WSJ:Young Entreprenuers Face Bigger Challenges

Interesting advice I found on the net that may help if you are trying to get your business together...via Evan Carmichael Youngentrepreneur.com

The Wall Street Journal put out a story recently on how young entrepreneurs face greater challenges than their older counterparts when they are starting a new business.

The article mentions that with the success of YouTube and other dot come ventures, young entrepreneurs are flocking to get their own companies started but they are strapped for cash and often don’t have the financial stamina to succeed. According to one young entrepreneur they interviewed, “the most difficult challenge is convincing people that you’re savvy enough to do something even at a young age.”

They offer five suggestions for how young entrepreneurs can successfully pitch investors, partners, and customers to get them to believe in your idea and give you the money you need to succeed.

1. Be persistent - “Persistence does work,” says Ms. Darrah, 28, co-founder of Treesje, a handbag and accessory company in Los Angeles. “We wanted to be in Bloomingdales since the very beginning, but got the brush off for the first two years of business. They finally got back with us last year, and now our bags are in Bloomingdales.”

2. Partner up - For young entrepreneurs with no track record of success, the right connection can mean the difference between being in business or not. Unfortunately, most young entrepreneurs lack these all-important relationships. It can help to find a partner that does.

3. Hire the connections - If a partner isn’t readily available, another option is to hire a professional that does. A business consultant, marketing expert or publicist can bring a Rolodex of contacts that a young entrepreneur might not have.

4. Stand out from the crowd - “I think the main problem was getting people to take me seriously since I was so young when I started,” says Tina Wells, who started Buzz Marketing Group, a youth-focused marketing-services company, at the age of 16. “Be willing to take risks in your work,” she says. “For instance, Buzz Marketing published a report that said that college students did not think downloading was illegal, and they were not going to stop. This got a lot of attention for us.”

5. Launch it anyway - “If you’re young and have a great idea for a company or product, you probably won’t get far in pitching an idea that is just on paper to a large company or investor,” says Carlos Barrionuevo, director of business development at NPR (National Public Radio). “Set a vision for what it could be, and do as much as you can on your own. Demonstrate some amount of success. Even if it’s in a small way, others can see where it’s going.”

What have you done to convince investors, partners, or customers to believe in you despite not having a track record behind you?

Evan Carmichael