How to Succeed as a Young Entrepreneur – Essential Resources
by Caron_Beesley, Community Moderator
- Created: September 13, 2012, 4:19 am
- Updated: September 13, 2012, 8:51 am
According to Kauffman Foundation, young entrepreneurship in the U.S. is on the rise, with the 20-34 age group comprising 29 percent of the total new entrepreneurship activity in 2011.
Entrepreneurship can be an exciting adventure, and for the young it can be easier than you might think. The barriers – including cost of entry –are low, (working at home, online, etc.), and younger people are often unconstrained by the commitments of family and marriage.
And of course, there are inspiring role models from big names like Facebook’s Mark Zuckerberg and SBA’s very own 2012 young entrepreneur of the year, Mark Masters.
You don’t need a business degree or the backing of an investor to go into business, you just need an idea. Of course, starting a business has its challenges. This is especially true for young entrepreneurs without business experience. Common questions include:
- How can I be taken seriously?
- Is there a market for my business?
- How much will it cost me to get started?
- How do I get in front of the right people?
- Do I need to incorporate?
- When do I start paying taxes?
If you are interested in starting your own business, take a look at SBA’s Young Entrepreneur Guide, a one-stop resource for any young entrepreneur looking for resources and financial support to start a business. The site includes free online courses, links to in-community training and support, and other initiatives from across the U.S. government intended to make it easy for our youth to succeed in business. The site is constantly changing to reflect the latest initiatives, but current resources include:
- Free Online Course – Young Entrepreneurs: An Essential Guide to Starting your Own Business – This self-paced online training course walks you through the steps of turning a business idea into a reality and answers many of the questions listed above. It includes tips on doing your research, deciding on a business model, understanding your financing options, as well as six “must-do’s” for getting started and, finally, making the leap.
- Student Loan Deferment – If your student loan repayments are preventing you from starting your own business, the Student Startup Plan (through the White House-led Startup America initiative) enables college graduates, including those looking to start a business, to lower student loan repayments.
The SBA Community also features regular blogs with tips and resources for young entrepreneurs. Here are just a few:
- Young Entrepreneurs Can Lower Student Loan Payments to Start a Business or Join a Startup
- 6 Tips for Avoiding the Common Financial Pitfalls of Being a Young Entrepreneur
- 6 Tips for Borrowing Startup Funds from Friends or Family
- Preparing for Entrepreneurship; 3 Educational Programs that Help Teens Get into Business
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