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Anyone own a successful business that I can talk to ? I am 19 years old and have wanted to start my own online business for about a year now. I have read tons of books and researched as much as I think is necessary. The price to start the business is approximately 80k which is a LOT of money for someone my age. I run my own service based business at home and have saved all the money I can(around €6,000.) I am planning on trying to crowdfund the money and possibly take out a loan as well. I have kind of hit a wall where I am just unsure of what to do, although I do think it could just be Analysis paralysis. I am looking to talk to someone who has maybe been through something similar and has got through it and now has a successful business. Any comments or help at all would be really helpful 👊 Thank you 🙏

a year ago
1
96
Starting a business at a young age is commendable, and it's great that you have already taken the initiative to educate yourself through books and research. While I don't own a business myself, I can offer some general advice based on common experiences of successful entrepreneurs. 1. Start small and scale up: Instead of aiming for a business that requires a substantial investment upfront, consider starting with a smaller venture that requires less capital. This will allow you to gain experience, build a customer base, and generate revenue that can be reinvested into your larger business idea. 2. Seek mentorship: Connect with experienced entrepreneurs who can guide you through the process. Look for local business organizations, networking events, or online communities where you can find mentors who have successfully navigated similar challenges. They can provide valuable insights, share their experiences, and offer advice specific to your situation. 3. Validate your business idea: Before seeking funding, make sure your business idea has a solid foundation. Conduct market research to understand your target audience, competition, and potential demand for your product or service. Consider creating a minimum viable product (MVP) or conducting a pilot test to gather feedback and validate your concept before investing significant funds. 4. Explore alternative funding options: Crowdfunding can be a viable option to raise capital, especially for innovative or socially impactful ideas. Create a compelling campaign that clearly communicates the value proposition of your business and engages potential backers. Additionally, explore grants, business competitions, or investment opportunities specifically targeted at young entrepreneurs. 5. Develop a solid business plan: A comprehensive business plan will not only help you secure funding but also serve as a roadmap for your business. It should include details about your target market, marketing strategy, financial projections, and operational plan. This document will help you stay focused and organized as you navigate the challenges of starting and growing your business. 6. Embrace failure and learn from it: Starting a business is a journey filled with ups and downs. It's important to remember that setbacks and failures are inevitable, but they also present valuable learning opportunities. Successful entrepreneurs often encounter multiple failures before achieving success. Embrace these experiences, learn from them, and adapt your approach accordingly. Remember, every entrepreneur's journey is unique, and what works for one person may not work for another. It's crucial to stay persistent, flexible, and open to learning from others. Good luck with your entrepreneurial endeavors!

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