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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 May 15, 2019

10 Most Successful Entrepreneurs and What We Can Learn from Them

10 Most Successful Entrepreneurs and What We Can Learn from Them

Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

1. Melanie Perkins: Know Your Worth and Keep Trying

    Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

    She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

    Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

    2. Bill Gates: Keep Learning and Exploring

      If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

      Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

      He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

      “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

      Gates’ success is built on self-improvement and the seeds of an idea.

      3. Elon Musk: Never Stop Innovating

        Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

        Elon Musk, however, breaks that rule.

        Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

        When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

        Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

        4. Richard Branson: Develop People First

          British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

          The billionaire is strongly particular about working with a team that shares his core values and aspirations.

          Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

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          A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

          Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

          5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

            Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

            For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

            While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

            While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

            6. Mark Zuckerberg: Start Small, Think Big

              Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

              “The biggest risk is not taking any risk.”

              He’s always daring to explore with a fearless mindset.

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              The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

              However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

              7. Steve Jobs: Live Your Own Dreams

                Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                8. Warren Buffett: Balance is Essential to Success

                  Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                  After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                  With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

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                  9. Jack Ma: Never Give up

                    On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                    Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                    His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                    Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                    10. Tan Min Liang: Passion Can Pay Off

                      Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                      Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                      The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                      So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                      Final Thoughts

                      In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

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                      Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

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                      Featured photo credit: Patrick Tomasso via unsplash.com

                      Reference

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