Imagine stepping into a world where you don't really know what you're doing, where your next paycheque is coming from or how long you'll survive. All you know is that you wake up each morning with an intense desire to control your own destiny and follow your passion. That is the challenge young entrepreneurs face every day.
According to an Angus Reid poll, more young Canadians today between the ages of 18 and 35 dream of being an entrepreneur over any other profession. And in the U.S., a UCLA study found that only one to two percent of graduating MBA students wanted to start out as entrepreneurs in the 1980s; today, 10 to 20 percent want to be their own bosses.
Entrepreneurship is not for the weak of heart or mind. A 2004 Statistics Canada study found that while nearly three-quarters of small-business start-ups survive their first year, less than one-third are still around five years later. With all the risk and uncertainty that comes along with the job, why do increasing numbers of young people want to become entrepreneurs? The answer lies in the nature and the innate entrepreneurial spirit of the person.
Young entrepreneurs are ambitious and determined individuals who are not afraid of taking risks. A recent study in Atlantic Canada found that over half of young entrepreneurs cited being their own boss as the most important reason for starting a business. They crave the freedom and responsibility that comes with setting their own goals. They have the enthusiasm and the drive to push themselves to new heights. But, most of all, they are dreamers, willing to reach for the stars when everyone else seems to be trying to pull them back down to Earth.
When I was just 19 years old, I became an owner and chief operating officer of Redasoft, a biotechnology software company. I had little prior knowledge of the industry, but what I did know was that I wanted to be a part of getting this small start-up off the ground. I wanted to understand what it was to be an entrepreneur and what it took to create a successful business. I also wanted to know the feeling of accomplishment once we'd achieved what we set out to do.
Working around the clock with my two partners, Redasoft became my life's passion. There were obstacles to be sure—in financing, marketing, management—but within a couple years, we had more than 300 clients in 30-plus countries, including NASA and Johnson & Johnson. I had been a part of something great, and I had learned a lot of hard but valuable lessons along the way.
Even with our success, the entrepreneurial fire continued to burn strong within me. I'd realized that despite all the setbacks, the rush of starting and owning my own business was something that I craved. And so, using the lessons that I learned from Redasoft, I created Evan Carmichael & Associates to provide resources and strategies to help fellow entrepreneurs succeed. Now, not only do I get to live out my own dreams, but I also get to help others do the same.
Despite the rising trend, life as a young entrepreneur is not an easy one. In 2000, the average net profit before taxes for young entrepreneurs in Canada was approximately half that of older entrepreneurs. While their ambition and grit can challenge even the top CEOs, young entrepreneurs often don't have the capital or proper management skills to succeed. They rush into business without enough preparation and quickly find themselves in over their heads.
But financing can always be found and management skills can always be learned. The most important factor standing in the way of success for a young entrepreneur is commitment. You need to be willing to devote yourself completely to your business; you need to be able to withstand any obstacles that come your way; and you need to wake up each and every day with the same youthful energy and enthusiasm you had that first day you got your idea. That is the essence of the young entrepreneur. That is the recipe for success. And that is the reason they continue to take the business world by storm.
Evan Carmichael helps motivate entrepreneurs to succeed. His website is one of the top 10 most popular online resources for entrepreneurs internationally.
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