensure your idea is a good one is to first run it by your friends and family .Then take it to a mentor – someone you know who has business experience of their own, whether it’s a relative, your teacher or someone in the community. See what everyone thinks, and get a feel for whether your optimism is justified.

You should also talk to the people you’ll be selling your product or providing your service to. Are they interested in what you have to offer? Are services already in place that people are happy with? Does your town or village really need your service or business? Do a little market research.

Tip: A good business fills a niche that no one else is filling.

Step 2: The Plan

Once you’ve established a demand for your product, sit down and put together a business plan. A business plan is a short description of exactly what you hope to do with your business and how you plan to achieve those goals. Make a list of potential problems that might come up and another list of solutions to those problems. Determine how much cash you’ll need to get started, and decide how much you can charge for your service. TGood planning can be the key to success

Step 3: Marketing

With your plan in hand, it’s time to get the word out. Tell your friends and family what you’re doing, and ask them to tell others. Make business cards and pass them out whenever you can.

Another excellent marketing tool for young entrepreneurs is the media. Local papers,television,radio stations and social medias. Often jump at the opportunity to highlight your ambitions. Put together a one-page press release-describing who you are, what your business is, and why it’s so interesting-and send it to the editor. They just might ask for an interview and make you the subject of a story .

>>Business success depends upon successfull marketing

Step 4: Money and Legal Details

There’s the cost of doing business. Most people start with their own savings, or they borrow money from friends or family . If you ask people to chip in, include a letter explaining exactly how you plan to pay them back.

You’ll also need a business bank account to keep your finances in order

Throughout your start-up days, remember to stay positive, and keep in mind you have nothing to lose. “It’s a great idea to get started in business when you’re young. “There’s no reason not to, and you can learn so much.”

Muhire Emmanuel

The views and opinions expressed here belong to the author and do not necessarily reflect those of the Ndangira Ltd

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