4 Expert Tips To Succeed As A Young Entrepreneur

Small businesses make up 99% of all US businesses. But the vast majority of those are owned by people over 40, with just 6% of business owners between 20 and 30 years old. Young entrepreneurs face many unique challenges … lack of experience being one main challenge.

But that doesn’t mean you can’t succeed as a young entrepreneur.

At 21 years old, Caleb Coombes, founder and president of Foundation Capital Group, is proof. His entrepreneurial journey began in his teens when he gained international recognition for his teen-focused magazine FYI Teen News. He is a public speaker, mentor, and coach who soon will add “published author” to his credits. The largest obstacle he has had to overcome is his age.

Age discrimination is most common for workers over 50. In fact, 26% of older workers report age-related harassment. But on the other end of the spectrum, young people — especially Gen Z — face their own challenges. This generation entered the workforce during the pandemic. They lack real-world experience yet will represent more than a quarter of the workforce by 2025. They have a bad rap when it comes to work ethic due to strong convictions about work-life balance, which became a public health issue during the pandemic and the spotlight of conversation just as Gen Zers applied for their first jobs. This may contribute to the entrepreneurial spirit of this generation. Two-thirds of Gen Z would prefer to own their own company or work for a start-up.

A young entrepreneur can be successful — even when experience is not on their side — by adopting the right mindset. Here are four expert tips Coombes shares based on his own success:

1. Embrace discomfort.

Coombes knows that success comes when you push your boundaries and leave your comfort zone. He recommends that rather than avoiding discomfort, actively seek it. Learn to challenge yourself by tackling difficult tasks and becoming familiar with the unfamiliar.

According to psychologists, our brains often interpret discomfort as a sign we’re in too deep, or we can’t get the job done. However, embracing those levels of awkwardness or feelings of stress is part of growing. Several studies led by researchers at Cornell University and the University of Chicago report that embracing discomfort leads to better outcomes. Study participants were more engaged, motivated, persistent, and open.

2. Become a leader.

Leadership is embracing the journey. Coombes believes “you cannot expect to grow a team if you’re not growing with them.” Leadership is pivotal to business success. Strong leaders provide direction but also give employees autonomy. Leaders actively focus on engaging with their team.

Leaders also guide company growth and vision. Capable leaders are able to harness the individual skill sets of their employees to work toward a collective goal. Characteristics of effective leaders include:

• Provide a clear sense of purpose. Leaders understand the overall purpose of the organization and can articulate that to their team members.
• Promote accountability. Leaders provide a certain amount of autonomy and foster accountability. They give their employees a seat at the proverbial table.
• Encourage creativity. Creative environments foster innovative thinking and flexibility. Creativity boosts employee engagement and increases productivity.

3. Define your own success.

Success is personal. How one person defines it can be very different from another. Take time to define what success means to you. When coaching his clients, Coombes advocates that clarifying your own definition of success is the first step to achieving your goals.

Psychologists have found that societal definitions of success lead to stress and disappointment. Assigning a personal definition of success alleviates the pressures of typical examples of success. Self-efficacy is the belief in your ability to achieve a goal, i.e., succeed. People who have a strong sense of self-efficacy have a deeper interest in succeeding, a stronger interest in their activities, recover from setbacks more quickly, and view problems as opportunities.

Chasing someone else’s definition of success does not foster self-efficacy. It leads to avoidance and a belief that you’re not good enough. Defining your own success allows you to control and process the goals to get there.

4. Overcome limited beliefs.

Limited beliefs are deeply ingrained. It’s only by identifying them that you can make changes and grow. You need to analyze whether the limited belief is accurate and has merit. If it doesn’t, change your self-talk, which is much easier said than done.

That’s why Coombes lives by the motto: “Recognize limiting beliefs and challenge them.” He learned to replace limiting beliefs with empowering ones. Often, limited beliefs show up when we face obstacles. When faced with something that seems insurmountable, we tell ourselves, “I can’t do that, I’m not smart enough,” or “I don’t have the resources.” Coombes encourages learning from those setbacks. Analyze what didn’t go well, what could have been done differently, and apply those lessons in the future.

Often, age can be seen as liability, but age in itself is a limited belief many young would-be entrepreneurs have. Coombes defies these limitations. His journey exemplifies the power of mindset in conquering challenges, embracing discomfort, and defining personal success.