Most 20-year-olds spend their time hanging out with friends, going to college classes, working, or even starting a side hustle that will eventually grow into a full-time business. If you are looking for how to become an entrepreneur at 20, this is the article for you.
At 20, you are just entering your adult life, and are finding that there are so many possibilities that adulthood offers.
You could spend all your time working a 9 to 5, putting money away in a retirement account, and retire at 65. You could go to college and try to get a better-paying job.
Both are good ways to make money and slowly save so you can retire and finally enjoy yourself later in life.
But what if you do not want to take the traditional route? What if you wanted to take the entrepreneurial route for a chance at being your own boss and working when and wherever you want.
You can become an entrepreneur at 20 by planning everything out, spending less time partying, and finding a group of business friends. Keeping your business expenses separate, removing distractions, and focusing on one thing at a time are also important tips for those looking to become an entrepreneur at 20.
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7 Tips For Becoming An Entrepreneur At 20
Here are 7 tips for how to become an entrepreneur at 20.
1. Less Partying
First things first, less partying does not mean any partying. Itâ€™s fine to go out every once in a while. Perhaps you are celebrating your friendâ€™s birthday and just want to have a good time.
But partying becomes a problem when you start spending more time going out and getting distracted than actually working on bettering yourself and growing your business.
Becoming an entrepreneur at 20 takes a ton of time. Those who say that you can just â€˜get rich quickâ€™ overnight are not telling the truth.
There are many different parts to becoming an entrepreneur. Especially if you are planning on running a business by yourself.
Imagine you wanted to start a dropshipping business and plan to start selling a product online.
You will need to spend time researching various products to find the right one (SaleHoo can help you out with that) and create your businessâ€™s website.
Learning how to market your product correctly is another skill you will need to obtain. Understanding how to improve your productâ€™s conversion rate is also important.
This all might seem like a lot to start learning. These examples are specific to dropshipping. However, every online business has many aspects to it.
Spending less time partying as a 20-year-old is needed so you can free up more time in your schedule to learn valuable skills that will help you become a better entrepreneur overall.
Having a system in place so you know what to do and when to do it is important for every entrepreneur.
Schools do a good job at this. You have to be in class at a certain time and usually need to turn in work at a specific date. The same is just as important when becoming an entrepreneur.
Your plan by no means needs to be super complex either. It can be as simple as creating short and long-term goals with tasks that you need to do to obtain those goals.
If your goal was to start your own business and make a full-time living after one year, this is entirely possible. You just need to have an idea of the tasks that need to be completed to achieve your goal.
Creating a website for your business should be your first priority. It does not matter what type of business you have, starting a website is one hundred percent needed.
It shows others that you are serious about becoming an entrepreneur and creates a sense of professionalism around your business.
The next thing to focus on would be content creation and promotion. This might be in the form of social media marketing or mean starting a blog for your business.
Creating a plan holds you accountable and helps you feel like there is structure to running your own business and being an entrepreneur.
That is something many entrepreneurs struggle with; having a structured schedule. When you can work wherever and whenever you want, itâ€™s easy to get distracted. Planning everything out will help with this.
3. Find Business Friends
Finding business friends is another important part of becoming an entrepreneur. Itâ€™s important to surround yourself with like-minded people who can support you along your entrepreneurial journey.
Many entrepreneurs, especially young entrepreneurs, often hear the same piece of advice over and over again; go to college, get a job.
Those who were born into a generation where getting a job is as simple as graduating high school might not understand that the job market has changed.
We now live in a â€˜gig-economyâ€™ where starting a side hustle is often a safer option than working a 9 to 5.
This is why entrepreneurship is being the new normal. No one wants to work forty hours a week at some dead-end job that might fire you at any moment.
Becoming an entrepreneur at 20 years old might seem like a crazy idea to some. However, every day more 20-year-oldâ€™s are taking the leap of faith and pursuing their dreams.
Finding business-minded friends who have similar aspirations to yourself is very much necessary.
You do not have to find these people right away either. What will most likely end up happening is you will naturally find them after you start growing your business.
4. Keep Business Expenses Separate
A long-standing rule for business owners is to always keep your business expenses separate from your personal expenses. You will end up saving a ton of time and money doing so.
The simplest way to keep your business expenses separate is by just creating separate accounts. This will help make it much easier to figure out which expenses were personal and which were for the business.
If you are planning on starting your own business, I highly recommend checking out FreshBooks.
FreshBooks is an online accounting and invoicing software that is designed for small to medium-sized businesses.
It is super easy to get started with FreshBooks. They even offer a free trial. If you are serious about becoming an entrepreneur, FreshBooks will definitely be an asset to your business.
5. Be Determined
If you want to become an entrepreneur at 20, you need to be extremely determined. There are going to be ups and downs, good days and bad days.
But the reward of becoming an entrepreneur is so worth it. Being able to work from anywhere in the world, whenever you want is truly a gift.
Some businesses can even be scaled to the point where they generate one hundred percent passive income.
If you stay determined and continue to put in the work, you will see success as an entrepreneur.
6. Focus On One Thing At A Time
Focusing on one thing at a time is another important tip for becoming an entrepreneur at 20. There are a lot of distractions nowadays, our phones being one of the biggest ones.
Many tasks arise when you start your own business, all of which may seem like they need to be completed immediately. Trying to do too many things at once will often lead to getting very little accomplished overall.
The best way to go about this is to make a list of everything you need to do and only focus on one task at a time.
If you need to post on Instagram, focus on only that one task until it is completed.
By focusing on one thing at a time you will start to manage your time better. You will find that you end up spending less time on busywork, and more time on work that is important.
7. Remove Distractions
Removing distractions is another big part of managing your time better as a 20-year-old entrepreneur. This could be as simple as muting your phone while you work.
Have the goal in mind to only focus on the work at hand and nothing else. If you find you keep on getting distracted by something, remove it until all your work is finished.
By removing unnecessary distractions, you will be a more efficient worker. This is especially important if you are the only one putting in work for your business.
Entrepreneurs get out what they put in. The more time and effort you put into your business, the more you will get out of it.
Anyone can become an entrepreneur at 20. Thanks to social media and the internet, it is easier now more than ever before to make money online and start your own business.
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