This post was most recently updated on November 1st, 2019
Making the right business decision is always a herculean task for young entrepreneurs. I mean for the new generation of young people who are about to enter the workplace, I have some suggestions for everyone on the important & unimportant business factors young people should consider before investing in any business. By young entrepreneurs, I mean those who want to go straight into a business after graduating from university/college.
Important & Unimportant Business Factors Young People Should Consider
This section will be sub-divided into two. First, I shall address the unimportant elements that young businessmen/women should ignore or not worry about. This will closely be followed by those things that matter as a young or new entrepreneur.
It is unimportant Which Country you stay in after graduation
First off, the fact that you left Africa or Asia to go and study in Europe or America doesn’t mean you will only succeed when you come back home to establish a business. What is more important is to stay where you can learn more as you grow your business.
Joining a startup or a big company, or simply start a business is not Also Very Important
Whether you are joining a big business like Google or joining a startup, I think it’s good. This is because what you can learn in Google is different from what you will learn in a startup. Besides, these choices can be diversified.
As a Young Person, It is important to Seize the General Trend
When you are young, don’t worry too much about whether your work is in a big company or a small company. What really matters is to seize the current big trend and general direction. Be sure to put yourself in a big trend of the future, be in the trend, and you may get more experience and rewards no matter what you do.
For example, if you have degrees in of two double Majors lets say Computer Science and Chemistry. And you like chemistry and loves food. Then, you should consider entering the food science industry. Recently we have seen the trend of artificial meat, and there are various technologies around the environmental protection of food processing and recycling, in the food industry.
Similarly, if you want to focus on computer science, there is also a lot of creative space associated with artificial intelligence, which is also a very good job area. Although this area may not be suitable for everyone. However, with the advent of the era of big data, some logic of CS (computer science) is still necessary to help understand what AI is and what is big data.
In addition, the pace of social change is getting faster and faster, and understanding social science and history is also important.
To sum up, there are many opportunities in the fields of food science, life sciences, artificial intelligence, and social sciences.
It is Important For Young People Going into Business to Travel more and Explore the World
I also like to travel by myself. It is also very useful to learn new languages. A friend of mine can speak both French and Spanish. The three major languages of the world are English, Chinese and Spanish/French. The popularity of Western languages in North America, South America and some European countries is very high.
Is Education Important Before you Start a Business as a Youth After Graduation?
No, s education important? In my opinion, education is both important and not important. Education gives you a good step to give you a higher foundation. The education will put a label for you. This label reduces the threshold for you to do things, sometimes it is a psychological threshold. For example, a computer science PhD and a Computer Science self-study who came back from Stanford. Who between the two would you be more willing to give more opportunities for cooperation? Even from the perspective of investors, if you have a sum of money in hand, who are you more willing to vote for? It is hard not to measure this trade-off.
Especially Relevant: Here are 7 qualities you must have to become a successful entrepreneur
However, high academic qualifications do not necessarily mean good talents. And of course, there are many outstanding talents without high academic qualifications. Many of China’s outstanding entrepreneurs are not from prestigious schools, but they have strong self-learning ability and can clearly explain their business logic and ideas. Such people will also be favored by investors. High degrees of education can sometimes make people less sensitive to certain special markets.
How Important is Training or going for other Courses After Graduation?
Is there any need for further training? For example, go to an MBA or other courses? In my opinion, the training itself is for real-life learning. The purpose is to let yourself have a deeper understanding of some areas. Like an MBA program, it can improve management awareness. But it’s just for the recognition. it’s not necessary.
Young Entrepreneur Vs the Experienced Ones
- In China, many young people choose to start a business. What are the real advantages of young entrepreneurs? Many young entrepreneurs are characterized by their, enthusiasm, lack of thoughts and fears, and innovation.
But in contrast, senior entrepreneurs often have more industry experience and accumulation. The weakness of young people lies in the lack of understanding of the industry and may step on more pits.
- In addition, for young people, the cost of failure is not high, so they are often less fearful and less anxious. However, when you have no anxiety, then it is not necessarily a good thing for business.
A researcher in Singapore once asked, “is Teacher Ma (Now, teache Ma Yun is the founder of the big online marketplace Alibaba) anxious?” The reply was that she is still very anxious, and Ma teacher will make them feel very anxious. When chatting with Cai Chongxin (Vice-Chairman of Alibaba Group), he also mentioned the concept of “Paranoia”, which is a kind of fear. I believe that entrepreneurs should have a certain degree of fear and awe. Fear can make people constantly pursue progress and constantly ask themselves and the team to do better.
- Thirdly, It is not a bad thing if you are a bit stubborn as an entrepreneur. In fact, a good entrepreneur ought to be stubborn.
How Young and Aspiring Entrepreneurs Can Combat Failures
Young people may be more likely to face failure, what should they do if they fail? Many times when you look at failures, you have to be more rational.
Think carefully: Why do you fail? What did you learn and refine in the process of failure? What kind of mentality to face? How to deal with problems and relationships? How to plan the next step? As investors, we often observe the reaction of entrepreneurs to these issues. Moreover, we will favour entrepreneurs who have successfully faced failure.
For example, entrepreneurs born in the 90s and 95s are very suitable for entertainment consumption, media and other projects, because they know more about what young users want. But in the era of smart technology-driven, it is still better after the 80s. I personally feel that there are certain advantages after the 90s and 95s, but there may not be much practical experience in innovation in technology and intelligence. This may be a shortcoming of a young entrepreneur.
It might interest you to Consider these Factors/Elements before you Invest in any Business
Young Entrepreneur Needs To Know How About Management
Other shortcomings that young entrepreneurs may also have are management, and managing a company. Being able to control so many people older than you to work together, and to make them cooperate in order to turn your company to achieve millions of dollars in valuation within two or three years is not an easy thing for the young people.
Therefore, in order to do a good job, young entrepreneurs must be able to manage well. There is no shortcut to management. It takes time, you need to step on the pit, and the process of stepping on the pit can really bring about learning and growth. Otherwise, too much is only floating on theory.