Richard Zelson was already 24 years old and knew all the intricacies of starting his own business. MyStream is a mobile app that lets users listen to music with their friends. It was launched by Zelson in 2013.
We asked Zelson to share his top tips on starting a business when you are under 25.
- Find the right job out of school.
Zelson initially wanted to work in investment banking, but the job he got instead at a small firm was a great start to his entrepreneurial journey.
Zelson stated, “This turned out as one of the most rewarding opportunities of my lifetime.” I was able learn the intricacies of running small businesses, which directly helped me transform my idea into a working product and an ongoing business. “
- Make sure everyone is aligned.
Zelson, an economics major said that it was crucial for him to create an environment where all interests are represented.
He stated that everyone can work in parallel with the same goal – to help the company succeed.
- It is better to be a part than all of it
Zelson stated that it is important to accept a lower offer in order to get the ball rolling. “The experience you can gain…for any future ideas that may exist” is worth it. There is so much to learn about running your business that you can’t know until you actually try it. “
- Conduct thorough research on your business idea.
Zelson believes that it is crucial for young entrepreneurs to be knowledgeable about the industry and their product before they go to investors.
“You must have considered every question possible and come up with a satisfactory answer. This applies to both the business idea as well as the people involved. “
- Be around people who excel at what you do.
It is important to have a team with strengths in areas you might struggle. Zelson stated that the ability and professionalism of the entire team is crucial to the success of a company.
“Your team is only as good or better than the people with whom you work. You will not be able to achieve your full potential if you have a weak team. “
These are just the basics. Here are some tips for young entrepreneurs.
- Trust your instincts.
A great idea is perhaps the most crucial component to great success for young entrepreneurs. It is important to be open to and recognize brilliant innovation when it occurs. Nick D’Aloisio was a teen impresario who created and sold an application to Yahoo. Yahoo wanted it to be their own app, not for use. Yahoo wanted Summly to be its algorithm. D’Aloisio was only required to accompany Yahoo for 18 months. That’s not bad for a 17-year-old who made over $10 million.
Mark Zuckerberg is one of the most well-known young entrepreneurs. But many don’t realize that he created a messaging system called Zucknet for his father’s dental practice. His Harvard freshman biography describes his programming experience. He created two computer programs, then a third one that lead to Facebook. Even though he was engaged in academic work, after his sophomore year he left college to focus full-time ).
Many young entrepreneurs, like Zuckerberg are motivated more than money. Many young entrepreneurs are driven by a desire to make the world better through their work and philanthropy. Fidelity Charitable reported that households led by entrepreneurs give more than four times as much as those who are not entrepreneurs.
- Do the hard work.
Some young people, on the other hand seem to be more successful through hard work and perseverance than they are by sheer inspiration. According to Investopedia’s story on kidpreneurs, Cameron Johnson started his career at age 9, when he made invitations for his parents’ holiday party. Johnson made thousands of dollars selling greeting cards through Cheers and Tears two years later. He bought his sister’s 30 Beanie Babies for $100 and then sold them on eBay at a 10x profit. In less than one year, he bought the dolls direct from the manufacturer. That money was used to launch an internet business, which brought in $3,000 per monthly in advertising revenue. He had already started other businesses that generated $300,000 to $400,000 per monthly by the age of 15. “
Entrepreneurs of all ages should take risks, believe strongly in themselves, be flexible and go for it. Mo’s Bows’ founder shares this advice: “Find what you love doing, then figure out how you can make it money, and then let your passion drive your business.” This sounds like great advice, especially from Moziah, a Memphis-based kidpreneur, who not only sold his product on Shopify but also made a deal with Shark Tank.