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ENTREPRENEURSHIP FOR YOUNG PEOPLE (PART ONE)

Serious consideration needs to be given about including learning how to start a business as a part of every school’s curriculum.   One of the major causes of poverty is business failure, which is often due to a lack of expertise and the basic fundamentals.  Every individual should learn how to start, finance, and manage a small business. This will give millions of people the skills necessary to make a livelihood, in case they have to leave a job or are unable to find one. Young people will become better employees through understanding how business functions, enable them to take advantage of a market insight and turn it into a business opportunity.

 

The Golden Rule

Treating others as you would have them treat you will help you achieve success in life, both personal and financially.

Mental and Physical Health

The most important relationship you will have in your life is with yourself, so treat yourself well to make life worth living. This means eating right, getting enough sleep, exercise, building strong ties with friends, family, and community to minimize stress!

The Joy of Business

If being in business is not enjoyable, this is the wrong profession for you.

Business is and should be fun.

Write a Business Plan

A lot of young people have visions and dreams. By putting your vision and goals in writing, your chances of success will improve.

Create a Competitive Advantage

Find out what everyone else is doing and then do something different. Your competitive advantage can be based on a unique skill, intellectual advantage, or by selling at an unusual time or location.

Supply and Demand

The law of supply and demand is the most important economic concept of all! The laws of supply and demand interact to determine prices, which communicate information to entrepreneurs and consumers about the best way to allocate resources.

Customer and Service First

Always be building your brand through excellent products, customer service, and good communications. Marketing is the process of creating a product or service that meets the needs of consumer profitably.

Time Management

Time is precious. Do not waste it. By planning how you will spend your time for the coming day, week, month, and year, you will be much more likely to achieve your goals and live a productive and positive life.

Leadership and giving back

Every great business leader is aware of the community around them and looks to satisfy a community need. Philanthropy is good business, and if you are known as someone who cares about your community, more people will want to do business with you.

Setting Goals

Goal setting is something every young person should practice every week. Having long-term goals (ten years), intermediate-term (five years), and short-term (one year), and immediate (the next month) is absolutely crucial for success.

The PMC is a group of entrepreneurs who live by the philosophies above.  We mentor individuals who strive to make a difference and support them through starting or growing their business and investment opportunities.

Follow The PMC for more insights for your people in business in our next article!