SUCCESSFUL YOUTH ENTREPRENEURSHIP

SUCCESSFUL YOUTH ENTREPRENEURSHIP

The youthful years are the most productive and yet most abused years of human life. It is an established fact that if you fail to make it as a youth, you can never make it. All success stories have their roots in the years of one’s youth.

Youths are generally very dynamic, energetic and rational. Their minds are deposits of great business ideas and strategies. Unfortunately, these ideas are short lived as they don’t materialize due to several external forces. These major challenges are Capital and Lack of focus

Many youths of today will definitely tell you that if “I had so amount of money, I would do this”. The fact remains that there will never be a time that you will ever get that “so amount of money”. So what do you do?

Assuming you have a mega idea, an idea that would requires huge capital; the only solution is to break it down. The biggest mistake young people make is trying to start big. Nothing in life starts big. Break your idea into small tasks to be completed over a given period of time. You want to start a departmental store? Think of starting with a kiosk! Keep on expanding and before you know it you will have a supermarket. Assuming you start by 23 years, trust me by 27 you will have a supermarket. There are principles you must definitely put into work before you achieve this.

Principle 1 The Plough back All (PBA) principle

This principle states that for a new business to double by year 2, all the profits of year

 one have to be ploughed back! Many young people wont definitely agree with this principle. It sounds quite ridiculous! How on earth will one plough back all the profits? When I talk of profits here, I mean net profits. In case you can’t do this on yearly basis, why not try monthly or quarterly? Doing this will enable your business to move at a rate of 2.4.8.16 or at least 2,4,6,8….This principle can only work if principle number 2 is in place.

Principle 2. The Sacrifice Principle

As a young entrepreneur, you need to make a lot of sacrifices. You need to cut your expenditures by as high as 90%. Success in business requires a lot of it. This is where many young people miss it. Expenditures on your girlfriend(s), clothing, and other luxuries have to be reduced. The more sacrifices you make, the more savings at your disposal and the more re-investments you make. This principle however doesn’t work without the third principle

Principle 3 The Focus principle

Focus is the force that drives you to reach your desired destination. Why many ventures fail is because of lack of focus. One thing you must understand is that things are not going to be smooth in the first few months or even years but FOCUS is what makes a diference. Try to do a research of some of the successful business men, they will tell you that they faced tones of challenges before they made it. This principle does not work if principle number 4 is absent.

Principle 4 The Goal principle

Before you embark on any venture, you need to set goals. Determine what you would like to achieve in both the short and long runs. A goalless man is  like a traveler without a destination, he will not be focused on any particular route since he actually has no where going! Let your goals/targets be realistic. Do not set over ambitious goals that you yourself know that it would take a miracle to come to pass. Let your goals be time bound, this will help you to step up your efforts to achieve such goals before time runs out.