Generation Y Entrepreneurs

You have the idea and the personality, what next?

First things first, you must define your idea and come up with a business plan. A business plan will outline the steps you need to take, how much to spend, and your goals. It summarizes the sense of your business in a single document. A solid business plan is useful when trying to ascertain financial help. It creates a map for investors, bankers, and other interested parties to use when determining whether or not your business is viable. Especially for a young entrepreneur, it is important to convince people you are serious about your idea and you know how to make that idea work. Looking professional and organized is all part of that process. There are numerous free business plan templates available online.

Having a business plan also means shaping the structure of your business. Most small businesses are operated as a Sole Proprietorship, General Partnership, or a Corporation. Do you want to go in as a lone wolf or take on a partner to help manage the workload? Next, brainstorm a company or product name and then register it. Often having a catchy name can help mold the vision of a business.

Like any big project the proper amount of research is key. Find out if there is a market for what you have to offer and know who your competitors are. Is someone already selling a similar idea? You need to know how you will keep customers purchasing your product over someone else’s.

Probably the scariest unknown regarding start-ups for young entrepreneurs is financing. It is critical to find the right kind of funding for your business. You must be selective and smart when seeking money or it could turn your dream business into a nightmare. You will need money to create your product, pay staff, build inventory, and do marketing and sales. There is also federal and provincial licensing, local safety and health regulations, environmental protection rules, liability, employee deductions and labour standards to consider. Money comes in many forms: taking equity out of your home, government grants, tapping credit cards, and friends or family loans. Knowing which is the right path can be daunting. It never hurts to seek advice from those who have been through it before.

For young entrepreneurs having a mentor to ask questions and learn from is especially helpful. In an article for Forbes Magazine, Ryan Terpstra, founder of Selerity said, “I can’t stress enough the importance of strong mentors when embarking on the journey of building a company. I’m a firm believer in learning from people’s success and, more importantly, their mistakes. Individuals who have gone through the exciting but trying process of starting a company have a great deal to offer entrepreneurs.” Mentors want you to do well. They are a source of knowledge that can’t be found in books. In a world where competition is inevitable, having someone in your cheering section can make the difference between success and failure.

A business can never succeed without effective marketing. In today’s day and age getting a name out there means knowing your target audience and developing a message that will resonate with them. Branding and advertising have changed thanks to the social media world. Become a Twitter, Facebook and Instagram expert. Have a website that is visually stunning and straightforward. Be fun and creative and allow customers to interact in marketing campaigns.