10 success tips for young entrepreneurs...

An interesting read for those young moguls on the come up...  (Source)

 
1. Do what you love.

All successful teen businesses have one factor in common: Their owners love what they do - so choose a small business idea that aligns with your interests, no matter what they are.

2. Know what you want.

Are you willing to leave school if your business takes off? Or do you envision your business as a side project? Being able to answer questions like these will help you organize your time and priorities.

3. Be radical...

In your late teens and early 20s, your thinking is fresh, original and full of energy. Don't be afraid to try something no one's ever done, create an off-the-wall product or shake up an existing market by changing factors (such as a service or delivery model) that established companies take for granted.

4. ... but follow the rules.
Being a young entrepreneur doesn't exempt you from registering your business, keeping records and paying taxes. Following these simple rules now will save you from legal and administrative headaches later.

5. Manage your time.

Running a business while going to school is stressful and difficult. Understand what is required of you in your separate roles as a student and a business owner, and employ planning and organizational tools - for example, a well-maintained appointment book, Microsoft Outlook or an online time/project management system - to make the most of your time.

6. Use school resources.

Being a student isn't a handicap in business; on the contrary, it can be an advantage. Your campus offers free computers and Internet connectivity, a host of potential employees and/or volunteers and the expertise of professors who would be happy to share their knowledge and experience with you. You're literally surrounded by people and resources, so make the most of your situation.

7. Find a mentor.

Buddy up with a local entrepreneur or business leader with a record of achievement to be your small business mentor. Your mentor will help you understand the risks and challenges of business, provide a sounding board for your ideas and help you find investors for your company.

8. Exploit online resources.

Your computer can connect you to hundreds of online resources for young entrepreneurs. Immerse yourself in these resources; they'll help to inspire, direct and motivate you.

9. Be good to yourself.

Regardless of how organized and enthusiastic you are, some days will overwhelm you. Don't be afraid to step back from work and do whatever relaxes you. Whether it's the endorphin rush of exercise, the lively company of good friends or a quiet day of meditation on the beach, take advantage of opportunities to invigorate yourself and balance your responsibilities with relaxation.

10. Check your mentality.

One of the problems that can afflict young entrepreneurs is a mental block against, as Nike might say, just doing it. We've all been raised on stories of Internet billionaires, wealthy young actors and other tales of spectacular overnight success. Knowing how well other people have done in business and how quickly they've scaled the mountain is demotivating. It can make some young entrepreneurs lose confidence and feel as if they don't want to get started on a business unless it's going to be the next YouTube.

This is a self-defeating mentality. Combat it by reminding yourself that you're not competing against anyone but yourself. Do whatever it is that you can do today, whether that means tutoring, designing T-shirts or building online communities. The important thing is to get your feet wet - not to take over the business world.

The bottom line is that your student days are ripe with entrepreneurship opportunities. You may never again have the energy, resources or motivation to start your business, so get to work.

Have faith...

Sometimes in life, all we have is FAITH. The inner strength and will, to know that even under the worst circumstances, things will always work out...

"Hard work is the key to success, so work diligently on any project you undertake. If you truly want to be successful, be prepared to give up your leisure time and work past 5 PM and on weekends. Also, have faith in yourself. If you come up with a new idea that you believe in, don't allow other people to discourage you from pursuing it." -Charles Lazarus

Lessons From a Young CEO: If I Only Knew Then What I Know Now...

 An excerpt from Danii Olivers' interview with Under 30 CEO... (Source)

When the time came for me to open the doors to my own office I was thrilled, positive and confident because that was what was expected of me. I was by no means “sure” nor well versed in the endeavor I was about to take on, but the time had come to expand if my business was to thrive. My partner and I did massive amounts of research, sought advice and mentorship and even talked to family members who dealt with commercial real estate for guidance.

Family members cautioned us not to take the step, but friends patted us on the back. We didn’t back down. If we were to be successful we needed to take risks, so we opened the doors and prepared for growth. One year later, and many networking events passed, I have learned that all we had gone through may have had been unnecessary.
 
While becoming established is any CEO’s driving force, I have come to learn that, what was once considered established is no longer the case. Out of the hundreds of CEO I met over that past year I was the only one under 30 with an office of their own. Everyone else was virtual. Was I behind or were they not established?  One thing that bugged me was that all these CEOs were getting business and contracts yet my company’s seemed to be slipping.
 
In retrospect being inside the office was counter productive to business. Instead of going to meetings I invited people to meet at my office. While this was not only convenient for me it also helped to convey the fact that my company was established and doing well. I was trying to make the space support my reputation.
 
Despite the fact that people were impressed by our capability to afford the overhead of maintenance and rent, the office space did absolutely no sales let alone up selling for us. The space costed more than its monthly monetary bill. There was time that went into up keeping the space, manning it five-to-six days a week. The space also cost me one or two meetings that did not take place because the requestor refused to come to my office. While that much wasn’t significant, maybe I can’t help but wonder, “would they have wasted my time or could that have been a great opportunity?”
 
The fact remains I may not have needed the office space, even if my clients kept thinking I was a fly by night freelancer. The fact is I lost time that should have been spent on the company. That time and effort lost went into making sure their was revenue constantly coming in for the bills and not into creating something awesome or sales worthy. I regret diverting my attention from work to manage an office space.
 
If I only knew then what I know now, I would have planned for a few other opportunities that weren’t at the top of my mind. Since I wouldn’t go back and not get the office space, which I obtained to be taken seriously as a company, I would have had at least not banked all my chips in one revenue stream. I would have tried to make the space work for me and not I for it. I felt the day to day month to month operations of the office made me a slave to it. Everyday my concern was how do I keep up the office rather than what next venture the firm would bid for.