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6 startup rules for new entrepreneurs

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If one thing has become clear about the jobs market, over the last five years, it is that perceptions of higher education are changing. With almost half of all college graduates now working in positions that don’t require a degree, it could be time to reevaluate the way in which we treat academic learning.

If the relationship between higher education and the economy is not the same as it was a decade ago, what does it look like now? Well, the global recession has made it tough for many young people to make it into their preferred careers. Yet, millennials continue to thrive, because their generation is doing something rather special.

They’re taking the broken system and building it back up as something else. They’re streamlining operations, minimising waste, digitising key resources, and emerging as a generation of ambitious entrepreneurs. The question is, have they got the right tools to sustain the momentum?

This guide to all the things that young entrepreneurs should know will help you decide if starting a business is the right choice.

Know your market

Running a business is about more than just knowing how to choose your promotional products strategically or how to carry out valuable market research. These things are important, but they can’t compare with a personal understanding of the industry. In other words, you’ve got to set up a company that you can feel passionate about. Whether you’re a tech obsessive, a fashion enthusiast, or an eco-warrior; create a brand that interests you and infiltrating the market will be so much easier.

Acknowledge your customers

So, you’ve got to be willing to dive head first into your chosen industry and live and breathe your products. In addition to this, you’ve got to be keen to get to know your target audience. This has to go beyond demographic statistics. The key to attracting and retaining customers is recognition. They want to feel invested in your brand and benefit from its good fortunes. Be a generous entrepreneur when you can; give out free gifts, distribute tempting deals, and let consumers know that you’re fighting for their attention.

Always work hard

Sometimes becoming an entrepreneur can sound like the easy option. You get to be your own boss, make your own hours, and create whatever image you like for yourself. Unfortunately, this is not always the case. Establishing any business – even a tiny startup – is a huge ambition and hard work is key to its success. You can’t cut corners when you’re the guy or girl at the top of the tree, but the rewards can be astonishing.

Technology is a friend

This is something that younger entrepreneurs rarely have any trouble with. They are familiar with digital innovations of all shapes and sizes and are never intimidated by new developments. Such technological intrepidness gives them a distinct advantage over the old guard, and the larger companies that are less inclined to take risks with experimental software, services, and products.

Age is just a number

Every year, thousands of young entrepreneurs launch new products and services. Some fail, but many go on to become valuable brands with a bright future. For investors, the important thing is whether you have a clear plan of action, know how you’re going to finance operations, and where you’re going to be in two or five years. If you can give them all of the right answers, your age is irrelevant. So, never be discouraged by the old-fashioned notion that a business owner is a middle-aged guy in a suit.

Why your brand could be the next big thing

Nowadays, even the initial steps involved with setting up a business have been digitised and made simpler than ever. For instance, you could start by creating a crowdfunding profile and encourage people to get talking about your product. Before you know it, it might have amassed hundreds of thousands of views and just enough donations to get that first order out. The world is a big place for an entrepreneur and, if you’ve got the skills, you can reach out and grab it.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best.We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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