According to recent studies, the number of people under 35 starting their own businesses has increased by more than 70 percent since 2006. Young people are more entrepreneurial than any previous generation, and many are achieving great success at a very early age.
One such entrepreneur is Rachel Gutierrez, a 28-year-old Mexican-American entrepreneur living in New York City. She is the founder and owner of Via Bom Dia--a company that offers coffee flavored exclusively with natural ingredients. I asked Gutierrez her advice for young entrepreneurs, and here are 10 of the most important lessons she has learned.
1. Chance favors the prepared mind
Success is not determined by luck. Persistent actions, dedicated mindset, and proper preparation will take you much farther than luck.
2. Fake it till you make it
Being a young entrepreneur means you may be doing things for the first time, and you will have skeptics. Never act like it's your first time; scare away the critics with confidence.
3. Choose something you are willing to dream about
When thinking of a viable business, find a problem to solve first, and then decide if you can spend 80 to 100 hours a week working on that problem and thinking about that business. Are you still excited and energized? Then you should go for it.
4. Know your industry better than anyone else
Most people are not willing to put in the time. It's the easiest way to stand out and have the upper hand to your competition.
5. Work hard and then work harder
Be willing to hustle long hours. Most people aren't willing to sacrifice their nights and weekends, but entrepreneurs don't even think twice about it. Starting a business is an around-the-clock commitment.
6. Energy and passion go a long way
People love young entrepreneurs who want to change the world. Your optimism and energy will be contagious and will make people believe in you and your business.
7. Decide what you want. Believe you can achieve it. Believe you deserve it
All that we are is a result of what we once thought. If you don't believe in yourself or your business, no one else will.
8. Calculate your risk and then jump in with both feet
Don't jump into something without knowing the real depth. But once you are ready to dive, go deep, and without inhibitions.
9. Take action today, not tomorrow
The first step is just getting started. Your business will change 100 times between the initial idea and the launch. That's why you have to just get started and begin the journey.
10. Be patient and celebrate the little wins
Starting a business is a marathon, not a sprint. Remember to set short-term goals (as well as long-term goals) so you can celebrate the little wins along the way.