Keys to Success Young Entrepreneurs

3 Keys to Success for Young Entrepreneurs

by Nicholas Tart on December 14, 2011 · 58 comments

This three-step process is the foundation of everything I do.

When I write, when I speak, and when I teach classes, I start with these three keys.

If you want to be successful, or encourage others to be successful, you need to unlock your potential with these three keys to success (corny, I know, but I couldn’t pass on the pun).

1st Key to Success: Inspiration

Before you do anything, ANYTHING, you need to be inspired to do it.

So, how do you get inspired? Lots of ways. Here are my favorites:

  • Read stories of other successful young entrepreneurs.
  • Watch motivational movies and entrepreneurial TED Talks.
  • Drive through a rich neighborhood and imagine what it’d be like to own one of those houses.
  • Drive through a big city and imagine what it’d be like to own one of those skyscrapers.
  • Look at the world’s problems and ask yourself, “Why am I not spending my time trying to solve them?”

One major problem with entrepreneurial education, and education in general, is that they skip this step. They don’t understand that before we want to learn something, we need to be inspired to learn it.

2nd Key to Success: Know-How

Now that you’re inspired, you need to know how you’re going to become successful.

You need to figure out two things:

  1. What do you want to do?
    Start with a product, service, or problem that you’re passionate about. I know, “start with your passion” is totally cliché. But when those I-don’t-want-to-get-out-of-bed days come, it’s going to be nearly impossible to motivate yourself to work on something that you’re not passionate about.
  2. How are you going to do it?
    Learn, learn, learn, and learn some more. Every entrepreneur will attribute part of their success to their love of learning. Frankly, the best way to learn is to do. So your next step is to sell. If you start by selling, you’ll know exactly what to provide or create.

Once you know how you’re going to become successful, it’s only a matter of getting it done. Harder than it sounds. Hence, the third key.

3rd Key to Success: Support

As an entrepreneur, there are going to be days when you doubt the very purpose of your existence.

To get through those days, you need a group of people to constantly encourage you and hold you accountable when you “just don’t feel like it.”

Where do you find a support system?

  • Friends
    Since I enjoy entrepreneurship, I naturally gravitate towards other entrepreneurs. Over the past three years I’ve built up a sturdy group of entrepreneurial friends, including the people I live with.
  • Parents
    Perhaps nobody has more influence over your life than your parents. If they don’t support your entrepreneurial musings, you need to tell them how important it is to have their support.
  • Teachers and Professors
    If you’re in school, find a teacher or professor who you can go to to ask questions that are more important than the subjects they teach.
  • Mentors
    Find someone who is doing what you want to do and ask if they’ll mentor you through becoming successful.
  • Other Entrepreneurs
    Going back to inspiration, read up on other entrepreneurs to remind yoursel that success never comes easy. You don’t necessarily have to know someone for their thoughts and advice to support you.

How to Use the 3 Keys to Success

Like I said, these three tools are the foundation of everything I do.

  • Blogging
    Inspire through blog posts > show how with inexpensive products > support through more expensive mentoring and training programs (coming soon).
  • Teaching
    Inspire through success stories > show how with step-by-step advice > support by making them do it.
  • Speaking
    Inspire with personal stories > show how through specific advice > support by giving them the slides or selling the books.
  • Sales Meetings
    Inspire with the benefits > show them how it’ll work > support them by handling their objections.

Got it? Good.

Are there any other keys to success? Can you think of anything else that these three keys don’t cover? Let me know. You know where.

Post image by: Julienne!

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