Business Tips For Young People: Understanding Your Resources

Picture of a few young professionals sat on couches with their laptops in front of them.

We are seeing a trend of more and more people trying their hand at entrepreneurship, with the number of young business owners almost doubling in the last decade.

With the increase of opportunities on different platforms to organically build awareness of brands, products, and services, it’s no wonder we’re seeing more young people starting up their own business

Success online, however, can boil down to native know-how, skill, or luck. That’s why before launching your business, it’s important to think about what resources you have at hand. 

This article will outline the three main resources you already have that will help you on your business journey.

Who are we?

At Hatch, we work with entrepreneurs from underrepresented communities to build smart ideas into successful, profitable, and sustainable businesses that have a positive and lasting impact.

1. Your Personal Skill-set

Often, when you’re focused on something, like getting a qualification or launching a business, you tend to forget that you have spent a lifetime, your lifetime, building a unique skill-set.

Every course, summer program and hobby you have taken have developed your personal skills.

Identify these skills by making lists or creating mind maps of the things you enjoy and are good at.

These skills may not be directly relevant to the business idea you have in mind, or the business you launch, but knowing where your skills lie will definitely be useful throughout your business journey.

Simple graphic of brown hijabi woman holding a gramaphone while sitting on a director chair with a video camera set up by her left.

Let’s say your skill is performing arts, for example. Although you may not want to launch a business tied to this skill, you will likely still use it for marketing purposes so people can engage with the personality of the brand.

2. Your Contacts

Simple graphic of different sets of friends.

Whilst it’s true that the older that you get the more contacts you have, you may be surprised by how many useful contacts you already have. Your friends and family all have their own personal skill-sets. You may even have developed certain skills together. 

In the same way that you have identified your own skill-set, start writing a list of everyone you know well along with their key skills.

By doing so, you are identifying people who can help you with different aspects of the business.

As a bonus, discussing things and exploring new ideas with your close ones can often leave you energised and inspired, which will help motivate you when starting up.

3. Your Access To Internet

Simple graphic of brown man in wheelchair on his phone.

With our newly globalised world, our access to internet has increased our opportunities to build up connections, communities, and even businesses. Use different platforms to network with people to build a database of potential mentors, consumers, and maybe even funders.

With analytic tools you can not only increase your reach and sales with the right marketing, but also soft launch different business ideas to find a product or service that hits your target consumers.

Be prepared to try a lot of different avenues to find your perfect niche, and don’t give up. Sometimes a little patience goes a long way.

The internet is also a great place to learn and fill the gaps in your knowledge. Although nobody expects you to know everything, taking the time to understand the key issues that interest or effect your key demographic will put you in a much better position to make informed decisions and increase your credibility in your field.

To start, take note of the things you feel less confident of your knowledge in, and set time aside to start your research. 

Following small business influencers and those that pertain to your niche, as well as organisations, who are likely to give you tips and inspirational content will help you formulate different ideas for a business, and once you’ve launched, continue to motivate you along the journey.

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