How to Build a Successful Business as a Young Entrepreneur

Keep it simple.

  1. Identify a problem, challenge or need

  2. Develop a product/service that solves the problem, overcomes the challenge, or fulfils the need

  3. Sell it to the people who need it most at a price that they can afford (is comparable to the cost of the suffering) and that gives you a good profit margin

That’s it.


Obviously this is an over-simplified version and we could go into a lot more depth, but it’s important to start from a simple base and build complexity in your strategy as your confidence and competence grow.


The main thing is taking the time to do your market research (this is where I see so many of my business owner clients fail) - really identify a meaningful problem you can solve, get to know your target audience better than you know your own mother, and develop a world class product/service that capitalises on your competitors weaknesses and blind spots whilst also building on and improving the things they’re doing well.


Find a gap. Uncover some tension. Fill the void.


We have tonnes of articles that go much deeper into the strategies and concepts you need to know and implement in your business in order for it to be a successful, but I cannot overstate how important it is to never lose sight of the simple framework outlined above.


If what you're doing doesn't feed into one of these 3 steps, it's probably a waste of time and isn't going to get you the results you're looking for.


Building successful business roadmaps for new businesses, and coaching new entrepreneurs is what we do, so why not get in touch and book a free 20 minute strategy session? You've got nothing to lose, and you never know - you might just find that having an experienced business coach in your corner is the missing piece of the puzzle that will help you accelerate your results beyond your wildest dreams.


Already got a business that's doing over £100k in revenue? Check out our Business Health Check scorecard and discover proven strategies for accelerating your business growth, increasing your profits, and reducing your headaches so you can sleep more peacefully!



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