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11 Things Entrepreneurs Do that Make Them Wildly Successful At A Young Age

11 Things Entrepreneurs Do that Make Them Wildly Successful At A Young Age

According to a survey by the Kauffman Foundation, the decision to start a business- over choosing other careers- has risen for young adults aged 18-21, from 19% in 2007 to 25% in 2010. No doubt young people around the world are seeing that entrepreneurship can create opportunities for them unlike those offered by any other career path. In the US, for example, The Global Entrepreneurship Monitor, which tracks early-stage entrepreneurial activity, found that in 2010 almost 5.5% of Americans aged 18-24 were launching early-stage businesses- and a good number of these entrepreneurs are succeeding at a tender age.

Mark Zuckerberg founded Facebook at age 20 and started swimming in wealth when he was still in college. Zuckerberg is now one of the wealthiest people in the world, valued at more than $34 billion. Sergey Brin and Larry Page founded Google when they were both 25. British entrepreneur Carl Churchill started his first Web design business at age 12. Today he’s worth more than $10 million. Juliath Brindak began creating sketches of characters at age 10, and then developed a complementary social-media platform at age 16. Her company, Miss O & Friends is now worth an estimated $15 million.

The list of young and successful entrepreneurs goes on and on. It is awe-inspiring to think about how early these entrepreneurs got their start.

But, what exactly are these entrepreneurs doing right that’s making them succeed while still being so young and inexperienced? What can entrepreneurs at any age learn from them?

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Here are eleven key things that make entrepreneurs wildly successful at a young age:

1. They keep an eye out for opportunities and then capitalise on them.

As a student, George Burgess had trouble finding any useful apps to help him prepare for his A-levels. The fact that there are numerous apps in the market for just about anything you can think of, and that none of them helped students get through their education struck him as an ideal opportunity for investment. He capitalised on this gap and built the app that made him tremendously rich. In a similar fashion, Nick D’Aloisio, at only 17, designed an app that Yahoo paid $30 million for. He credits an eye for spotting market disparities as his catalyst for becoming an entrepreneur. These successful young entrepreneurs are problem solvers. Focusing on needs and finding solutions to problems is what gets them noticed.

2. They use initiative and work really hard.

The only way to build something great is to work really hard and really smart. An entrepreneur needs to spot opportunities and then take it upon himself to step in and fill that need. When James Murray Wells was a college student in Britain, he realized that there wasn’t an online e-retailer for eyeglasses so he took the initiative and quickly filled that need. He earned $4 million his first year. According to Facebook’s Zuckerberg, you should devote yourself to what you are doing as an entrepreneur and if this means missing a few nights out then so be it.

3. They utilise people that can help them grow.

No entrepreneurial venture really succeeds without utilising the right people. Successful entrepreneurs know this. They utilise the power of other successful and well-known people (like the “sharks”) to build credibility. Not connecting with the right people can cost you your success as an entrepreneur.

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4. They minimise the effort spent on operation of the business.

Successful entrepreneurs understand the necessity to grow their business in as many different ways as possible in order to reach more people. This could be really costly and inefficient; but instead of skipping it, successful entrepreneurs make use of tools to help them achieve the purpose. They know that with a wise tool that can facilitate them to manage different selling channels effectively is halfway to success. Tools like Shopify minimises the operation costs of the business by facilitating selling of products and services across different channels, so entrepreneurs can concentrate on the strategies of growing the business.

5. When it comes to taking risks, they just do it.

No ‘analysis paralysis’, here. These successful entrepreneurs just do it. They take risks. From dropping out of college to playing the stock market and venturing into new industries, these entrepreneurs are risk takers. James Murray Wells used his student loans as capital to launch what he called a “recession-proof business.” Michael Dunlop dropped out of high school after his dyslexia had teachers telling him he’d never be successful. He founded IncomeDiary.com, which today earns him a hefty six-figure income. The most successful entrepreneurs are not risk-averse.

6. They work with their hobbies and natural talents.

Mike McDonald, a Canadian with a knack for gambling, started toying with online poker at the age of 15. He was feeling pressured to get a job by his parents, but he didn’t want to do the usual teen gig. So he leveraged his hobby for gambling and natural gift for poker and became a millionaire as a teen. Today he is worth more than $5 million. Joe Penna, better known as Mystery Guitar Man, says, “Every single person I know who is successful at what they do is successful because they love doing it.” You’ve got to find what you love. Successful entrepreneurs do what they love and love what they do.

7. They adapt and continually come up with great new ideas.

Successful entrepreneurs not only take initiative, but also make fast decisions and adjust along the way- quickly! That’s because people tire of commodities fast, and if you don’t create something new and interesting, you will get left behind. Bill Gates- who himself dropped out of Harvard to co-found Microsoft with Paul Allen, and was the youngest billionaire in the world at just 31 years old- revealed the secret to his phenomenal success saying, “In three years, every product my company makes will be obsolete. The only question is whether we will make them obsolete or somebody else will.”

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Constantly adapting, improving, and putting a bit of yourself and your personality into your products is what will keep people begging for more.

8. They innovate and create their own markets.

Successful entrepreneurs go beyond just creating better versions of what is already in the market. They also invest their time and resources into creating something totally new, bringing to life systems that are more efficient and/or more stylish. In doing so, they create their own market and offer people better solutions and experiences. No entrepreneur epitomises this innovative genius better than Steve Jobs. Jobs introduced the stylish, high-end Macintosh computers, which etched their own space in the computer market and continue to dominate that market today. Even Bill Gates acknowledged his tech rival’s genius when he said:

“To create a new standard, it takes something that’s not just a little bit different; it takes something that’s really new and really captures people’s imagination—and the Macintosh, of all the machines I’ve ever seen, is the only one that meets that standard.”

9. They improvise and do with whatever is at hand.

Sometimes the products you have need to be modified, or you come into possession of a product that could be fantastic with just a few changes. But, you might not have the resources or material you need to make the product better. Rather than just give up on the project, successful entrepreneurs improvise. Maddie Bradshaw, featured on the TV show Shark Tank along with her younger sister and mom, started by designing locker decorations using soda bottle tops because she couldn’t find anything similar that she liked already on the market. She earned $1.6 million in her first year, and by the time she was 16 she had lured an astonishing three “sharks” to join her as investors and partners.

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10. They stay patient and focused as their business grows.

Good things come to those who wait. Knowing how to let things grow and develop, while focusing on doing a variety of tasks that help the process along, is an important part of becoming a successful entrepreneur. Too many people give up too soon because of impatience. But building successful businesses takes time, even for such gifted people as Steve Jobs. Jobs didn’t really get on the map until the Macintosh was invented eight years after he and Steve Wozniak founded Apple Inc. at 21 and 26 years of age respectively. You need to keep focused and stay patient to succeed as an entrepreneur.

11. They diversify and re-invest their riches.

The most successful entrepreneurs diversify and re-invest their riches. This ensures that they never go broke. Gary Martin, a young Irish entrepreneur began running his own nightclub at the tender age of 15 (the drinking ages in the U.K. are vastly lower than in the U.S.). By the time he was 17, he had moved on to property management. By 18, he was worth $20 million and counting. He understood the importance of re-investing and diversifying your wealth. Unfortunately, not all entrepreneurs understand this fact. Andrew Fashion designed mini rocket launchers and was worth more than $2 million by the time he was 20. He then blew it all on women and gambling by the time he turned 22.

It certainly takes smarts to succeed as an entrepreneur.

Featured photo credit: Detail of handsome hipster modern businessman using smart phone in the city via shutterstock.com

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David K. William

David is a publisher and entrepreneur who tries to help professionals grow their business and careers, and gives advice for entrepreneurs.

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Last Updated on April 8, 2020

9 Tips for Starting a New Job and Succeeding in Your Career

9 Tips for Starting a New Job and Succeeding in Your Career

Congratulations, you’re starting a new job! You’re feeling relieved that the interviews and the wait for a decision from the hiring manager is over, and you’ve finally signed the offer.

Feelings of fear and anticipation may surface now as you think about starting work on Monday. Or you may feel really confident if you have plenty of work experience.

Remember to not assume that your new work environment will be similar to previous ones. It’s very common for seasoned professionals to overestimate themselves due to the breadth of their experience.

Companies offer different depths of on-boarding experiences.[1] Ultimately, success in your career depends on you.

Below are 9 tips for starting a new job and succeeding in your career.

1. Your Work Starts Before Your First Day

When you prepared for your interview, you likely did some research about the company. Now it’s time to go more in depth.

  • How would your manager like you to prepare for your first day? What are his/her expectations?
  • What other information can your manager provide so that you can start learning more about the role or company?
  • What company policies or reports can you review that can get you acclimatized to your new job and work environment?

You’ll need to embrace a lot of new people and information when you start your new job. What you learn before your first day at work can help you feel more grounded and prepare your mind to process new information.

2. Know Your Role and the Organization

Review the job posting and know your responsibilities. Sometimes, job postings are simplified versions of the job description. Ask your manager or human resources if there is a detailed job description of your role.

Once you understand your key responsibilities and accountabilities, ask yourself:

  • What questions do you have about the role?
  • What information do you need to do your job effectively?
  • Who do you need to meet and start building relationships with?

Continue to increase your knowledge and do your research through the company Intranet site, organizational charts, the media, LinkedIn profiles, the industry and who your company competitors are.

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This is not a one time event. Continue to do this throughout your time with the company. Every team or project you engage with will evolve and change.

Keep current and be ready to adapt by using your observational skills to be aware of changes to your work environment and people’s behaviour.

3. Learn the Unwritten Rules at Work

Understanding your work culture is key to help you succeed in your career.

Many of these unwritten rules will not be listed on company policies. This means you’ll need to use all of your senses to observe the environment and the people within it.

What should you wear? See what your peers and leaders are wearing. Notice everything from their jewelry down to their shoes. Once you have a good idea of the dress code you can then infuse your own style.

What are your hours of work? What do you notice about start, break and end times? Are your observations different from what you learned at the interview? What questions do you have based on your observations? Asking for clarity will help you make informed decisions and thrive in a new work setting.

What are the main communication channels?[2] What communication mediums do people use (phone, email, in-person, video)? Does the medium change in different work situations? What is your manager’s communication style and preference? These observations will help you better navigate your work environment and thrive in the workplace.

4. Be Mindful of Your Assumptions

You got the job, you’re feeling confident and are eager to show how you can contribute. Check the type of language you are using when you’re approaching your work and sharing your experiences.

I’ve heard many new employees say:

  • “I used to do this at ‘X’ company …”
  • “When I worked at “X” company we implemented this really effective process …”
  • “We did this at my other company … how come you guys are not …”
  • “Why are you doing that … we used to do this …”

People usually don’t want to hear about your past company. The experiences that you had in the past are different in this new environment.

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Remember to:

  • Notice your assumptions
  • Focus on your own work
  • Ask questions, and
  • Learn more about the situation before offering suggestions.

You can then better position yourself as a trusted resource that makes informed decisions tailored to business needs.

5. Ask Questions and Seek Clarification

Contrary to common belief, asking questions when you’re starting a new job is not a vulnerability.

Asking relevant questions related to your job and the company:

  • Helps you clarify expectations
  • Shows that you’ve done your research
  • Demonstrates your initiative to learn

Seeking to clarify and understand your environment and the people within it will help you become more effective at your job.

6. Set Clear Expectations to Develop Your Personal Brand

Starting a new job is the perfect time to set clear expectations with your manager and colleagues. Your actions and behaviors at work tells others about your work style and how you like to operate. So it’s essential to get clear on what feels natural to you at work and ensure that your own values are aligned with your work actions.

Here are a few questions to reflect on so that you can clearly articulate your intentions and follow through with consistent actions:

Where do you need to set expectations? Reflect on lessons learned from your previous work experiences. What types of expectations do you need to set so that you can succeed?

Why are you setting these expectations? You’ll likely need to provide context and justify why you’re setting these boundaries. Are your expectations reasonable? What are the impacts on the business?

What are your values? If you value work life balance, but you’re answering emails on weekends and during your vacation time, people will continue to expect this from you. What boundaries do you need to set for yourself at work?

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What do you want to be known for? This question requires some deep reflection. Do you want to be known as a leader who develops and empowers others? Maybe you want to be known for someone who creates an environment of respect where everyone can openly share ideas. Or maybe you want to be someone who challenges people to get outside their comfort zones?

7. Manage Up, Down, and Across

Understanding the work styles of those around you is key to a successful career. Particularly how you communicate and interact with your immediate manager.

Here are a few key questions to consider:

  • How can you make your manager’s job easier?
  • What can you do to anticipate her/his needs?
  • How can you keep them informed (and prepared) so they don’t get caught off-guard?
  • What are your strengths? How can you communicate these to him/her so that they fully understand your capabilities?

These questions can also apply if you manage a team or if you deal with multiple stakeholders.

8. Build Relationships Throughout the Company

It’s important to keep learning from diverse groups and individuals within the company. You’ll get different perspectives about the organization and others may be able to help you succeed in your role.

What types of relationships do you need to build? Why are you building this relationship?

Here are some examples of workplace relationships:

  • Immediate Manager. He/she controls your work assignments. The work can shape the success of your career.
  • Mentors. These are people who are knowledgeable about their field and the company. They are willing to share their experiences with you to help you navigate the workplace and even your career.
  • Direct Reports. Your staff can influence how successful you are at meeting your goals.
  • Mentees. They are another resource to help you keep informed about the organization and your opportunity to develop others.

Other workplace relationships include team members, stakeholders, or strategic partners/sponsors that will advocate for your work.

Learn more in this article: 10 Ways to Build Positive And Effective Work Relationships

9. Keep in Touch With Those in Your Existing Network

“Success isn’t about how much money you make; it’s about the difference you make in people’s lives.” – Michelle Obama

You are part of an ecosystem that has gotten you to where you are today. Every single person and each moment that you have encountered with someone has shaped who you are – both positive and negative.

Here’s How to Network So You’ll Get Way Ahead in Your Professional Life.

Make sure you continue to nurture the relationships that you value and show gratitude to those who have helped you achieve your goals.

Summing It Up

There are many aspects of your career that you are in control of. Observe, listen, and make informed decisions. Career success depends on your actions.

Remember to not assume that your new work environment will be similar to previous ones.

Here are the 9 tips for starting a new job and succeeding in your career:

  1. Your Work Starts Before Your 1st Day
  2. Know Your Role and the Organization
  3. Learn the Unwritten Rules at Work
  4. Be Mindful of Your Assumptions
  5. Ask Questions and Seek Clarification
  6. Set Clear Expectations to Develop Your Personal Brand
  7. Manage Up, Down, and Across
  8. Build Relationships Throughout the Company
  9. Keep in Touch With Those in Your Existing Network

Celebrate, enjoy your new role, and take good care of yourself!

More Tips About Succeeding in Career

Featured photo credit: Frank Romero via unsplash.com

Reference

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