Disclaimer: This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.

    Tips for Young Entrepreneurs

    By Nauman Ramzan|20th Feb 2017
    Clap Icon0 claps
    • +0
      Clap Icon
    Share on
    close
    Clap Icon0 claps
    • +0
      Clap Icon
    Share on
    close
    Share on
    close

    If you are a young person that is interested in business, following your passions is important. Statistics show that entrepreneurs are amongst the most successful in society. Running your own business is a good way to earn a good income and make a difference to your community at the same time. The sooner you start learning business skills the better, so visit at rea-evolution.com we have put together a few tips to help young entrepreneurs to get started, and gain momentum.

    Start small

    We all dream of being millionaires, but it is important to be realistic and realise that getting to this stage takes time. Often you will have to work with limited funds. Our advice is to get started as soon as you can. Even if you only have a small pot of money, you can still buy stock and start to sell on a limited scale, or buy the raw materials to make a few units.

    Be persistent

    You may not make a profit the first time you try. Don’t let that put you off, all successful entrepreneurs fail, usually several times. It is all part of the learning process. Try again; just try not to make the same mistakes you did before.

    Re-invest

    When you find a business model that works take some of the money you make and re-invest it. Taking a formula that you know works and re-investing in it is the key to growing a business.

    However, be careful not to grow too fast. Cash flow is an issue that catches many young entrepreneurs out. Every business needs a bit of money in the bank to be used in case of an emergency.

    The story of Reuben Singh is a great example of what we have been talking about here www.globlsources.com . He had made his first fortune before he had taken his ‘A’ levels. He was the UK’s youngest millionaire. You can find out more about how he did it by clicking the link above.

    image

    Get access to select LIVE keynotes and exhibits at TechSparks 2020. In the 11th edition of TechSparks, we bring you best from the startup world to help you scale & succeed. Join now! #TechSparksFromHome

    Clap Icon0 Shares
    • +0
      Clap Icon
    Share on
    close
    Clap Icon0 Shares
    • +0
      Clap Icon
    Share on
    close
    Share on
    close