Fostering the next wave of young entrepreneurs
As our world evolves and demand for new innovations increases, it’s up to a fresh generation of entrepreneurs to create the solutions to tomorrow’s problems. This emerging crop of business people are assertive, curious, energetic and independent, combining divergent thinking with strong business nous to innovate and invent.
While the strong supply of young entrepreneurs has already been proven, it is important that they are encouraged to see through their ideas. Whether you are one of these budding business people or an established entrepreneur yourself, our tips can be beneficial to both mentors and mentees.
Get involved with the business side of things
Business sense is an important component in getting any idea off the ground – you have to know how to market your ideas! Knowing how to generate revenue not only plants the seed for further innovation, it also allows young entrepreneurs to see exactly what it takes so they are not left clueless when they take the leap for themselves. Developing business know-how can start at a part-time job that involves running errands and filing paperwork, or it could take the form of the classic lemonade stand and washing the neighbour’s car for extra cash. Budding entrepreneurs can learn the behind-the-scenes process of running a business while getting an idea of the profit they can generate by themselves.
Taking a calculated risk teaches you something you didn’t know before
The beauty of risks is that they teach you something, irrespective of the outcome. A failed venture encourages you to tweak your approach, while a carefully considered risk that comes to fruition shows that you’re on the right track. Rather than just focusing on the end result, encourage budding entrepreneurs to track their journey and consider where they can change their tack. While speaking up when a risk appears unsafe is understandable, do not halt an idea just because you don’t think it will work – you may be pleasantly surprised by your mentee’s success.
Financial education is handy
Entrepreneurs with a solid foundation of financial knowledge present a great canvas for business innovation. Knowing about all things finance – think budgeting, credit management, tax planning and income fluctuations – is a handy skill for all entrepreneurs. Not only does it potentially eliminate the need for an external accountant, it also provides clarity on the financial capabilities you have to develop your idea.
Seek out mentor and mentee partnerships
If you are a business owner, why not impart your experiences and advice on the next generation of entrepreneurs? You can provide them with unique insight into the ups and downs of the job, showing them how to get their idea off the ground and develop it into a fully fledged business. Young entrepreneurs will no doubt be able to take something useful from your advice on everything from finances and business acumen, to communications and human resources.