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MenuI'm 16 and want to create a startup in the future - should I start it now or prepare first?
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Hi There. Great question. Learning through doing is ALWAYS going to be a better option. If you have a business or product concept or idea, go for it! Don’t wait. Experience is going to be a great teacher. Also, you can prepare WHILE you execute your business idea.
Check out Business Model Canvas (from Strategyzer) and get the book. This will let you reach both goals — launch your business while training yourself for it.
Good luck in your efforts!
Hi-
I want to start off by saying good for you in terms of taking the first leap into the startup world at such a young age. I've worked at technology companies for almost a decade now and can tell you what my developer colleagues go through on a day-by-day basis if you are interested.
You have already answered your own question in your first statement. Your first startup failed due to lack of experience, contacts, etc. Here is your chance join your industry of choice and learn the inner workings of how a business/company/startup works as a front-end developer.
My advice to you is join a company to gain valuable experience but keep working on your dream job in your free time (after work, weekends, etc.) According to inc.com, the average age of an entrepreneur is 40 years old anyway: https://www.inc.com/melanie-curtin/attention-millennials-average-entrepreneur-is-this-old-when-they-found-their-first-startup.html. Most likely, they have usually worked for a couple of years before starting their own venture. It would be a good idea to gain some business skills at a corporate job and in parallel, work on your startup on the side. To quote the great Nick Loper, "Your 9-5 May Make You a Living, But Your 5-9 Makes You Alive!" (https://www.sidehustlenation.com/side-hustle-show/).
Good luck and let me know if you want to jump on a call to learn more about the pros and cons of joining the corporate world.
Best,
Kevin
First, i'd like to commend you for being such a matured person at a very young age. Nowadays, its very critical to startup when you dont have knowledge and passion about what you would like to do. It came from you, you are only 16. Meaning, its never to late to know what you want, what would be the best and what gives you the satisfaction your life has. Dont rush yourself, yes its good to start early, but its better to start the game prepared and ready. I hope i was able to help you. Goodluck on your endeavors.
It's more important that you increase your skills and contacts because this is 80% of your startup success.
On another note, perhaps you don't have to found a "startup", but you could start a side hustle or small business online?
You could use any number of marketplace platforms to sell your next product/service without having to build a company of your own from scratch.
I know, it isn't as glamorous as being a "startup founder".
But at 16, you have plenty of time to realize your dreams in many different ways, with lowest amount of risks (no spouse, children, mortgage or groceries that rely on a steady income).
Happy to have a straight to the point talk on how you can continue building your skillset and contacts-- while working on your side-hustle, before you launch your next startup.
Cheers,
Erika
Amazing that you're 16 with these ambitions and having already started something. Failure is great - this is how brilliant founders are born- at some point in your entreprenuerial journey no matter who are - you fail. It is a learning. Get a memtor! Someone who has done the thing you are trying to do and is inline with your core values and your business. It's not easy and choose them carefully - make sure you offer them something in return. There is no such thing as preparation in my opinion. There is only execution. In startup you are valued for and rewarded for in your execution. Actually there is preparation and its this: know clearly who you want to serve and know clearly who is already serving this group and how they are doing it. Then know what makes you better/ different/unique and finally know how to package and communicate this out in a story form to the world. That's your preparation. But the truth about business is you don't know what you don't know and you have to do testing and you must research the market you are entering before entering. So you can understand what kind of arena you're getting in and who the key players are. One piece of advice though is to FOCUS. I spent too much of my early career doing too many things. The more you streamline the better. If you're an engineer -then you must know they are in huge demand in the startup world. If you're feeling stuck go do something that grounds you and gets you away from your work for a little bit. For me this is a walk in nature. Anyway good luck and keep going!
I say do what is in your control, if you can start up I say go for it the sooner you start up the better off you'll be. I didn't start thinking about my future till I was 20 and remember this important advantage. YOU ARE 16 AND YOUNG. Lots of people don't think this way till they are in their late 20's, 30, 40', or more. When you're starting up your future I say
1. Be patient
2. Be consistent
3. Stay motivated
4. Find people who got what you want
5. If its useful keep it and if its useless drop it.
Hello -
Congrats on venturing into being a young entrepreneur. I began my first business around your age as well and currently mentor high school students and girls in STEM. I've been through exactly what you have been going through at your age and being in business for yourself or with a partner is not an easy job. Because you are so young, you have all the time in the world to run a business. If you both feel in your heart and minds that this is what you want to do, then I would encourage you to pursue your dreams. You have years and years to learn. So don't try to rush it. Just go with your heart. Being young, means you can afford to make mistakes and experiment. Perhaps developing your tech skills would be a better choice at the moment until you feel more comfortable. If you would like to schedule a call, I can advise you more.
Follow your passion, and start things while you are young......That does not mean be foolish.....Seek out advice and knowledge from those that have been down the road you are considering. You are already halfway there....Find mentors that will nurture you and allow you to grow, while giving you direction and guidance along the way....Also, be patient, you will find your grove, we all do, sooner or later. I love working with young, energetic, intelligent, driven people like you because you are the future, here and now. Let me know how I can help you.
Hi- It is great to see you going after your dream at such an early age. Time is a very important asset so the more time you spend in the start-up space the better off you will be. Consider any amount of time you spend whether directly working on the start-up or gaining experience as a deposit on your future success. I am available for a call if you have any questions on how to develop your idea in the future.
Related Questions
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What are the best practices in getting my startup off the ground with dwindling funds?
Some more information about your situation would help. What is your product? What problem does it solve for buyers? Do they acknowledge that problem exists, and value fixing it? Are they willing to trade money for your solution? Do you have a "ladder" for people to buy increasingly valuable things from you, or are you trying to rely entirely on revenue from this one thing? Do you have Traffic and Conversion tools in place? You are asking us to diagnose a situation, but just like your doctor not being able to diagnose what's wrong if they can't see you or hear fully what's going on, it's pretty tough to blind. Only two components or issues exist when it comes to Sales: Traffic, and Conversion. I don't care how great your Conversion tool is, or how great you believe it is--if you don't have a high quality Traffic source hooked up to it, the Conversion tool is basically useless. So where are you getting leads (potential buyers) from? Are they pre-qualified for your offer (do they have a want or need, at least, for what you can give them)? And in what quantity are you receiving them into your funnel? Each business needs four systems: 1. Lead Generation 2. Qualification 3. Closing 4. Fulfillment. How well are you doing on all four of these? It's very common for a tech guy to rush out and drop money on the development of some brainwave they had. Unfortunately, you cannot ignore "business" in the hectic race to bring a product to life. If you've created something nobody wants, or nobody understands, you've wasted your resources. I recommend these Sales Tactics videos I've made about SaaS; there are links to written blog posts in the video descriptions if you would rather read than watch and listen: https://www.youtube.com/watch?v=9MGF-C0GPQY and https://www.youtube.com/watch?v=nDZQ_8Srt7gJK
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So you got that great idea and are about to start making it reality. How do you know you're on the right path?
I believe that personal passion is the only sustainable way to pursue any idea and / or startup in the medium and longer term. In the short term, there's loads of other things that keep you going: momentum, money, press, great feedback, investor interest, new customers etc. What these things however do is it kickstarts your natural adrenaline making it easy to make progress. Once that adrenaline runs out though and when you reach a low point (of the rollercoaster), you're only left with the things you naturally have. So your own ambition, drive and passion are the things that will help get you out of that low point and kickstart the adrenaline again. And of those things, passion is the greatest motivator to do anything. If you are truly passionate about the idea or startup you are pursuing, I believe that you will do whatever it takes to succeed.AP
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If you could go back in time to my age (18) what would you do differently?
Erghh...tough to answer because at 18 I know I didn't listen to many people...and I thought I was a "nice kid." A lot of this stuff is learned through trial and error, and this saying (which has been attributed to many people from Mark Twain on down) is accurate: “Good judgement is the result of experience and experience the result of bad judgement.” So at least in this model, you have to go through the bad to understand the good. I'll say this, from my own experience: The time will pass. In three blinks of an eye you will be 40. I know it seems like a far away point now, but trust me, time accelerates as you get older. Each summer you plan to learn how to sail a small boat. Each summer passes and you have to work, you can't take the time off to do the course, the sunny days pass by. Suddenly you are 30. Blink. The time will pass. If you want to get good at something--business, music, art, whatever--start now. Persist. The time passes, quicker and quicker, whether you like it or not, and if you stick with whatever it is, you will develop that skill... ...and suddenly, in two blinks of an eye, you will realize you are a professional. I have perhaps 25 functional years left in the workforce. The full force of this is in my face every waking minute. Be the person you want to be--or be a flake. That is fate's demand. Don't be too concerned about money at your age. You can build it. Live beneath your means. I didn't, through my mid-20s, and it bothers me to this day. Put a percentage of your income aside every paycheck. Then you can take vacations when the opportunity arises, buy stuff on sale that you really want when it comes up, take that sailing course and get started on the road to enjoyment and perhaps mastery. Don't let circumstances rule you. Need to get out of work early to take that course? Talk to your boss about it. Start a side business now, if you're so inclined. You can make all the mistakes early and it won't cost you much...and you can be a pro at 28. Because, trust me, the time will fly by. Make the things you want to happen...happen. Don't be too interested in pleasing other people. It doesn't pay off. They will simply take advantage and then take more. Take care of yourself first. If a choice comes down to doing something you know is important to your life, or pleasing someone else and suppressing your desire or interest, choose yourself. You can always get another job. Speaking of jobs...don't let anyone tell you that "you have to pay your dues" or "you have to have more experience." That is the Chicken Little way of the world and those people do not know what they are talking about. Someone told me I couldn't be a factory manager when I was 24. I quit, and within 4 months was a plant manager. People do not know what they are talking about. Even me. Trust yourself. Find your own truth. There are MANY ways to success--not just one. Not just the single one advertised on television. You can figure it out your way, and you'll probably be a lot happier. Oh, and invest in some solid real estate as soon as you can to get a passive income going.JK
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How can I simultaneously attract users and experts to a marketplace of expert advice?
You know what would be great... A platform exclusive for Marketplace experts ;) I would answer this in short by saying you don't attract them simultaneously. To elaborate; The Chicken and Egg problem is solved (historically) by attracting and retaining the top providers of whatever service first. This, in turn, creates the - "have" to be there or at least submit proposals there, or risk paying more, getting less etc... - notion in the customer's brain. As for Clarity specifically, watch this video of Dan Martell (founder of Clarity.fm) telling the story of how they did it: https://www.youtube.com/watch?v=wKQ2nw3UWPk I have helped launch a few service-to-customer platforms in the last few years. So my related answers and advice are all outlined here: http://chickenandegg.io/faq/ I'd suggest finding a hook for the experts/service providers first and foremost. Boiling your platform down to a niche is best if you're strapped for cash. And further pinpointing a localized or network-oriented market is a great strategy. Quora, for example, utilized their founders' relationships with VC's in Silicon Valley to gain their influencer early adopters. Thumbtack.com used a creative strategy of creating a tool for their service providers to use (for free) to help them with their craigslist ad posting needs. This added the stickiness they needed to keep those first service providers while they marketed to customers. Let me know what specific answers I can help you with. I'm better with specifics. AlexAG
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How to leave a company and get what you deserve?
I am not an attorney and this is not "professional advice." Consult a lawyer. If you get involved with a partnership ever again, get an operating agreement in place and TALK ABOUT SEPARATING at the beginning. Get it figured out immediately. Be up front with it: "We should talk about what happens if one of us dies. Or wants to move on." It's not offensive, or confidence-gutting...it's smart (as you probably now see.) Generally speaking, an agreed-upon independent third party firm would assess the value of the company. This firm would be named in the operating agreement provisions so there wouldn't be bickering at the time of separation. Another typical provision is that partners have first right of refusal on share sales. But since you don't seem to have such an agreement in place, it's probably going to be tough for you now. The more you fight the more the other shareholder is going to fight back. Consult an attorney. Find out if there are any restrictions on selling your shares. My guess is that with a negative cash position due to debt, the company isn't worth a whole lot. You may be able to have a value assessed based on revenue...but if you leave, how much of that goes with you? Is the business model based on repeat customers, or one-time sales? You need more expertise than a Clarity answer to solve this one. And remember, the more mean-spirited you approach this question, the more resistance you will get. My opinion--which again is not "professional advice" and is merely for discussion--is for you to quietly discover your options by consulting an attorney and accountant good at digital business evaluation (most are not), and wait for the company to return to profitability.JK
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