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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. He is also the founding editor of Web Writer Spotlight.

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Published on September 17, 2018

17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

There is one thing standing in the way of you and the job of your dreams: a phone interview. The screening interview is an opportunity for companies to narrow the list of presumably qualified applicants and determine who merits a closer look.

So many candidates exclude themselves from the phone interview by being unprepared or by failing to take this screening session seriously. A phone interview should not block you from living the life you have always imagined.

Here are 17 tips to help you ace your next one:

1. Clear the deck.

If you are reading this blog, you are likely busier than you would prefer or even imagine. Even when you schedule or accept phone interviews, they are likely sandwiched between meetings.

To show up fully present, energized and engaged, I recommend you clear the deck and give yourself at least an hour of uninterrupted time before and 30 minutes following the interview.

You can use the time to mentally prepare, develop a list of questions, rehearse answers to likely questions and ensure you are comfortable and ready for the interview.

2. Look the part.

It is no secret that we perform better when we look and feel the part. If you have a phone interview, dress up for the interview, if dressing up is comfortable and allows you to put your best foot forward.

Even though you will likely do the interview from home or a private location, be sure you are dressed professionally. This will allow you to be fully engaged and present.

In the event, the interviewer asks to connect with you via Zoom, Google Hangout or Skype, you will be prepared.

3. Resend your resume and cover letter prior to the call.

As a courtesy, resend your resume and cover letter prior to your screening interview. You never know if the person interviewing you has had a busy day or if a schedule change forced him or her to work from home rather than the office where the individual has access to their files.

There have been many times in my career where a last-minute change or a mix-up with support staff has left me scrambling at the last minute to find a candidate’s resume. It is quite embarrassing to misplace a resume and ask the interviewee to resubmit it.

You can save the interviewer the trouble and earn extra points by resending both documents in advance of your call. A simple message will suffice, such as “I am looking forward to speaking with you in an hour, and I am resending my resume to ensure it is at the top of your inbox.”

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4. Research the interviewer.

Once your interview is scheduled, be sure to research the person facilitating it.

You will want to Google the person and check their social media accounts. When you research the interviewer, try to get a sense of the individual’s personal and professional interests.

Once you identify those interests, acknowledge them in the interview, but do not dwell on them, because you do not want to make the interviewer uncomfortable. Follow his or her lead. If the interviewer indulges your questions or comments, by all means, continue the conversation.

I am always impressed when someone I am meeting with takes the opportunity to learn something about me ahead of time. This projects interest, which is important in my line of work.

5. Research the company.

In addition to researching the interviewer, be sure to research the company.

Ask people in your network if they know anyone who works or has worked for the organization in question. Conduct a Google search on the company, and be mindful to look beyond the first page of the search query.

If there are yelp reviews on the company, be careful to review those and look for trends as well as how recent the reviews were posted. While more recent reviews are obviously cause for pause, older reviews – depending on their nature – could be problematic as well.

6. Check the staff listing or “About Us” section of the company’s website.

Part of your research into a company is assessing whether you know staff or board members who are connected with the company.

Most organizations list their staff or board members in the “About Us” or “Our Team” section of the website. Prior to a phone interview, check these sections to determine whether you know someone who works for the company. If you do, reach out to that person to request a phone interview to learn more about the company.

7. Remember interviewing is a two-way street.

As much as the company representative wants to learn about you as the interviewee, you will want to learn about the organization.

Try to ferret out information on the company, the job for which you are applying as well as the manager to whom you would report. You will also want to ask questions to assess the interview process.

Additionally, because culture is important and will permit or slow your ability to do your job, ask questions to assess company culture, such as “What do your employees say they like most about working for your organization?” “What do employees say they like least?” “What do you do to create and maintain a healthy workplace culture?”

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8. Develop questions prior to the interview.

Prior to your interview, develop a list of questions about the company, the position for which you are applying, growth opportunities in the company, the ideal candidate for the position, and so forth. This will save you the trouble of thinking of questions on the spot during the interview.

I have found that once I become nervous, it is a lot harder to come up with questions on the spot, and interviews can be anxiety-producing without preparation.

9. Stand during the interview.

I train leaders and, incidentally, graduate students to become spokespersons.

I recommend that they stand during media interviews. I find that it helps the person speaking to project better, and it reduces the urge to get too comfortable in an interview setting and say something that could be too informal.

Similarly, I recommend interviewees stand for at least a portion of their phone interview.

10. Allow the interviewer to talk.

While it is essential you ask questions during an interview, you should not dominate the conversation.

Most people love talking about themselves and the company they represent, and it is your job as the interviewee to walk a fine line between allowing the interviewer to talk and interspersing questions when and where appropriate.

I am not suggesting you remain silent – you want the interviewer to learn about you; but you should ensure that the interviewer has ample opportunity to do what most people do best: talk about themselves and their work.

11. Refrain from multitasking.

We all live hurried lives, and most of us have to-do lists that are impossible to complete.

When we have multiple due dates and obligations, it is typical to want to avail oneself of every seemingly free moment of time.

When conducting or participating in a phone interview, be as present as possible. This means refraining from multitasking, which could mean responding to emails, text messages or social media messages. It could mean researching the company during the interview.

Whatever multitasking means for you, simply do not do it, especially during a screening interview.

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12. Conduct the phone interview in a place where there is minimal noise.

A common thread throughout this post has been that most of us live busy lives. So, it is natural to be on the go.

If you have the luxury of conducting a phone interview from home or a private office where there is minimal noise, do so. You may also rent a co-working space or ask a friend if you can borrow his or her office.

Whatever you do, select a place where there is minimal noise and distraction. The person interviewing you should not have to strain to hear what you are saying or compete with ambient noises.

When I am interviewing a candidate and competing with background noise, I grow frustrated and my focus can shift from getting to know the person to silencing the noise. Do not force your interviewer to choose.

13. Be punctual.

Do not leave the interviewer waiting. This is both rude and unprofessional, and it may count against you.

If you are able to follow my earlier advice and not schedule meetings within an hour of your phone interview, you should have no time being prompt for your discussion.

If you foresee that you will be late, be sure to give the interviewer a heads-up at least 15-20 minutes prior to the start of the call.

14. Focus on how you can and will help.

Let’s face it: people are naturally self-interested.

When you walk into an interview focused on what you can bring and how you can solve a hiring manager’s problems, you will set yourself and your candidacy apart.

Think about the challenges you could potentially solve and then share how your joining the team will benefit the company, not just you.

15. Take the interview seriously.

Do not assume you will have an opportunity to meet face to face with company representatives. Do not discount the weight that may be placed on phone interviews.

I once applied for a position on the East Coast while living on the West Coast. While my first interview was face to face, my interview with one senior leader was over the phone. I walked into the interview thinking it would be less intense than it was.

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From the moment the leader got on the phone with me, I was on my toes. I had to quickly recalibrate to handle the intensity of the questions lobbed on me.

To this day, more than six years later, that phone interview remains one of the most difficult interviews I have ever had. Fortunately for me, I was offered the job, but the experience still stands out as a learning lesson.

16. Send a thank-you note.

Kindness is underrated. We live in a society where most people are overscheduled and overbooked.

When faced with intense pressure, it can be easy to underestimate the role of kindness. But when someone shares a portion of the day with you by granting you an interview, you owe it to that individual and to yourself to send a thank-you note following the interview.

The note can be via email, a standard letter or a card. So few people do this that those who do stand out.

Become an individual who remembers this gesture of kindness and professional courtesy.

17. Be positive.

Energy really is contagious. If you don’t believe me, consider locking yourself in a room for one hour with people are upset. By the time you leave the room, you will be upset right along with them. It is natural to mirror the other person even if you do not realize you are doing it.

During your next phone interview, mirror positivity, both about the position, the company and most importantly, your skill sets. The interviewer will pick up on your energy and positivity and that will reflect favorably.

I cannot tell you how many times I have interviewed candidates who communicated no excitement or enthusiasm. Getting through the interview was difficult, not to mention, I kept thinking about what it would be like to work with the person daily.

Being positive not only helps you feel better, it helps the person interviewing you as well.

If you have read this list and want to add other tips, please tweet the link to this article and include the point you believe I missed. Use the hashtag #AceIt when you reach out.

Featured photo credit: Unsplash via unsplash.com

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