Are you in your twenties? Is becoming an entrepreneur the ultimate dream for you?
Well, many want too! Who will not like to be his boss?
And get to set your work schedule? Above all, you get to keep all your profits, at 20!
If you want to teach yourself how to become an entrepreneur, read this article : How To Become A Self – Made Entrepreneur
However, it sounds terrific to have all this privilege; it requires hard work to achieve this dream.
It may involve you working long days and putting your life savings on your idea to make it work.
Unfortunately, sometimes it will fail and result in great loss for you.
Nevertheless, if you succeed, which is most likely, you will have changed your life and your income.
Here is is an article on how developed business ideas to become an entrepreneur at 20 years old : Business Ideas For 20-Years-Old and you may wan to consider this article How To Start An Online Business As A Student
The following are 20 steps you need to become an entrepreneur at 20 years old.
1. Define Your Business Industry
As a twenty-year-old, you must define the industry you want to go in as an entrepreneur.
You should ensure that you have some understanding of the business you want to do.
The most important aspect of the business you need to understand is the objectives of the business, that is what needs do you wish to meet.
Why is your business important and to whom is your business targeted.
For example, this blog Classified Messages is targeted at people that want to succeed in life.
It teaches them how to develop themselves and be successful in their life endeavors.
The article you are reading is targeted at 20 years old that want to become an entrepreneur; it is for anyone in his or her twenties.
Therefore, everything is defined right from the beginning.
For you to be a successful entrepreneur at 20, you must develop your strategies and all financial estimates right from the beginning.
You must also project on how to expand your business by defining the prospects of your business.
Besides, you also need to ensure that you have an idea that will solve a problem for your consumers.
When you get the proper understanding of the reason your business is needed, you have found your business industry already.
This is because, your business should meet the needs of your customers, whether it is a service or product business.
Therefore, if it does you, are right on your way to become a successful 20 years old entrepreneur.
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2. Make Research And Get Knowledge About Your Business
You must do these two things simultaneously after you have made your choice on the industry you want to become an entrepreneur in your twenties.
You should know that your business might not interest everyone in the world.
So, the reason it is important for you conduct market research to know your target market.
This will help you establish the demand for your product or services and the improvements that needs to be made before you start your business.
Knowing who your customers are is vital for the success of your business.
If you don’t know who your prospective consumers are.
Then there is no need to proceed to the next step, because it will be a wasted venture when you later discover that no one wants your products or services.
The next step after you know the reason for your business is to get the knowledge of how to solve the problem or need of your customers.
As we have said earlier, businesses are set to meet the needs of others.
You must discover how to solve the problem that you want to solve for your customers.
This may require you to take some online courses, YouTube Tutorials, making online research, get a coach or go to college to get a degree or a diploma.
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3. Source For Your Startup Capital
To launch a successful business, you will need money, the amount of which depends on the kind of business.
If you have personal savings to use, then great.
However, as an aspiring 20 years old entrepreneur, you may not have the money you need for starting your business.
In the event, if you don’t have money, should you abandon your dream of becoming an entrepreneur?
I will rather say no, because you are in business to find solutions to problems.
Now that you need money, it means you have met your first challenge or need that you should find a solution to.
You will first look at your options,which can be either you look for investors, take a loan or simply do a side hustle to raise part of the capital that will be enough to start small.
There is another option I will advise you to consider, which is starting with developing a business skill that you may not need money to provide a service for a fee.
For example, when I started my online business, I had only a laptop and a free wifi connection in my former office.
I wanted to learn Web Development; I had no money to register for any online course. Therefore, I started downloading free e-books on the internet on Web Development.
I studied the e-books and practiced along, I later move on YouTube Web Design Tutorials I could find.
I was able to follow along and developed my first Website TALPHITECH, from then I moved on to other things.
My start-up capital for Classified Messages came from the proceeds of the works I did in TALPHITECH.
Therefore, for an aspiring entrepreneur in your twenties.
If you can think of any side hustle or service you can offer to get the initial small amount of money to start your business, you should do.
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4. Define Your Company Brand With A Good Profile
As a 20 years old aspiring entrepreneur, if you’re planning on establishing a brand, you will need to make sure you have a strong business profile.
Your profile should be able to tell consumers and investors your story.
It should also be able to define your uniqueness and how you can help others solve a certain problem better than your competitors.
Your business profile should be presented in a captivating way that leaves a lasting impression on your prospective customers.
For example, if you’re using the company profile to tell a story on your website, you should make it stuffy with facts and figures.
While in the case of investment, you’ll need to include statistics, awards, achievements, and projections.
As an entrepreneur in your 20 years and above, you should be able to define your profile clearly to state your business brand.
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5. Invest In Your Education
As a twenty-year-old, if you want to be a successful entrepreneur, you will need education in one thing or the other concerning the business you want to start.
Sometimes, you may assume that you don’t need education to start a business. Nevertheless, that isn’t always true!
Getting an education as an entrepreneur can be achieved in different ways.
You can decide to go to the conventional school, get a coach, online study or be self-taught.
In the cases where you may need certification to successfully operate some businesses.
You should get the certification to your boost your credibility, this is what will make your business trustworthy and give you the needed patronage.
For an entrepreneur in his or her twenties.
Whatever way you may want to go and get the necessary education, you should do.
This is because getting some knowledge in business would also be advantageous to help you manage your business properly.
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6. Get The Right Skills
In your desire to become an entrepreneur as a 20-year-old you need to be fully equipped with the ability to operate your business.
You need the right skills and understanding on how to operate the business.
And you must also be proficient in some basic life skills like interpersonal and communication skills
The skill to operate the business is vital for the survival of the business.
This is because you need the relevant skill sets to ensure you have the knowledge to carry the business you trying to run.
Example of skill sets you need to successfully operate some business includes business and financial skills, IT skills and understanding of digital marketing, advertisement and sales.
The EntrepreneurNOW! Network provides entrepreneurs with the education and mentoring they need to create, grow and run their business.
Read this article : Where To Learn High Income Skills Online to know where to get the right resources for the skill you need to become an entrepreneur
7. Have The Right Business Mindset
As an entrepreneur in your 20s, you should have a certain entrepreneurship mentality.
You should be saving and re-investing –conscious and not spending-conscious
This is because if you want to be a successful entrepreneur, you must be a saver, not a spender.
To get to where you want to be is by managing the resources you have at any given moment.
It is by effective budgeting and funding of your business.
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8. Set Target For Achievements
You need to set goals for every venture you want to undertake as a 20-year-old entrepreneur.
This is because setting goals on a daily and long-term basis will ensure that your business stays on track and reaches those targets that you set out from the beginning
Goal setting for a young entrepreneur in his or her 20 years of age will assist in measuring success.
Identifying problems and determining the best course of action to get the needed solution for the challenge.
If you do not set goals, you not be able to detect if your business is growing, or there’s is a challenge.
When production targets are not met, it will help you detect the fault in the system and how to correct the fault.
So, as a 20-year-old entrepreneur, go ahead, set goals and achieve them!
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9. Be Adaptable To Changes
Change is a constant, Expect changes in everything in life.
As a 20 years old entrepreneur expect change to many issues concerning your business.
Adaptability is often defined as the key to success as an entrepreneur.
It means, you should be able to change strategies.
Take new advise and proffer solutions to any part of your business to keep your business growing.
You should expect to handle daily challenges as they come to you because challenges are usually unplanned
And if not tackled properly can take you off guard and result in a colossal loss of your business.
For a twenty years old entrepreneur, it is important to know how to handle unexpected situations well as this is what will keep your business growing.
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10. Accept Challenges In Your Business
Changes will come, so as a 20 years old entrepreneur, you must be prepared. You should face challenges and not run away from challenges.
To be a successful entrepreneur in your twenties.
You will need to challenge yourself to go out of your comfort zone to achieve your goals.
So, as a 20 years old entrepreneur, you should continue to develop your brand and product.
You should think of answers to new problems that keep emerging.
11. Understand The Advantages and Disadvantages Of Becoming An Entrepreneur
The fact that you are young does not mean you will not be faced with some challenges of starting a business.
The idea to be independent, receiving the profits of your business and working on something that you believe in looks so good to consider for a twenty-year-old would-be entrepreneur.
Nevertheless, you must also consider the disadvantages which may include include the risk of failing and losing all your investments, not receiving a guaranteed monthly salary, as well as working longer hours to get your desired results.
Therefore, before you venture to become an entrepreneur in your 20s.
You must consider the advantages and disadvantages of starting up on your own.
It will allow making an informed decision on the right step to take.
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12. Promote, Market And Advertise Your Brand
If you have made up your mind to start your business or have made way already.
Then, as a 20 years old entrepreneur, you will need to set in motion the strategies that you will take to promote your business.
A good marketing strategy can make your brand, whereas no strategy at all can damage your business.
You must think of the most effective marketing methods that will make your business visible and acceptable.
For example, Pepsi has succeeded over the years in promoting their brands through Soccer adverts involving Lionel Messi and other top footballers.
Their target is those that watch European football, and sure, there are millions of them.
For you to have a successful campaign, you must target the interest of your prospective customers.
If you are going to market something to the younger generation, you should consider placing your adverts on social media.
While for old people, you may want to consider newspapers and billboards because that is where they put their mind.
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13. Consider The Risks Involved And How To Overcome
If you want to be a successful entrepreneur at the age of 20.
You must first take stock of all the advantages and disadvantages of starting the business as we have discussed earlier.
The next step is to consider the risk involved. What will you do if something terrible happens to your business?
For example, if you are into keeping poultry as a business and there was an outbreak of the flu and it kills all the birds on your farm.
What will you do?
As a 20-year-old entrepreneur, whenever you want to venture out on your own, you need to consider many risks that may occur.
The risks may include an insecure source of income.
The risk of failure and the risk of developing a variety of health issues due to stress associated with your business, etc.
What will keep you in the business is the fact that there are also many rewards if your business booms.
So before you quit your day job or decide to become an entrepreneur at the young age of 20.
You should first determine whether you can afford any losses associated with the business you want to do.
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14. Do Not Give Up Easily
When you start your business as a young entrepreneur in your twenties.
You will have the willingness to face challenges and grow.
However, after some time in business, you may begin to face fatigue and start to lose interest and feel defeated when faced with hardships.
You must fight to not give up and strive for success because that is the only ingredient for achieving your business goals.
As a young entrepreneur in your twenties, you should never wait for someone to solve your problems for you.
Instead, you should rather take control and push to achieve what you want.
15. Create A Company Culture
Do you want to become a great entrepreneur? There are basic things you need to set up as you start your business in your 20s.
This is because you need to invest in the culture your company will have when it grows to a certain level.
You must plan how you will take care of the welfare of your would-be employees.
Besides, you should plan on how to reach out to your customers and attend to their inquires as your business grows bigger.
These are all plans you must set in place as you begin your business in your twenties.
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16. Employ The Right People As Your Business Grows
As an aspiring twenty years old entrepreneur, you must know that you will in time require help in running your business.
You will need people to work for you.
That is the main idea of becoming an entrepreneur, becoming your boss.
You are your boss and that of others too!
To achieve your business goals is by hiring the right people who can bring more to the table.
17. Get A Business Partner On Board As Your Business Grows
As a good aspiring 20 years old entrepreneur, you should not plan to run your business alone forever; you should plan to grow into partnerships.
This is important to minimize your risk and have someone to fall back on in times of a loss.
Getting a partner on board is a wise thing to do as an entrepreneur.
Your partner will be able to advise you, give opinions, and offer the needed helping hands to the success of your business.
In getting a partner, you should consider someone knowledgeable in a different area of your business.
Alternatively, if you have the technical expertise but do not have enough funds to run the business, you should consider getting someone who will invest his or her money into the business.
So that your knowledge with the money of your partner will give success to the business.
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18. Have A Good Support System
It can be stressful to an entrepreneur even at the young age of 20, you will need a good support system around you to help keep you physically and mentally alert.
To be a successful entrepreneur, you should be able to consult with these people and value their opinions
This is why you need a support system in place. This support system can be a business partner I mentioned earlier.
You can rely on each other for emotional stability.
Your partner can provide you with the need solutions to some challenges you are facing in the business.
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19. Join Your Business Network
It is important to keep friends in the kind of business you do.
As a 20 years old entrepreneur, it will avail you the opportunity to learn from more experienced people that are into your kind of business.
You can even meet very influential and important people that will help you grow your business to a great height in your network
It is where you get advice on how to run your business and even get to know what is trending in your industry
It is also an avenue to promote yourself and your business, to get people that will help you broadcast your business further.
These networks can be physical or online. One of the top online networks is LinkedIn, which you can sign up for free.
20. Take Care Of Your Health
It is easy to focus on succeeding in your business and forget to take care of your health as a young entrepreneur in your 20s.
It is not only the old that are faced with health challenges, the young can get sick too!
You must know that, without a healthy mind and body, you can easily become ill and fall back on your work.
Besides, you can’t achieve all your dreams if you fall sick because you are not taking care of your health.
So, ensure that you eat healthily and do some exercises to keep you fit physically and mentally too.
Additional articles you may consider if you wan to become an entrepreneur at 20 are How To Create Wealth With Online Resources, How To Achieve Success In Life With Nothing and Online Business Plan And Strategy
As a 20-year-old, if you have the right mindset and passion, you can become a successful entrepreneur.
What you need is to follow these steps and be prepared for a successful business career!
Do you have any additional tips for aspiring 20 years olds entrepreneurs?
If so, please leave a comment below with your suggestions.
Tallachi Philemon writes for Classified Messages
Tallachi Philemon, a Chemical Engineer and a Certified First Responder is the founder of Classified Messages, a platform for Achievements, Success, and Wealth Creation.
He is also the owner of TALPHITECH, a web and app design and development company.
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