Tips for a 19 year old Entrepreneur

[charharhar]

Hey All!

This is my first post, and I'd like to start out by saying that this is a great community. I've spent a good amount of time, and the information, and the users (you) are all very helpful.

I'm fairly new to the "business owner scene" and I'm really hungry to learn, and grow my business.

I've had a very small business running gaming servers, but now I have my own start-up out in California.

The question I pose to you, my fellow YE members, is this:

If you were 19 and just starting off, what would you do differently, what would YOU want to know.

Any information is golden!

Thanks,
Charlie

[Kim Marren]

Dear Charlie,

Congratulations on launching your first start-up. You should feel very proud of your accomplishments to date.

In answer to your question, there are a number of things I'd do differently if I was 19 again. To start, I'd follow my passions rather than allow others' expectations to dictate my career choices. I'd develop a thicker skin and wouldn't let others' criticisms discourage me from pursuing my goals. I'd dream BIG and expect to be successful. I'd stop wasting time and would simply get on with it. I'd conduct more targeted market research and would rely on the results to better position my products and services. I'd stand by my pricing structure unless I found insurmountable evidence indicating I was charging too much. I'd solicit feedback from both current and past customers and would act on the information to improve my products and services. I'd identify a cause I felt passionate about and would support it financially by attending fundraisers and by building a targeted contribution level into my annual budget. And then I'd use that intention to promote my business. I'd look for and accept speaking engagements, write white papers, lend my talents a bit more on a volunteer basis - - and solicit recommendations from every one of those sources, which I'd then post on my website, LinkedIn profile, and social media sites.

Good luck, Charlie. I think that by soliciting advice the way you are, you'll have a much shorter list of shoulda / woulda / coulda's to tell the next generation of entrepreneurs about some day.

Kindest regards,
Kim Marren

[StephenMLevinson]

Hi Charlie,

Great question welcome to the website... I actually did start my own company when I was 19 (sold it at last month and I'm only 20), so i hope my post is helpful!

1) If you're outsourcing, don't just look at the quote and decide there. Or their work. Chances are if they're charging you $5k, which is doable, you spend much more sweat equity and it takes much more of your time and energy than $5k. Infact I spent $5k, but then the project took 10 months to finish. So unless you have a good amount of start-up money, you will experience this.

2) Get investors if possible. If you're passionate about the idea, you may be able to convince others. If you turn an investors $3k into $20k, chances are when you have an idea for $100k, he'll want to invest. Build a track record.

3) Get in-touch with Angel investors when you DON'T have an idea. Just grow a relationship and then in the next few years you're in-touch, you're already familiar and he'll likely give you more consideration than someone who emails a business plan.

Hope that's helpful! Feel free to ask me any other questions!
Best,
Stephen

[JKansas]

Organization, Organization, Organization. It's easier to start out organized than it is to turn a disorganized mess into a smooth running office.

Confidence, you are starting a company while your peers are serving burgers, getting drunk at school, or fetching coffee as a peon. Don't be cocky, but be proud of what you do.

If you plan to do this for the long haul(you should!), learn to live like an entrepreneur/business owner. You don't get to live the paycheck lifestyle. You don't get to have debt on everything. Drive an adequate car, no debt that isn't necesary. Live at a reasonable place. Keep your bills as low as possible. Obviously don't strangle yourself or your business, but find that sweet spot of what's necesary to make it work. Having the debt over your head makes working that much harder. Not having it makes success that much easier. Not to mention the savings you will have from not paying for financing! Get your personal finances in order, emergency savings also. If you do all of this you will be around 10 years ahead of your peers. This strategy will help you survive in the bad times and succeed in the good times.

Hope some of that helps

Jared

[Lucas_92]

Im around the same age as you and trust me dude, the best thing you can do is read! ive been looking over alot of threads here and alot of people know what they are talking about and ive learnt a great deal
Hope this advice helps!

[charharhar]

Kim- Thanks for the kind words, I truly appreciate it. Out of curiosity, how long did it take you to kept a good grip on the entrepreneur lifestyle.

Stephen- I appreciate your response, it's good to know other young people are out there in similar situations. If I have a very low overheard (online based) business, do you still think it's a good idea to get angel funding?

Jared- You are so right, the hardest thing about trying to make mature business decisions for me is letting go of the partying teenage lifestyle. I'm still trying to get organized (I'll let you know how that goes). In living the entrepreneur lifestyle, where and when do you get to reward yourself with nice toys?

Lucas- I'm glad to hear that this message board has been helpful to you, I'm hoping to get the same out of it

Thanks again for all the kind words and advice guys, I really do appreciate it.

[JKansas]

Ah the toys!

I'm not saying you shouldnt try to pay yourself a consistent salary when you can. But you should not have any unnescesary debt. If you have your finances in order and some extra cash on hand, wait for a deal and buy whatever toy you want. That's really up to you, but the more toys you have now, the less cash you have when oppurtunities pop up. There is no rule that I know, just do it in moderation and grow your company now. Toys come later!

[nickhumph]

Hey dude,
There's ALOT of things we can tell you here, but you can't avoid setbacks in your pursuit to be successful.

Just go ahead and start your business! Believe in yourself, work hard and never give up!

Chances are, you might fail, but even if you do, you would of learnt a hell of alot about yourself and business. Get right back up and try again.

Reading the biz bestsellers on amazon will guide you along!

Good luck!!!