Young entrepreneurs: tips and tricks for success

Become an entrepreneur
To become a successful entrepreneur you need good ideas, a little luck, money and a lot of work. 90% of successful people fail, which means that to earn something (profits, equity, etc.) you must first lose something (your initial investment). Phat-farm is a multi-million dollar company whose owner Russell Simmons lost 10 million dollars in the first five years.

It doesn't require much experience and resources, but to become a successful entrepreneur you need passion and persistence.

Turning everyday ideas into business is what makes an ordinary entrepreneur extraordinary. This talent or gift is what makes them unique. Most start with very limited resources and outpace their competitors through personal effort. Moves have to be fast and good decisions have to be made to gain market share and advance in the case of great competitors.

They differ in age, sex and race, but it is easy to recognize an entrepreneur and his business. They can be enriched by their ideas, but the starting point is to look for areas that are not being addressed and change the way things are done. A good idea is not the same as an ideal opportunity. Understanding the distinction will save you time, effort and money.

The entrepreneur creates a vision and pushes the company through ups and downs toward fulfilling that vision. Becoming an entrepreneur is at the same time frightening, exciting, and worrisome and yet an exciting experience. But before you become one, you must first understand the concept of entrepreneurship.