Young EntrepreneursYoung entrepreneurs are thriving these days. With the economy recovering from the COVID-19 pandemic, many of their virtual skills are in high demand. Social media is filled with their creations. My feed seems to have endless videos from folks like Gary Vaynerchuk, talking to young entrepreneurs about how to make a go of it. These posts have even created a genre on social media: hustle porn, which also has plenty of detractors as well.  The good news is that you are never too young to start a business. Even if you are underage, if you can find a business you are passionate about, starting a business can be a great experience.

How Do I Get Started?

For many young entrepreneurs, getting started is the easy first step. They just start doing something and figure out the rest later. This shoot first, ask questions later can be very effective, but you need to make sure you are asking the right questions later.

  • Are you selling a retail product? – Do you need to be collecting sales tax?
  • Are you in a business where you need a license? – Do you have the right license?
  • Did you create a logo? – Do you have it trademarked?
  • Have you filed the correct legal documents to set up a company? – Do you have a professional to help you do that?

Many of these questions can be answered by professionals who work with businesses. Even though they may be a bit older and wiser than you, it’s not necessarily a bad thing. Many of the lawyers, accountants, and financial advisors I work with are a good match for young entrepreneurs. They blend a bit of wisdom with an innovative spirit and can help your business get off on the right foot.

Others Have Done It Before

Last year, the Wall Street Journal had a feature on five young graduates who have found their passion to advance their careers. I clipped the article and have given it to some of the clients I work with so they can see how others have done it before. My business clients have been increasingly younger and eager to start a business as soon as possible. Some of them aren’t even waiting to graduate. They’re getting their businesses up and running already to get a head start before the end of the school year. The article is a good starting point for anyone thinking of starting a business. The advice and tips about chasing your passion and finding joy in your work offer some good insights.

WSJ’s Insights From Young Workers

At the forefront of the marijuana startup industry, Naomi Granger left her desk job and started Dope CFO in 2017. She has done an excellent job of identifying a new and growing industry. Her schedule is busy, starting at 5 am each day. What does she love about her job? “I make my schedule whatever fits me best.”

Alicia Winkle, a therapist in Alabama, learned the importance of not sitting back and waiting for clients to find her, she had to be proactive and find ways to reach out to her clients. This led to her sign up for the Talkspace app to allow her to provide virtual therapy services. These clients are in addition to her “traditional” therapy practice.

Jess Simms, a Peloton instructor, transitioned from being an educator inspired by Teach for America to getting her personal training certification to working for Peloton. Her advice was “do your research, and you have to plan.” She engaged in networking and took steps towards the next goal (getting a personal training certification) while still working at her old job.

Jordan Olson went to college on a cheerleading scholarship and eventually went on to graduate school for accounting. His advice, “Always be passionate, be disciplined, be prepared.” He has taken his passion for cheerleading and his educational background in accounting to work for Varsity Spirit, a company that runs cheerleading camps, competitions and produces cheerleading apparel.

Qianbaihui Yang has a fun job. She is a sound editor for films. Working on films like Toy Story 4 and Captain Marvel turned her choice to take apply for an internship into a great career move.  She says that she “just kind of grabbed on what brought the most joy” when finding work in the film field. Her advice? “If you find what your curiosity is, explore it.”

Are You Too Young To Start a Business?

These five young business entrepreneurs show that your passion is a great tool to find a career for you. You aren’t too young to start a business. And you don’t have to do it alone. If you have a passion, you can explore if it will make a great career for you.

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Next Steps

If you are thinking of starting a business or already started your business and want to make sure your legal documents are in order, give me a call and we can sit down to discuss the process and what documents would be best tailored for your company – (877) AMAYERS.

Andrew Ayers
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I work with business and estate planning clients to craft legal solutions to protect their legacies.
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