25 Stellar Tips from the UK-based Entrepreneur Stephen Jay

It is impressive to see how often young people aspire to take the stage. With their innovation, dedication, and hard work, young adults and teens are pushing the world harder than ever. They have new ideas, new concepts, abilities, skills, efficiency, and passion.

So, if you are a young individual, hoping to make a difference in the world through your entrepreneurial skills, this list is for you, which includes success tips for young entrepreneurs and can guide them on the right path. And no, you don’t have to be of legal age to read these tips.

We reached out to a young entrepreneur Stephen Jay, whose surreal rise as an entrepreneur and music artist is well revered. Jay has transformed the VIP concierge environment with his venture, VIP Vegas UK, a VIP concierge company that attracts a vast portfolio of star-studded customers.

The company’s services and reputation have accounted for Jay’s prowess as an entrepreneur, who diligently brought his expertise and management skills into setting up a vast business empire. Some of his customers include Alex Oxlade-Chamberlain, Carl Jenkinson, Yanick Bolasie, Jermaine Beckford, Chloe Lewis, Lydia Bright, and many more.

Follow Jay on social media to stay connected for exclusive highlights of his life and career (@steviejayuk).

Here is the list of 25 tips for young entrepreneurs that you cannot ignore

1. Get inspired

If you are an entrepreneur at heart, keep your ideas on it, but if you don’t know where to start, you should look for inspiration. Often, many young entrepreneurs fail to follow through on their aspirations because they think they are too young. However, that is somewhat wrong. Age does not set business or leadership skills.

2. Have a calendar for announcements

have a regulated schedule. If you go to school or college, starting a business can be difficult. And that’s the main reason why you should have a controlled schedule. The creation, development, and marketing of a business require a lot of dedication, and this would not be possible if it is not constant throughout.

3. Have a specific weekly and monthly goals.

Do you have a business idea? Great!

Have you put it into practice? Even better!

But now, what’s next? There are millions of things you can do to improve your business. But you can’t do them all at once. That is the reason why you need to create goals. “this week, we will implement an online marketing plan,” or “at the end of next month, we will have another small investor on board.”

Developing objectives that help you create a vision for your business and provide you with the opportunity to accomplish great things fairly quickly.

4. Have a plan, but be flexible with it.

Planning is essential. It is necessary to plan how the tasks will be carried out, what projects you have to manage, how the market should be tested, etc. However, make sure that you are flexible with such plans. Having a great and vigorous plan is great, but sometimes it will have some impediments. Therefore, be flexible in accepting and recommending changes.

5. Be passionate.

It is not a strategy. But being passionate is important if you want to succeed in your business dreams. Make sure you do the things that matter to him.

6. Know your skills.

We know you are passionate. But passion can only be fueled by your abilities. Not all young entrepreneurs are suitable for all types of business. Therefore, you need to know what skill set you to have and act on them. For example, you could be a great coach but be horrible in finances.

Therefore, you may want to hire someone for that. Similarly, it could be good at marketing, but bad in technology. Therefore, you can market the product yourself during the initial stages, but you will need to hire someone with extensive technology experience.

7. Know your customer

You know what product you want to sell. But do you know who is going to buy it? You must know who your customer or the end-user who will buy the product will be. You will have to think like a customer, what they want, or don’t want about a presentation or what they would like in a product. This will help you offer the right kind of solutions.

8. Accept your customers.

You are new to the business, and you want to settle in. Therefore, be sure to welcome your customers. Regardless of technology, products, or services, no company can ever truly succeed if the entrepreneur does not accept and respect customers or consumers. Interactions should be encouraging, via phone, fax, email, and mail.

9. Challenge yourself.

Do you want a successful idea for entrepreneurs?

Well, we won’t give it to you. Rather we want you to challenge yourself to find it on your own. The best way to achieve success is to challenge yourself, and finding ideas for success on your own will help you be better. The challenges are the greatest motivating factor for an entrepreneur.

10. Take calculated risks.

You may not have the necessary capital for your business. But you can’t spend your parents’ money without knowing the risks behind the business. If you are between the ages of 12 and 20, you need to take calculated risks. Understanding income, considering profit, evaluating the market, testing your product, and analyzing everything before taking any risk.

11. Believe in yourself.

In the American industry, Henry Ford once suggested that “people must believe in their ability to succeed.” According to him, this simple belief can guide them through the paths of success. Otherwise, as a young entrepreneur, they will continue to create and make excuses for their failure.

12. Learn from mistakes.

This is very important for young entrepreneurs. Instead of making excuses like “you don’t have the capital” or “the marketing budget was too low” or “you don’t have an efficient one,” learn from your mistakes. For example, perhaps you did not allocate capital efficiently, or your group needs to be trained for the job. Acknowledging your mistake and rectifying it is the key to success.

13. Trade through multiple channels.

Young entrepreneurs generally do not fail because they had a bad product or poor technology, but because they do not market it. Marketing is one of the most ignored fields. And entrepreneurs pay the price for this ignorance.

Therefore, be sure to market your product. Also, remember that using a unique advertising strategy or simply a social media website will not work. Instead, have different marketing plans, and remember to use multiple channels and the network effect for yourself.

14. Make a plan for raising capital.

In this competitive market, you must have investors at your disposal.

15. Take a market test.

Once the client is known, the ideal would be to test the market. This is a great way to spread the word about your product, customer understanding and get feedback. Test customer feedback can be incorporated into the product to make it easy to use.

16. Understand the industry.

This is very crucial to the success of a business. Don’t get into the game you don’t understand, even if there are other people making money. You must truly understand the industry, especially the big ones, and finally, know how it can be crushed or discouraged in business. Only then can you begin your search for the success of your business.

17. Get paid for what you worked for.

Of course, its price must be competitive. But it should not be so low that customers don’t take it seriously. At the same time, it should not be too expensive. Therefore, develop price tables intelligently.

18. Never sacrifice quality

You are going to get clients, but the important thing is to keep them. This can only be done if the quality of the product is never sacrificed. Also, no one will pay an amount for your services if they are not worthy of the expense.

19. Manage your energy.

Instead of working 50 hours a week, manage your energy, and work smart. Assign jobs in priority order, use a deadline, and manage everything that has to be done.

20. Reduce overhead.

Lack of flow is an issue that discourages young entrepreneurs from trying to stay in business. So make sure you have a good budget and keep your budget downhill. It is difficult to do so, but it should still be considered. For example, you can reduce office space, rent, employee hiring, technology, and other related costs.

21. Build a team.

You cannot be a young and successful entrepreneur if you do not have a team to support you. Therefore, build a moment where you are passionate about your work. When looking to hire people, look at character and values ​​rather than just looking for skills

22. Understand that you can fail.

Every entrepreneur, young or old, gets its share of failures and successes. You are no different. Knowing that an error will sometimes occur is the key to being cautious and ensuring the weight of the pros and cons of a professional situation. At the same time, you must remember that failure will help you succeed.

23. Don’t just think about your portfolio.

Entrepreneurs want to earn money. But not everything should be about your portfolio and its benefits. You should see how your product can make a difference in people’s lives. If you are right about that, the result will be many benefits. But if you only focus on money, you’re going to end up losing your customers.

24. Give more of yourself.

Do you want to attract attention to your industry?

Next, make sure that you deliver more than customers can expect. This is a great way to build a loyal customer base.

25. Be the driver.

Imagine that your business is a vehicle, and all the employees sit in it. Although they can guide you on how the car should be used and driven, you will steer the wheel. So, take control. Remember that you are responsible, but ultimately you are the driver. Don’t think of your age as a barrier. Instead, think of it as the way to win!