Entrepreneurs who establish their business often hear negative stereotypes. We have all heard that- you need a lot of startup funding, a business degree, and X years of experience. Even the most dedicated entrepreneur can be put off by something like this. This article presents five thriving entrepreneurs in their mid-to-late twenties for our myth-busting book, The Un-Rule Book.
These top five insights from them will help you avoid the stereotypes and begin working toward your startup:
1. Jack Parsons, The Youth Group: I disengage from big business plans.
People get carried away while creating business plans. They unnecessarily write hundreds of pages. Jack Parsons, on the other hand, built his business with just a one-page business plan. He says you need only three things — “the what, why, and how of your business”. Business owners should focus on two crucial areas — what industry you want to be a part of and what products and services you want to sell.
The next step is to know the reason behind selling that and brainstorm – why people will be interested and how it is unique. The last thing to determine is- how to sell, promote, and fund. Make it simple to provide more clarity. Other people reading it might also feel the same way. Stay focused on the one-page plan for your first year. A business plan will often evolve and adapt since you might not have everything figured out beforehand.
2. Amani Zubair, Tresor: Nowadays, experience is not essential.
Another misconception is that you should have years of experience or industry-related knowledge to start a business. Amani Zubair dropped out while studying. She had no prior expertise or a business degree, but she had some experience with e-commerce through Depop, a well-known fashion marketplace software. She started her small jewelry company on Depop, selling chains and charms. Today, she sells top-notch jewelry on her website, Tresor, all thanks to Lord Alan Sugar who financed this project. The odds appeared to be stacked against Amani, especially given her inexperience as an entrepreneur at such a young age.
Despite this, she now has a team of people working for her and her studio in which to operate. She believes that experience is not that crucial and that we live in a time where data is available at our fingertips, and we can learn anything at any moment. Amani picked up skills to run a business by identifying resources and learning how to utilize them appropriately. She found how to market and promote her items through social media platforms by simply searching on Google. Like many others, Amani has discovered that the best way to learn is by trial and error. I had no experience when I first started, and while it might be advantageous if you have the will to truly get out there, teach yourself, and acquire what you want, you can do it too, she says.
3. Rebecca Cole, Fearless Keychains: Social media can be your best friend.
Technology is continually changing the way we market items and the digital marketing strategies we implement. According to Rebecca Cole, social media can be your best friend- and the TikTok was for her. With 2.6 billion monthly active users projected in 2021, this platform has taken the world by storm. Many people use the TikTok platform to market and promote their businesses and products, and it has shown to be very beneficial.
Rebecca joined many small business networks and discovered other companies to connect with, so she already had a big base of 1,000 followers who were ready to support her before promoting her business. Then she built up a community of 170,000 followers and still follows those small businesses. Social media can help your business gain exposure and expand the amount of the audience that sees your material. It’s a platform that is used by businesses worldwide. Therefore, it might help you extend your business globally, as Rebecca has.
4. Bella Hyland, The Hippy Designs: If you do not have a mentor, be your own.
It is easy to believe that you need a mentor to help you through the dos and don’ts of business. And if you do not have one nearby, you could feel as if you have no chance of walking in alone. Bella Hyland began her “The Hippy Designs” without the assistance of a professional. Having a mentor is not essential, as you will learn- what works best for you and your business through trial and error over time. According to Bella, it is beneficial to have advice from the previous generation. However, they did not expect to become a social media sensation overnight. Thus, the advice could be irrelevant sometimes as today people face a new dynamic of business growth. Instead of stressing about finding a specialist who has all the answers, understand that no one truly knows everything. Time, mistakes, and experience are the greatest teachers that help create a better business.
5. Sare Goldman, Creative House: Business study or degree can help, but not necessary.
Earlier, people would acquire some form of business degree or qualification to run their own. Many individuals believe that this is still relevant or necessary to start your own business, but it is not. Sare Goldman, the founder of Creative House, a clothing company she launched from her home with only a printer and an idea. She started with no business knowledge and did not even know how to make posters. There is no requirement that you be the better business leader in everything and understand how a company operates.
Although a qualification may be advantageous, you can still achieve without one. You will learn a lot of what you need to know by getting involved in and trying things yourself. The one-size-fits-all strategy is obsolete because each business is unique and needs to chart out its own path for achieving success. Those with business degrees may or may not have more profitable enterprises; they only have more knowledge. These are some habits of successful people that show in young entrepreneurs.
You only need to know your product, your target market, and how to sell it. These things are possible without certification or even a business plan, as Sare did not have both.
The above-discussed tips will make your small business journey a little bit simpler. It’s best to avoid criticism & clichés and start making your own rules. It may not be straightforward, but there is a path for everyone.
Author’s Bio:
Ishant is an SEO expert with a rich and long history of helping companies across industries to rank high on multiple search engines. Currently, he’s working with Sage Software Solutions, a leading ERP, CRM, and HRMS provider in India.
