Right now, there’s a young entrepreneur with a big idea that will change the world
Do you have an awesome business idea bubbling around in your head? Oddly enough, that’s where every business idea starts. Of course, it’s one thing to have a great business idea – that’s the easy part. The challenge for any young entrepreneur is to turn that business idea into a reality.
Tasmania is fabulous place to get your business idea off the ground. In fact, a whopping 97% of our business population is made up of small businesses (and guess what?) Tasmania has the highest business survival rate in the country*.
Develop your business idea while you’re at school
Good business ideas take time to develop – great business ideas can take even longer. So while you’re finishing school, get started on developing your plan. (and yes, we recommend staying at school as long as possible). There are many examples of young entrepreneurs who developed their big business idea while still at school or university; Mark Zuckerberg (Facebook owner). Larry Page (co-founder of Google). Evan Spiegel (Snapchat). Australian nutrition technology entrepreneur Ben Pasternak (Simulate) and so on. So if you have a big idea, get cracking on it right now.
Tips to be successful as a young entrepreneur
Do something you’re passionate about
If you’re passionate about something, then it doesn’t feel like work – it’s more like fun. It could be anything; Recycling. Eco-Tourism. Caring for the environment. Artificial intelligence. Aquaculture. Horticulture. Information technology. Cybersecurity – you name it. Just get into it.
Aim to fix a problem
Over the centuries, mankind has always been able to find ways to do things better. Faster. More efficient. Many of the world’s most successful ‘start up’ businesses aimed to fix a problem. Companies like Airbnb. Uber Eats. Netflix. Google. These gigantic multinational companies created markets that never existed before. At the other end of the spectrum, there are thriving smaller entrepreneurial businesses. This could be anything from babysitting. Gardening. Private exercise trainers. Fishing charter operators. Freelance computer programmers. Freelance graphic designers, and so on. So being entrepreneurial gives you the chance (and the freedom) to do just about anything you can think of.
TIP: It’s a great idea to bounce your business idea off family and friends. The reason for this is simple – you’re not going to have all the answers just yet. They might come up with things you hadn’t thought about.
Bounce your business idea off family and friends.
In the early stages, it’s a great idea to bounce your business idea off family and friends. The reason for this is simple – you’re not going to have all the answers just yet. By chatting with friends and family, they might come up with things you hadn’t thought about. For instance, is your idea going to solve a problem for people? Does it identify a gap in the market? Will it make life easier for someone? Are there competitors already working in the space? Does it rely on new technology? Is it reliant on investors coming on board? Have you developed a solid business plan? There’s lots to think about – especially when you have an assignment for school that’s due tomorrow morning.
Work out your audience.
The more you can understand the type of person you’re business idea is targeting, the more successful you’ll be. So ask yourself some basic questions; how old are they? What’s the problem you’re going to solve for them? Why should they believe it? What will make your target audience switch to your product or service? How much can you charge for your product or service? These are just a few of the basic questions you’ll need to work out to be successful.
Get inspiration from other ‘start up’ businesses.
So many young entrepreneurs have gone on to make a big impact on the world – and make millions of dollars along the way. To learn some of their secrets for success, do some research on the internet. Hear their stories. The challenges (and the mistakes), to finally get their business idea off the ground.
Right now, there’s a young entrepreneur with a big idea that will change the world in years to come – that person could be you.
A great starting point is the visit the ‘Business Tasmania’ website.
Back yourself, and go for it.
* source: Interim Business Growth Strategy December 2021
The more you can understand the type of person you’re business idea is targeting, the more successful you’ll be.