Young entrepreneurs create lasting wealth

My answer is always the same: “Start when it feels right.? Do you have a unique idea? If you have and you are willing to apply yourself, most things are possible.

I started my first business a month before my 15th birthday and 45 years later I’m still here, encouraging a new generation to take a risk and go for it.

Yes, you will make mistakes, but as long as you learn from them they will become part of the reason for future successes. Being young gives one an advantage because perhaps his or her commitments are less in terms of family and finances.

I always say, ?Don’t be put off your dream by the moaners and negative thinkers. If you believe in yourself you can achieve for yourself.? It really is as simple as that. Use failure as a stepping stone to success not as a reason for giving up.

Although a formal education isn’t necessary for business success, knowledge is. Knowledge of anything that relates to your idea or concept is essential if you are to survive, prosper and grow your business.

Be prepared to put the hours in and be strong enough to refuse that offer to go down the pub with your mates when you know you should really be finishing something vital to your business.

Being disappointed is as important as educating yourself in all aspects of your business.

One thing that is unavoidable is learning sales and marketing techniques. Without sales you do not have a business so learn everything you can about this aspect.

Book keeping is also a vital element for survival, not just because you will need to account to the authorities for tax calculation but also so that you know where you are and whether you are likely to run out of money.

My advice to any young aspiring entrepreneur from any walk of life is that it is definitely possible to make all your dreams come true. However, before you can buy that Ferrari or mega yacht you have to create the money to do it. That means applying yourself.

In my opinion it?s a matter of, “Doing more than you are paid for today so that tomorrow you get paid for more than you do.?

Anything is possible and most things are probable if you work at them and won’t take no for an answer. Talent is important of course but with anything in life success is usually a mixture of work, talent and application.

With the right mindset and huge determination, overcoming obstacles becomes easier. There are many examples of people who have overcome unbelievable odds to triumph in every area of life, sport, politics, and business so my message to young aspiring entrepreneurs is go for it. Focus on your dream, apply yourself to acquiring the knowledge as you develop your business but go for it anyway.

Stephen Fear DBA is Chairman of Fear Group and British Library?s Entrepreneur in Residence

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