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How to Encourage Youthful Entrepreneurship

How to Encourage Youthful Entrepreneurship

Way back when, setting up your own business generally meant going to a bank to arrange a loan, spending an inordinate amount of time networking in-person and figuring out how to find and manage a staff.

Today, however, with a wealth of online tools at the disposal of anyone with an internet connection, it’s easier than ever to start a business with very few costs. Twenty-somethings are especially poised to take advantage of this shift, given that they tend to understand these tools. What’s more, whether they ultimately wind up employed at a massive corporation or go the full way on their own, experimenting with entrepreneurialism teaches a host of skills that will be crucial in our globally competitive workspace, where just being “good enough” isn’t going to cut it.

What Entrepreneurialism Does for Youth

Entrepreneurs tend to be jacks of all trades. They must be willing to learn as they go, shift with the market and work until they drop. Encouraging twenty-something entrepreneurialism means:

1. Teaching employable skills.

Take a look at any given job description today, and you’ll see a single buzzword repeated throughout: innovation. Employers want motivated employees who are creative, willing to “disrupt paradigms” while working with little management. However, they still need those employees to possess a number of more traditional skills, like communication, organizational and time management skills. And, hey, if they also happen to be good at marketing and sales, all the better.

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Whether you like using and developing these skills or not, all entrepreneurs must master them if your business is going to get anywhere. If sales doesn’t come naturally, then the entrepreneur must either figure out a creative way to get around it (like designing an even better online sales system) or just dive in and get over that fear. Not only does doing so show potential employers that you have developed that specific skill, but it also shows a willingness to take risks in the name of personal growth. If that doesn’t make someone employable, I don’t what does.

2. Nurturing creativity and teaching youth how to fail.

There’s a reason why these two things are sandwiched together: creativity and failure go hand in hand. To be creative, you have to look beyond everyday constraints to those things no one has ever thought of before — or they have, and decided they weren’t worth the risk. Doing so will inevitably come with a lot of failure, from which the entrepreneur must pick him or herself up and move on, having evaluated the failure and gotten him or herself ready for more directed experimentation.

While schools do fail students, they’re not the best at teaching student how to fail. In fact, in the academic realm most students strive to avoid failure at all costs. That’s fine when it comes to memorizing and mastering known information, but it doesn’t promote the kind of thinking that’s going to rescue humanity from its deepest crises — or make anyone a profitable company.

Entrepreneurialism forces young adults away from their knee-jerk failure avoidance behaviors. This will have enormous benefits in the ability to think creatively and pursue new avenues, which extends beyond work and into personal lives. A true entrepreneur is someone who sees failure as an opportunity for reinvention.

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3. Teaching the young how not to settle.

Entrepreneurs don’t just settle for what they’re given. Being an entrepreneur is akin to being an artist — never fully happy with where you are. Combine dissatisfaction with curiosity and you get someone who is constantly on the hunt for new ideas — and who pursue those that are most worthy. Whether you stay in the entrepreneurial world or not, embracing a spirit of entrepreneurialism will prevent the young from simply accepting less than ideal employment situations just because “that’s the way it is.” That drive will inform a lifetime of good work.

4. Doing this all within a relatively safe framework.

The younger an entrepreneur is, the less he or she has to lose. There’s generally no house to pay for or family to support. Yes, there may be student loans, but if they get going while still in college, they may still be on the parental dole and benefiting from scholarships, or there is at least no pressing need to pay loans back instantly. Even better, more and more colleges are offering courses in entrepreneurship as well as startup funds, so there’s less to lose and more to gain than ever. Netflix CEO Reed Hastings just announced that he will be sending $14 million to a Seattle startup that encourages more entrepreneurial education.

So, How to Get Going?

All of that said, there’s no getting around one key fact about entrepreneurialism: it’s hard. Or tiring, at the very least — especially when balanced with school obligations. That budding young entrepreneur is definitely going to need as much support and advice as they can get. Here are a few tidbits to pass on.

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1. Find the Focus

One of the best things new young entrepreneurs can do is find their focus. Of course, finding that focus may very well mean experimenting first with this kind of product and then the next as they “beta test” and find the most viable audience. But that shouldn’t be taken as sanction to offer a million different things, just because the given entrepreneurs find them interesting. New entrepreneurs can start simply by writing down problems or annoyances they see as they process they world, as well as ideas for fixing them. Then they should take those ideas to family and friends to see if they seem viable, and do a little research into competitor offerings. Having narrowed down to a focus, new entrepreneurs will find it easier to test the market with various manifestations of their product and go from there.

2. Sort Out Pricing

Competitor and audience research is also key for determining the price of the product or service. Many budding young entrepreneurs are idealistic about how little they can charge, especially for a web-based product, but competitor prices often reflect real world realities, like just how much it costs to host a popular website each month. It’s also important to consider other factors, like building in room for growth and just how price-sensitive any given audience of consumers will be.

Again, this is a place where entrepreneurs should really be encouraged to experiment, not fear failure, and be ready to shift course.

3. Set Up an Online Store

Whether this specific new startup will operate solely in the online space or not, having an online store will be crucial for most businesses. Today’s consumers expect to be able to get whatever they want online, and they’ll simply go elsewhere if they can’t get it from that budding entrepreneur. However, consumers will also turn away if an ecommerce store doesn’t feel trustworthy or easy to use. As such, from both a design and a sales perspective, it’s usually easiest for a time-limited entrepreneur to build their shop on a third party platform Check out Amazon webstore’s small business spotlights for some great examples. Platforms like this will integrate easily with their site, and will also handle all of the tricky shopping cart and credit card processing for them. What’s more, with a service like Amazon, products will automatically become searchable on the Amazon site, gaining the product even more exposure.

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4. Market Via Email and Social Media

Even the best product or service won’t sell if no one knows about it. Thankfully for busy young entrepreneurs, marketing is easier than ever with tools they already use every single day: email and social media. Email marketing begins with a newsletter signup list on the company website. From there, entrepreneurs should put together an editorial calendar to help them regularly brainstorm ideas for content they can post on their blog and email out to their list, as well as any accompanying promotions. This should of course accompany regular activity on social media platforms, as well as attendance at any campus or local events to let target customers know all about the product.

5. Think Hard About Time Management

Being an entrepreneur requires juggling many different balls at once. That means time management is key, especially for enrolled students. Entrepreneurs should take time every week to plan out the week’s schedule, making sure to build in time just to relax and do something other than relentlessly pursue their business goals. In general, it’s best to focus on one thing at a time, rather than trying to multi-task. For some entrepreneurs, outsourcing basic labor like data entry or even higher level tasks like accounting will go a long way towards lightening that load.

The Takeaway

Whether that startup becomes a billion dollar behemoth or fails after just a few months, entrepreneurialism has a wealth of lessons to teach our nation’s youth, from financial literacy to creativity. Encouraging entrepreneurialism is good for the economy and even better for the young. So what will you do to encourage a young person into entrepreneurialism today?

Featured photo credit: Shutterstock via Shutterstock

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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