1. Choose the right jobs out of school.
While Zelson wanted an investment banking job, the one he landed instead – at a small real estate firm – helped set up his career for success because it gave him a necessary foundation for an eventual journey into entrepreneurship.
"This turned out to be one of the best opportunities of my life," Zelson said. "I was able to learn the ins and outs of running a small business, and that hands-on experience directly helped me turn my idea into a functioning product and ongoing business."
2. Make sure everyone's interests align.
Zelson said he needed to create a team environment with an open communication structure where everyone's interests were aligned as an economics major.
"This way, everyone can work on their own tasks in a parallel path with the same end goal in mind – to support the success of the company," he said.
3. Realize that being a part of something is better than being all of nothing.
Nelson said it's important to be prepared to take an offer that is less than ideal to at least get the ball rolling because "the experience you can gain ... for any future ideas that you may have" is worthwhile. "There is a lot to learn about running a business that you cannot know until you try."
4. Do your due diligence on the business idea.
Nelson believes young entrepreneurs must know everything there is to know about their product and the industry before going to investors.
"You need to have thought of every possible question that may be asked and have a good answer for each. This goes for both the business idea and the people involved."
5. Surround yourself with people who are good at what they do.
It is necessary to assemble a team that has strengths in areas where you may struggle. Zelson said the success of a company hinges on the abilities and professionalism of the team as a whole.
"At the end of the day, you are only as good as the people you work with. If you create a weak team, then you will have a weak product, but if you have a great team, then your potential is unlimited."
6. Trust your instincts.
Possibly the most important – and hardest – component of great success for young entrepreneurs is a great idea. Keeping an eye out for and recognizing that brilliant innovation when it comes along is key. One of the most successful teen impresarios, Nick D'Aloisio, created and sold an app to Yahoo that Yahoo just wanted to own, not use. Yahoo wanted Summly for its algorithm, and D'Aloisio only had to tag along for 18 months – not bad for the then-17-year-old, who netted over $10 million.
One of the most famous young entrepreneurs is Mark Zuckerberg, but many people don't know that well before his time at Harvard; he invented a messaging system for his father's dental office called Zucknet. His biography outlines his early programming work as a Harvard freshman. Even while engaged in academic work, he created two computer programs and a third project that led up to Facebook.
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