8 Tips To Help You Become A Young Entrepreneur

Sponsored by IE Business School

Being your own boss is the ultimate career goal for many graduates. However, there are inevitably going to be a few obstacles that will get in the way – the most obvious being a lack of funds and experience.

But don’t let that put you off! Small Business Trends found that 82 percent of successful business owners felt they had the right qualifications and proper experience to run their company.

While a quick internet search of ‘how to become an entrepreneur?’ will return thousands of results, it can be a challenge filtering out the most important information and advice. To help make things a little easier, here are eight valuable tips that can help you go from graduate to entrepreneur.

Identify a gap in the market

This might be stating the obvious, but it’s perhaps one of the most valuable pieces of advice that’s often overlooked – especially considering the number one reason why startups fail is due to misreading market demand.

Identifying a gap that needs filled is not about doing something new, but doing something different. And while it’s important your idea should be a profitable one, it should also align with your own interests.

It might feel like you’re stuck in the mud when it comes to reinventing the wheel, but perseverance and some brainstorming should bring you the light bulb moment. Using what you already know from your own experiences can also help you come up with an original idea.

Know your audience

Quick hint here – your audience will never be ‘everyone’. There will always be a demographic that your product or service is better suited for, so identifying who that might be is key.

Market research will help you identify the wants, needs, behaviors and attitudes of your target audience and how your product or service will serve them best.

Never underestimate the power of a solid business plan

Having a clear vision and focus while staying objective is paramount if you want to be taken seriously and have any chance of your startup getting off the ground (and staying off the ground).

Road-test your idea

This is where the fun starts! Road testing your idea can really help you get to know your business idea and what changes are needed before going public.

Master in Management students at IE Business School in Madrid have the opportunity to foster their business idea and discover market trends and opportunities to help drive their business forward with the help of the Venture Lab, a specially designed startup incubator.

Students can also choose to study the Master in Finance or International MBA tracks as part of their degree program, meaning they can get a good handle on their overall business expertise and sharpen their entrepreneurial skillset.

Embrace feedback and learn from your mistakes

First of all, nobody is a born entrepreneur. We all learn by making mistakes and it’s being able to accept constructive criticism and feedback that’s key for helping your business to move forward and stay competitive.

Build a strong network

From your peers to your professors, it’s important to recognize the value and experience they can offer for you and your startup.

Make the most of networking opportunities in your degree from networking events to industry talks, internships and even coffee morning catch ups. It doesn’t always have to be in a professional setting, just getting to know your peers on a casual level can transform into a professional working relationship.

Surrounding yourself with a team that’s just as professional, hard-working, committed and driven as you is a winning combination. 

Have your finances in good order

You might not have all the money (at the moment), but that doesn’t mean you can’t be smart with the funds that you do have when starting up your business.

It’s important to have a sound knowledge of managing all financial aspects of the business and prepare for every possibility to help keep your business alive.