Why young people are choosing to start businesses


The twenty-first century is instant. A mass global market is never more than a few clicks away. People are more diversely and internationally connected than ever before, thanks to the rise of social media and everybody has a voice and a platform to shout it from. Today’s young people are surrounded by opportunities for business creation and growth.

Why young people are choosing to start businesses

This world wants innovation and who better to meet the needs of a new culture than young people? Still, the small business world remains dominated by middle-aged entrepreneurs, with around 60% of people starting small businesses falling between the ages of 40 and 60.  

But young people have a lot to offer the world and the economy, and there are plenty of personal benefits to getting into business early in life. 

Economy 

Entrepreneurs incite economic growth by responding, often much more than big companies do, to public need, usually with an innovative focus. Successful entrepreneurs create employment, support national income and provide new market opportunities. 

Flexibility

Self-employed people have the freedom to set their own schedules, which can make it much easier to accommodate family life, personal commitments and study or professional development. 

Purpose

Many young entrepreneurs are driven by a strong sense of purpose and idealism. In small business, young people can take steps to change the world, finding meaning in work.  

Things to consider when deciding whether to launch a business

Starting a business takes a lot of commitment and hard work, but it can also be very rewarding, both personally and financially. If you’re a young person thinking about launching a new business, there are a few questions you should ask yourself.  

Do you care about your business idea? 

A lot of time, money and energy will go into making your business a success, so it’s important that you believe in what you’re doing. Will your passion survive the challenges you’re likely to face as a new entrepreneur? 

Can you commit and work hard? 

The rewards come later! Will you have the enthusiasm, drive and persistence to commit to your business in its fledgling early days? Most small business owners work much longer hours than the typical nine to five, sometimes even working on holidays. 

Think about your current circumstances—your financial wellbeing, your family dynamic, other commitments and responsibilities—and ask yourself whether you have enough resources to dedicate to making your business a success. 

Do you have the confidence you’ll need? 

Entrepreneurship is hard! Thankless work, unpaid invoices, bad reviews and quiet periods are all likely to knock your self-esteem, and you’ll need to pick yourself back up quickly in order to continue work. Small business owners need to be able to market themselves effectively, which means that they have to believe in the value of what they do or offer. Do you have the confidence to believe you’ve got what it takes? 

Are you an innovator?

There are thousands of small businesses out there, so what will set yours apart? As an entrepreneur, you’ll need to be able to think outside the box and generate new marketing, product and service ideas that make your business unique, important and in-demand. 

Steps to becoming a young entrepreneur 

Focus and define 

As a hopeful young entrepreneur, chances are you’ve got hundreds of ideas, but it’s important to choose just one or two to focus on. Think about your passion and your purpose. Why do you want to start this business? Ask yourself where the gaps in the market appear and what you could do to fill them. Choosing a niche is an important step in establishing a brand personality and an ideal customer. 

Now, define your business’s value. What will you offer? How? To whom? The more clarity you have on your business, the better potential colleagues and customers will understand it, and the more likely it is to grow. 

Learn and build credibility

One of the biggest challenges young entrepreneurs face is a lack of perceived credibility—older customers sometimes have trouble trusting young business people. The key to defying expectations is professional development. Read books, watch lectures and take classes in your niche and in entrepreneurship. 

Learning will help you run your business more effectively, and it will also help your customers to view you as an educated professional, even a specialist in your niche. 

Set goals and create a plan 

Successful businesses are fuelled by clever, actionable goals. Decide what your short-term and long-term business goals will be, and decide how you’ll measure success (inquiries, sales or brand awareness?). 

When you know what you want to achieve, start to create a plan for how to get there. Your business plan should include simple, actionable steps, and it should be flexible to accommodate changes in goals and/or business model. 

Network

Everyone you meet is a potential colleague or customer. Talk to people in and out of your business niche. Learn from others’ mistakes and successes, and keep an eye out for collaboration opportunities. As you grow, you might even look to your communities for outsourcing work. 

There are plenty of great young entrepreneur networking communities and opportunities. Try:

– Young Entrepreneur Society Global

– Young Entrepreneurs Project

– Ye! Community

Explore grant, fellowship and funding options. Governments and local organizations often run initiatives to support young people in business. 

Know your market and market to it

In business, your market is everything. Get to know your ideal buyer. Who are they? Where do they look for products or services? Be aware of changing market trends and interests, and conduct market research if needed. 

Use your knowledge of your market to tailor your marketing and advertising strategies. Target your audience in their spaces, and use branding that’s likely to speak to your ideal customer.  

Have systems in place 

Particularly in the early days of entrepreneurship, it can be easy to become overwhelmed. Avoid confusion and lost work by creating functional systems for time management, finance and deliverables. Create easy to read schedules and communicate effectively with customers and/or staff. 

Delegate when you can and devise strategies for keeping track of income, expenditure and tax. Stick to a to-do list, and make sure to keep it up to date so that you don’t end up with incomplete jobs and unhappy customers.  

You might like to use some of the following tools: 

Trello (project management)

tawk.to (communication)

YouNeedABudget.com (finance)

ScheduleOnce (calendar management) 

Planoly (social media content management)

Mailchimp (email marketing)

Google Drive/Docs (file sharing)

LinkedIn (networking)

Young entrepreneurship is equal parts difficult and rewarding. With drive, determination, commitment and hard work, it’s possible to create a great income, flexible work, a successful business and maybe even a better world.

2020 VISION – Retail’s Big Show

New York’s Javit’s Center was filled with retail’s most influential leaders and experts for the annual National Retail Federation’s NRF Retail Big Show 2020 Vision. 

Defying the notion that today’s consumer industry doesn’t have any room for physical retail anymore, the event was teeming with startup founders, tech innovators, e-commerce executives and retail advocates who shared their insights during keynote speeches and fireside chats in front of a record 40,000 attendees in the event hall.

Here are the best takeaways from the country’s largest retail summit.

Don’t discount physical retail

Erik Nordstrom, co-president at Nordstrom, shared that while there are many industry insiders seeking to continue to innovate in terms of building business models for customer channels, he doesn’t think that his company is going on the same route.

For Erik, while more than 50 percent of his shoe company’s sales come from online transactions, still, almost a third of their online sales have something to do with their physical outlets. While he doesn’t undermine the value of looking into sales per channel, he noticed that no customer inquiries about their channels at all. Because of this, he believes that it’s difficult to capture the true essence of retail just by betting on online operations.

Nordstrom has gone from a typical shoe store to an innovative retailer. Erik states that they transformed their Manhattan outlet into an experiential store where they set up a bar in the shoe department so they could offer food and beverage to shoppers. 

The result? He claims that consumers are having a lot of fun sitting on a couch and trying on a new pair of moccasins while holding a drink.

Steve Dennis, the founder of SageBerry Consulting, agrees. His data tells us that there is more dollar growth (in terms of revenue) in physical retail compared to e-commerce operations as Amazon has gained $20 billion from becoming a physical retailer.

The danger that he foresees, however, lies in retailers offering the same type of services and products without considering the necessity of becoming remarkable in an industry saturated with retailers doing the same “boring” stuff. He challenges them to find ways their customers will be inspired to tell the company’s stories to other buyers.

Retailers have to adapt to tech changes

The importance of embracing tech in this fast-paced consumer-driven market was emphasized by Microsoft CEO Satya Nadella. According to Satya, 75 percent of physical shoppers begin their journey online. Tech has brought a lot of changes in retail experiences as evidenced by such consumer behavior.

Satya warns that most enterprises, however, are too excited to invest in the latest technologies but fail on building their capability. This only results in a waste of money, especially when retailers have valuable data but never gather insights from these numbers.

So, by building what he calls “tech intensity,” a retailer should not only adopt tech but also develop its capability by taking a lead in terms of harnessing what’s available to deliver what customers truly need.

Consumers expect more from retailers

For BJ’s Wholesale Club CEO Christopher Baldwin, customers are more demanding these days not only in terms of speed of delivery but also in areas such as access to products and better convenience when shopping. 

As retailers continue to fulfill their needs, consumers expect even more from them and retailers have no choice but to look for ways to fulfill it, otherwise, the competition will take their share of the pie.

The challenge doesn’t end there. According to DemandTec president Cheryl Sullivan, consumers are more unpredictable these days so retailers have to be more dynamic not only in promotions but also in terms of retail pricing. 

Science-based tools that deliver optimal pricing and best options on which products to markdown have gone to great lengths in terms of leveraging new innovations and shopper data using artificial intelligence (AI), for example.

As Walmart U.S. CEO John Furner opined, “Never say you have the answer and we’ve figured it out, because our customers are always changing. Regardless of how well you think you’re doing…there will be much more to do.”

Employees play a critical role

It’s not just technology that retailers have to invest in. Continuing his keynote, John Furner wants retailers to be inspired by how his hypermarket chain has empowered employees to become retail’s most valued connection to customers. 

By ensuring more training for their staff, better control over their working schedules and, of course, improving employee pay (up to $8 an hour for team leaders), the company has noticed an improvement in customer service as well as lower turnover rates.

He also noted how big changes in retail are happening. Five years ago, Walmart didn’t have a pickup business section where shoppers can choose online and then collect their goods from the store. This has opened doors for more staff to be employed at Walmart and to get their careers on the same path aligned with how the future of retail is evolving. 

John emphasized that this wouldn’t have happened had it not invested in training and developing the skills of his employees.

At the end of his talk, he reiterated the value that businesses play in society, “The role of the corporation has changed. It’s no longer only to build shareholder value. The role of the corporation is to build social and shared value for employees, customers, and shareholders.”

Customer-first strategy dominates the market

BJ’s Wholesale Club CEO Christopher Baldwin capped his keynote by highlighting his company’s customer research findings. According to the outgoing NRF head, 83 percent of customers prioritize convenience over other factors that make their shopping experience worthwhile. 

He interprets this as a strong indicator that consumers are now more powerful compared to five years ago, especially now that even the largest retailers are keen on competing for consumer satisfaction (such as improving delivery speeds at almost no cost to the buyer).

Christopher challenges enterprises to think of ways where it can deliver personalization at scale using new technologies that accord consumers with even more control and power. While online and physical retail has evolved into offering more production options and assisting them with their options, this is just the beginning of a revolution where they gain more power.

Transparency leads to authentic connections

A big part of defining a customer-centric mindset is to build real relationships with consumers, especially your loyal followers. For subscription service clothing rental company CEO Jennifer Hyman, it has had to pioneer a hundred percent of logistics for its physical goods. 

After making headlines in 2019 when it didn’t measure up to delivering customer’s dresses and had to take a step backward when taking new orders, the CEO faced a consumer backlash. The supply chain was in shambles when it had a hard time meeting customer expectations.

“The last ten years for us has been constantly pioneering new ground as it relates to what the experience of access will be for our customers. I think in doing that when you’re starting something new and every problem you’re solving in logistics is one that you’re solving from scratch, inevitably, it’s not always going to be perfect” she admitted.

As it ran on delayed shipments, the company took the decision to be entirely transparent to its customers as to what and why it was happening. 

By being upfront and explaining that the mishap was a result of short-term problems involving their investments, the company fostered more loyalty among the company’s customer base according to Jennifer.

“Rent the Runway as an innovator is never going to be perfect…But what we are promising is transparency and commitment to always do the right thing on behalf of our customers.”

24/7 Online & Offline Support

Currently we offer 24/7 Chat & Email support and soon coming spring 2020 we will also test and implement 24/7 phone support!

Overview

Live chat has proven to increase leads, inquiries and overall customer satisfaction – but often, the biggest challenge businesses face is how to hire staff to ensure you’re always online when your customers need you. 

In an increasingly 24×7 world, your website doesn’t close – so customers expect someone to be there when they have a question.

Just $1/hourPay as little as $1 per hour for PRO, heavily trained agents. Our rates simply can’t be beat!

Real HumansNo bots with thoughtless answers. We only hire real humans, trained to be customer service experts.

Better LeadsHighly qualified leads – That’s what our expert agents can deliver, resulting in better Advertising ROI.

24/7 – 365We don’t ever close, which means your customers get great service, every single day of the year.

Native SpeakersEnglish? Italian? German? French? Spanish? Our team of native speakers, speak your customers langauage.

CRM IntegrationsYou have full access to chat history in real time, and we can integrate with any existing CRM API.

FAQs

How does the Hire Live Agents add-on work?

Prior to allocating Live Agents to your project, we undertake a full audit of your requirements & any systems or processes we need to put in place to ensure we best represent you and your company. 

We have developed a process to help us collate all the information agents will need to answer the queries of your website’s visitors correctly and efficiently; please do take some time to go through the questions and provide detailed answers to each. The more information we have, the better equipped we will be to service your website visitors.

Why should I hire MSC agents to answer chats from my website?

Many businesses don’t have the staff available to have a real live person ready and available to answer incoming chats at all hours of the day. When you hire our team of highly trained chat agents your visitors will be able to chat live with a real live person when you or your staff are unavailable. You can have our agents answer all incoming chats or use our agents only when your staff is unavailable to answer. You set the schedule and we follow it!

What is the pricing for hiring live chat agents?

  • $1 an hour – 24X7-365 (168 hours a week) – $728/month 
  • $1.10 an hour – Evenings and Weekends (128 hr/ week) – $610/month 
  • $1.50 an hour – Double-Shift (80 hours a week) – $520/month
  • $2.20 an hour – Full-time (40 hours a week) – $380/month 
  • $3.00 an hour – Part-time (10 hours a week) – $129/month

Custom Smell Proof Backpacks

CUSTOM SMELL PROOF BAGS

These smell proof bags can be customized, color, logos, patches, or whatever your mind can think of. Stop Paying $50-100 per bag, or even $150 when you can buy wholesale samples or even make your own brand.

One common problem we all faced when it came to hiding stash, dog treats, spices, herbs, or any other dry goods was scent leakage.

While we could use some DIY quick rounds to hide them from the eyes of friends or dogs, their smell was something hard to suppress. Especially, if you keep them in a place like a parked car or home.

We also realized that this isn’t a problem our team is facing alone, but thousands of individuals would also be interested in a fool-proof solution.

With that in mind, we searched for solutions and found that “smell proof bags or containers” happen to be the most convenient way to hide stash and protect smell from leaking out.



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Free Web Hosting for New partners!

We are now extending our free web hosting to new members with limits of course like anything else there is restrictions. One or two pages, or even 5 pages is OK. However unless your open to a partnerships, we must make this offer limited as it is free for 2020 to expand and network with other like minded business members. Mainsupplychain and Mainchainsupply is now offering this worldwide to business members. To register please email Business@ either domain.com (mainsupplychain.com) or (mainchainsupply.com)

Also yes we could make a link, however to prevent spam as well as limit the offer. It makes it available to those who have the time, motivation and drive for the membership, free pages, and partnership opportunity we are offering.

Write Your Own (WYO) COMPANY

MAIN SUPPLY CHAIN WILL HOST, SPONSOR AND SUPPORT THE NEW DOMAIN (WYO)COMPANY.COM
WRITE YOUR OWN COMPANY WITH THERE HELP! NO COST! ALL FOR THE NEW SMALL BUSINESS OWNERS LOOKING TO START A NEW LLC, INC OR NON PROFIT COMPANY.

ALSO YOU CAN CONSIDER PURCHASING A SHELF COMPANY DATED BACK AS FAR AS 2006 FOR MANY GOOD REASONS.

THERE NEW DOMAIN WILL BE LIVE BY MID JUNE!

THIS IS A PARTNERSHIP AS ANY CLIENTS WHO THEY HELP, WILL ALSO HAVE THE OPPORTUNITY FOR FREE HOSTING SERVICES.