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These Key Drivers Fuel Young Entrepreneurship

  • 25th Sep'22

In life, everyone has their own “why,” the reason they get up in the morning and do what they do. This reason is personal and proves to be a major driver in the success journey of an entrepreneur. We all know our “why”, it could be a childhood dream or trauma, it could be an aspiration or necessity, we are always aware and most comfortable without “why”.

 

In addition to our personal drivers, other factors push us forward on the path to success. Sometimes we are oblivious to these key drivers that fuel our entrepreneurship journey. 

 

These key drivers fuel young entrepreneurship:

 

1. Accumulation of ideas

 

Creative individuals and entrepreneurs especially have multiple ideas around the clock. Some of these might seem useless and then later prove to be essential, while some might feel like the light bulb moment but later turn out to be non-monetizable. This is part of the process and your job is to trust the process. Note down all the ideas you get. Don’t dismiss these ideas at face value. You can use their ideas to work on future ventures or incorporate them into your existing projects. Even if an idea fails, the research you do for it can come in handy for your business or otherwise.

 

2. Having a risk-tolerant attitude 

 

Success and failure are the two sides of the same coin. Your ability to take chances and utilize opportunities will pave the way for your entrepreneurship journey. In this journey, your attitude towards risk and failure will determine a lot of things too. As they say, rewards rarely come without risk. You need to have a risk-tolerant attitude if you wish to optimally utilize the opportunities that come your way.

 

As a young entrepreneur, you can be sure that your investors will have vested interests in your business. With this being the general environment you’ll have to work within these lines only. You’ll have to take the risk if you wish to get your startup above the ground. You will have to be the first person to bet on your idea and that will include onboarding investors, who then will bet on your idea further and so on.

 

If you cannot afford the risk, financially or emotionally, you might make too tepid decisions to be successful. To succeed and actualize the germ of the idea as it first came to you, you’ll need a strong sense of self-efficacy to believe the risk will be surmountable.

 

3. Being open and accepting of opportunities

 

We are always surrounded by opportunities, more so with the advent of the internet. The spread of information and ideas has led to deeper, faster competition. What makes a successful entrepreneur is the ability to respond to the market and new business opportunities. 

 

The skill essential for an entrepreneur to prosper is the flexibility of mind and learning from past mistakes. On the other hand, being rigid can stifle your business aspirations.

 

4. Being an inspiring leader

 

A good leader inspires and prepares the next generation of leaders. It is the responsibility of the leader to take possibilities and turn them into inspiring visions for others to follow.

 

You must take the lead for your ideas if you wish to see them materialize into reality. Good leadership is essential to entrepreneurship. The ability to take charge of challenging circumstances and lead the way is the sign of a true leader and visionary. 

 

 

5. Intellectual Property Rights

 

Intellectual property rights are the protectors and saviors of your original ideas. They provide you with exclusive business rights to your business/idea. It is important to safeguard your ideas. If you don’t they may be copied by your competitors. Once you have put your idea in the public domain, it no longer remains a competitive advantage.

 

In exchange for sharing your original ideas, governments usually provide limited monopolies that allow you to monetize your idea. In some ways make up for the costs you have had to bear for the research and development of the said idea. Intellectual property professionals, such as lawyers, can aid you in getting patents for your idea, safeguarding them in the best possible way.

 

6. The right mentor

 

It helps when you have the right mentor, someone who gives you honest advice and someone to bounce off ideas with. You get to learn from the experience of your mentor, so you don’t end up repeating their mistakes and get to utilize their formulas for success. Your mentor has walked a similar path, so they can give you the best possible advice while also comforting your concerns and insecurities. They know well enough how to fuel young entrepreneurs, as they have once been in their place.


 

When you are answerable for your actions to someone you respect, like a mentor, you stay accountable and inspired to achieve your goals.

Finding the right mentor and building a relationship with them can lead to immense opportunity and learning.

 

7. Natural curiosity 

 

“If curiosity killed the cat, it was satisfaction that brought it back.”

― Holly Black, Tithe

 

What makes an entrepreneur different from other business owners is the curiosity with which they see the world. It is this curiosity that translates into their work. Entrepreneurs are those individuals that identify problems and provide solutions for those problems that routinely go unnoticed by others. It is their curiosity that drives them to build something from scratch. The satisfaction of actualizing an idea into reality is the first paycheque they receive for their efforts.

 

Many components go into running a business as an entrepreneur. One has to learn new skills and break down new information. One has to understand the details of business management, team management, marketing, sales, hiring, finances, taxes, operations, etc. You’ll need to put in the time to learn all these new skills. To be able to teach oneself anything new, it helps to be naturally curious. Being an entrepreneur is inadvertently signing up for a never-ending learning process. This commitment to continuously learn stems from curiosity. 


 

Conclusion 

It is curiosity and the “why” of a person that leads them to do amazing things. While there are things that go unnoticed when channelized can push you forward on the path of success.

These key drivers fuel young entrepreneurship, although sometimes go unnoticed. I hope this blog serves as a reminder and helps you move ahead with humility and consistency.

 

 

Shellye is committed to helping people from diverse backgrounds to achieve their aspirations in careers and life. The content published above was made in collaboration with our members.

Shellye Archambeau is determined to help you with all possible strategies to climb the ladder of success. She values your feedback. Do mention them in the comment section below.

 

 

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