Starting a Business at a Young Age



Is it really that difficult to start a business when you are young? Well, it might be if you are not passionate about it. Entrepreneurship c

an be a long and lonely journey that has to be fueled by passion.


Is passion alone enough? Unfortunately not. Technical skills and business acumen is needed hand in hand. Lots of research and time goes into a business plan. There is no A-Z guide for starting a business, but you should know your product/service better than anyone. You need to be able to know the pros and cons of your brand and hone your technical skills to completely study your product/service. In addition to technical skills, Business Acumen is key!


Here are some expertise you need to know to help in creating your business plan:

  1. Basic Accounting and Bookkeeping

  2. You need to keep track of your expenses.



  1. Marketing and Branding

  2. You need a plan and be consistent with your social media presence!



  1. Business Development

  2. A little difficult to outsource this skill but you can get a mentor instead. You need to plan on how you are going to strategize to bring your business far.



  1. Sales

  2. How are you going to sell your product/service? What are the platforms and/or agencies involved?




These are my 4 must have skills when starting a business. There are so many people who have these business acumen, technical skills and passion but fail to start a business. When we are young, we have the energy, but we might not have the time (if we are studying) and/or the money. That is why there are other blind spots when starting a business.


  • Have a good support system

  • It could be friends or family but surround yourself with people who are motivating and will push you further. This is overlooked often but very important during tough times

  • Keep Spare cash

  • As the saying goes, “Don’t put all your eggs into one basket”, be wise about your investment. If money is an issue, then try to get fundings/grants or save up for your business. DO NOT use your emergency or spare funds without having enough for yourself during times of need.

  • Maintain good time management skills

  • If you are studying, always plan your time and week ahead so that you can allocate a few hours for business in a week at least


There is so much more to learn along the way but always be determined! You can learn more about entrepreneurship at our workshop here!


Cheers,

TheMeetUpSG🎈