Four Ways Young Entrepreneurs Can Grow Their Businesses
During this turbulent time for the world economy, opportunities abound for talented, hardworking young entrepreneurs with the grit and passion to make a difference for themselves and for their communities.
Inspired young entrepreneurs with a strategic vision are seizing the opportunity to create a livelihood for themselves and to make life better for those around them. Whether you’re struggling to find a job after school or university due to the tough economic conditions, or have always dreamt of running your own business, here are four ideas to help you find inspiration:
- Start in your own community
Social entrepreneurship has become a catchphrase over the last few years. The reason for this is the rise of a new type of business owner: an innovator who wants to solve socio-economic challenges through his or her own business. From health to the digital divide to education, we can all agree there is no shortage of problems to be solved, many of them in your own community.
Whether it’s delivering fresh produce to elderly people who can’t get out to shop during the pandemic, providing affordable tuition to coach students for their exams or helping artisans and craftspeople sell their products, today we see multiple businesses making a profit while also ensuring social impact.
- Familiarise yourself with digital tools
In today’s hyper-connected world, understanding the true benefits of digital tools such as cloud computing and using them wisely is the key to success. Learn where your customers go online, then leverage search and social media tools to attract leads and build an online community. Find out which cloud services are available and economical in streamlining and running the accounting, tax submissions and other elements of your business. Doing so will help save time so you’re able to focus on developing your value proposition through sales and marketing.
- Seek mentors and collaborators
When you’re starting out as a young entrepreneur, advice and inspiration from a mentor can prove invaluable. Your mentor doesn’t necessarily need to be someone from the same industry or profession. An experienced businessperson who knows the ropes of running his or her own enterprise can serve as a great mentor. Mentors can help you avoid unnecessary mistakes and provide a sounding board for your ideas. In addition, a mentor might be able to connect you with potential customers, employees, partners or investors.
- Know the industry trends and players
Stay on top of the latest trends and developments in the industry in which you plan to build a business. Follow social media accounts from major companies operating in your sector, read relevant publications, and consider completing courses and seminars to refresh or update your knowledge.
Focus closely on local competitors to understand a potential role for your business. What are they doing right and wrong? Are there gaps in the market they may have missed? Distilling these answers can give you the clarity to keep ahead of the curve – perhaps you can even be first to market with a product or service people will be looking for in six months’ time.
Create your own future
Striking out on your own as a young entrepreneur is not an easy path to follow, especially in challenging times, but it can be a rewarding one. Entrepreneurship gives you an opportunity to define your own future. If you are committed to lifelong learning, ready to help solve people’s problems and willing to take risks, you might just strike gold with this career choice.
Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight.