Professionals in business management push mentorship and training; there's a lot you can learn from those who've gone before you. Turns out, there's also a lot to learn from a first-time entrepreneur. Here's a look at three successful young founders and the lessons they offer the business community.
Chelsea Sloan and her brother co-founded Uptown Cheapskate, a successful fashion chain that buys and sells used designer clothing. Sloan came up with the idea after seeing similar businesses while visiting Alaska, and the siblings launched the company within a year. The difference between Sloan and most entrepreneurs is that she launched her business while in college. Unlike other college-aged business owners, Sloan worked school around her business instead of working business into her school schedule. She sacrificed personal time, some educational opportunities, and even a magna cum laude graduation. For Sloan, the business comes first, which is a lesson other entrepreneurs should pay attention to. Starting a business requires dedication, and you may have to give up things like personal hobbies or pursuits to achieve success.
At an annual tradeshow sponsored by the Young Entrepreneurs Academy, 11-year-old entrepreneur Sarah Webb made industry contacts and took orders for her product. Webb designs and creates slippers, and she is building a website, working on marketing campaigns, and meeting with lawyers. Clearly, there's a lesson about being driven to get the job done in the story of this young entrepreneur, but her product should also interest those in the business world. Webb makes mismatched slippers. According to the preteen business owner, mismatched slippers aren't just fun; they provide a benefit to the customer, because if you lose one, you only need to buy a single-slipper replacement. Webb's business reminds entrepreneurs of all ages that a successful business is based on a good product, and a good product must benefit the customer.
One thing you might learn as an entrepreneur is that a little luck doesn't hurt. University student Garrett Gee proved that you can make your own luck if you pay attention and work hard. Having kept up with the technical blog world, Gee knew that device launches are often followed by posts about the top apps available for the device. Working ahead of the announced iPad 2 launch, Gee worked with others to develop a QR code app. The app, which was timely and addressed a real need in the market, made it onto top-ten lists of the best iPad 2 applications. The young entrepreneur turned his success into a multimillion-dollar business, illustrating that it's important to understand your market and take timely, data-based risks to beat the competition.
No matter what stage you are in as an entrepreneur, business owner, or manager, it's worth paying attention to young founders and other successful professionals. You never know when you'll be reminded of an important business principle or pick up a new tip about trends.
(Photo courtesy of Stuart Miles / freedigitalphotos.net)
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