4 Things to Keep in Mind for Budding Entrepreneurs

(NC) Many of us have fond childhood memories of running a lemonade stand or making money at a bake sale. But for some people, the entrepreneurial spirit doesn’t end there.

There’s a lot that kids and teens can do to embrace their entrepreneurial spirit from an early age. Megha Sharma, co-founder and head of technology at Mydoh shares some tips to help budding entrepreneurs turn their dreams into successful businesses:

Identify a problem and offer a solution
Entrepreneurs are often asking the big “what if?” questions and developing new ideas. When you begin your journey as an entrepreneur, it’s important to identify one problem, so you can solve it and tailor that solution to the needs of the many people who are facing that issue.

Remember adaptability and agility
As an entrepreneur, the ability to show flexibility in the face of changing circumstances, market shifts or other uncertainties allows you to respond and adapt to meet new market needs. These are core skills for any developing or established business owner. When thinking about adaptability and agility, it’s important to remember these as essential tools while developing your skills.

Focus on the big picture
From time to time, everyone can get “lost in the weeds.” However, the bigger picture – that big goal you want to achieve or the problem you are trying to solve – is what you need to remind yourself of. This bird’s-eye view ensures you don’t lose sight of your priorities.

Brush up on money management
Financial know-how is of utmost importance for any business. When starting out, keep a log or spreadsheet of all money habits and expenses – even if you’re working in loonies and toonies to start. Another important tip for young entrepreneurs is that you won’t necessarily start making money right off the bat; start-ups require time and patience to succeed.