4 Tips For Success From Entrepreneurs Under 30
Four young Australian entrepreneurs have given their top tips for making it big before the time you’re 30.
The business founders spoke at Macleay College entrepreneurship forum in Sydney.
Their message was simple — the world is accepting entrepreneurs younger and more readily than ever before, so just throw yourself out there.
Here are some of the best nuggets of advice given by the women at the forum, as reported byTechworld:
1. Being female is a positive
“Now is such a great time to be an entrepreneur –- ‘entrepreneur’ used to be a dirty word, but now they are finally receiving acknowledgment in society for the value they create and the bold steps they take,” Bridget Loudon told Mashable.
“Being a female tech entrepreneur puts you in a minority, which you can work to your advantage,” she added. “Entrepreneurship is about hacking, being unique, finding that hook and virality for your customers and the press, and there is nothing as unique as being one woman in ten men sitting around a boardroom table.”
The entrepreneur has definitely worked her uniqueness to her advantage. With her colleague Emily Yu, Loudon realised a need for expertise on demand after working with executives and created Expert360, a platform where professionals can get the specialty help they need at the click of a button.
She says now is the time to join the entrepreneur movement — as there is headroom like never before. “No other line of work favours the young like entrepreneurship,” she said at the forum.
2. Fail fast and learn from the mistake
It is better to fail quickly and cheaply, according to Genevieve George, who founded the company OneShift to connect job seekers with employers. She advises to just get out there and give it a go.
That certainly worked for George – the 23-year-old’s company was valued at $18 million last year and currently has more than 310,000 registered job-hunters in Australia.
It hasn’t all been smooth sailing for George, she told the forum. She lost $2500 to a scam while outsourcing part of her website work.
But instead of letting it destroy her, it taught her to learn from failure – and now knows to get a tangible product before coughing up the cash.
“I’m never going to run into that glass door again,” she said.
To help you along the way, George advised to find a strategic partner that can add to the business through investment while also helping you grow.
3. Optimism is everything
Whitney Komor calls herself an “accidental entrepreneur”. She founded The Best Day after having a hard time organising girlfriends to go away for the weekend.
Her optimism and hard work allowed for the creation of a Beta web-based tool which helps co-ordinate a group of people organising an event. In March last year, The Best Day scored a $1 million investment round to fund the social platform’s launch.
“You kind of have to be irrationally optimistic or naively positive to keep on the hustle,” Whitney Komor told the forum.
“That can motivate people who are so much smarter in marketing, so much smarter in development or investors to join us and kind of pull together.”
She made it clear everything takes longer and costs more than you think it will, so be prepared as much as you can.
4. Know where the exit is
Her Fashion Box founder and CEO Kath Purkis is always thinking ahead about what the future of her business will be – including who will own it after her.
Purkis began her first business Le Black Book at just 21 years old. Now at 29, she has another successful business delivering boxes of fashion essentials to subscription customers.
She told the forum she is always making connections with potential future buyers.
“Her Fashion Box will one day outgrow me, and I’m realistic. I’m only one person and I’ve got a great team. But even with investment, eventually we will be acquired to somebody who can do great things,” she told the forum.