What does it take to make it in business if you are under 30 years of age?
This is a great article from Smart Company:
"The businesses run by this group of rising entrepreneurs aged 30 years and under have more than $100 million in combined revenue. They employ well over 600 people. On average, their start up costs were under $100,000 and in most cases their companies have been in operation for less than five years.
And after breezing through the GFC, this group of young guns is looking to really ramp up their growth as the economy heads back towards top speed.
There were two main criteria for this year‘s list – entrepreneurs had to be 30 years or under and their business had to have at least $1 million in annual sales.
So how are they doing it? Here are 10 strategy secrets from the Hot 30:
Live to serve
As in the wider Australian economy, the clear trend from the list is the shift towards services – 18 of the 30 businesses on the list are service companies riding the outsourcing trend, typically in a very specific niche.
Leverage your tech edge
What sets these younger entrepreneurs apart is their ability to use technology in different ways to give themselves an edge by cutting out costs, connecting with customers and staff and delivering services faster and more cheaply.
Your idea doesn't need to be revolutionary
Many entrepreneurs think they need a completely original idea or a brilliant new product to succeed. Not true – simply delivering a better product or service than currently exists is enough to build a strong business.
Look overseas for great ideas
Getting ahead of the local market by looking overseas is not a guarantee of success, but it can provide a strong building block.
The younger you are, the less you've got to lose
Starting a business when you are young can be tough, particularly when you're trying to scrape together start up funds. But a number of entrepreneurs on the Hot 30 say this is also an advantage – the less you've got, the less you've got to lose.
Get advice – and plenty of it
Whether it is a mentor, a board or directors, an accountant, a legal adviser or an industry expert, soaking up as much advice as possible is crucial to success.
Entrepreneurs of all ages will tell you that good staff are one of the most important ingredients for success. For young and less experienced business owners, this is especially true.
Fight to persuade suppliers to work with you
One of the biggest challenges the Hot 30 talk about is convincing suppliers that young entrepreneurs should be taken seriously. The experience of the Hot 30 shows that it doesn't get any easier, although success has a funny way of opening doors.
The explosive growth of a young business can be difficult for an entrepreneur to manage and the implementation of strong financial, HR and administrative systems is crucial to coping with grow.
Listen to the market
Perhaps it's their ability to tap into social networks or maybe it's just because they have grown up as big consumers of information. Whatever the case, the Hot 30 concentrate heavily on listening to customers and gathering market intelligence."
Source: The Hot 30 Under 30 - 30 entrepreneurs making more than $1 million a year, Media release APRIL 27, 2010.
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Labels: business intent, business mentoring, business purpose, business strategy, business success, mentoring