Young Entrepreneurs Small Business Start Up Guide

Author: Tim Ng

If you were to have a group of twenty your entrepreneurs take a personality test you would probably get surprisingly similar results. Beyond the typical type A personality, young entrepreneurs have many of the same inherent personality traits. These are the things that give them both the drive and desire to take the risks involved in building a business from the ground up. If you think that you want to start a business you should examine these traits to see how the relate to you because they can be a beacon of success.

Young Entrepreneurs Top Ten Personality Traits

As a young business owner it is easy to feel like you are behind the curve. Many people wait until later in life to open a business so they have the benefit of a lifetime of experience to help them navigate the complicated world of owning a business. However, if you have a good idea and a plan there is really no reason to wait to make your dream of owning a business come true. While you might not have the life experience that other entrepreneurs have there are many resources that can help you fill in this gap in experience.

Learning About Your Industry And Business Principles

One of the best ways to educate yourself is to join an industry association. These associations are made up of other business owners in your same industry. The people in these associations understand the unique problems you will face and questions that you need answered. They can also help you stay up to date on new innovations and trends, which helps you stay ahead of the game. While these organisations can seem a bit dated because they often have traditions and practises that you find old fashioned and unnecessary it would be a mistake to ignore them. Try to embrace their traditions and you will find a place of mutual understanding and great potential for your business.

In addition to industry organisations there are a number of development organisations that can help you improve your business sense. Do not fool yourself into thinking that just because you have a great idea for a business you will be a success. Your success will depend on your ability to put that idea into action in and maintain the necessary discipline to run a company. Organisations like the Junior Chamber International Australia, Rotaract Club, and various youth mentoring programs offer many opportunities to improve your business savvy. Through training seminars and professional and leadership development programs you can learn a great deal about how to properly manage your business and how you fit in to your community. All of these things are exceedingly important if you expect to have long term success in any industry.

Developing Your Business

If you are starting a business or if you are looking for ways to improve your business one of your first stops should be at a Small Business Centre. These centres are located all over Western Australia in both cities and rural areas. They offer business assistance to help you with a variety of issues at no cost to you. The people who run these Small Business Centres are business people themselves in private sector organisations and local government. They understand what it takes to run a business and are happy to help you in any way that they can. Some of the things they do include giving practical business advice, providing referrals to advisers like lawyers and accountants, and helping you to navigate through government regulations. In addition they also offer workshops and information that can help you run your business smarter.

The Department of Innovation Industry is a government entity that is specifically interested in developing young business people. Through this department you can find resources that can help you make the best possible business decisions for your particular industry innovation. They work hard to keep young people motivated and assist them in the pursuit of their careers. They can also help you to find training and education which will make you a better business owner.

Running Your Business

There are two key issues that many new business owners face; where to locate their business and  how to deal with taxes. The first issue of where to locate your business is often tricky when you are on a limited budget.

The answer to this problem is a business incubator. Business incubators are an excellent option because they are an inexpensive alternative to leasing a building. In Western Australia there are twelve business incubators offering flexible and low cost space for you to run your business. There are no up front fees or bonds required to rent one of these incubators and you will have unfettered access to your unit. In addition to your unit you will also have security and access to meeting rooms and conference facilities. Using one of these business incubators allows you to operate at a cost you can afford while you are starting out whilst portraying an image of success to your clients.

Taxes are an unavoidable part of business ownership and something that you cannot afford to overlook. Understanding your tax responsibilities is key to running a successful business. You have to make absolutely certain that you are following every tax regulation before you run into any trouble. The Australian Tax Office is readily available to give you all of the information you need to start and operate their business. Thy also have several tax seminars that cover everything from income tax to record keeping to fringe benefits and superannuation guarantees. These seminars explain all of your rights as well as your obligations within the tax system. It is in your best interest to take advantage of all that the ATO has to offer you as a young business owner.

When you consider opening a small business it is easy to feel overwhelmed by the sheer volume of things you need to understand just to get it off the ground. While it is complicated, if you do a bit of research you will find that there are loads of resources available to make it easier for you to navigate the system. Remember too, that these resources are not just for when you are starting out, they can also help you along each step of growth in your business. The more successful businesses there are in Australia the greater the success of the whole country, so take advantage of every chance to learn more and make your business better. Maybe one day down the line you can then mentor another young business owner just like yourself.

Timothy Ng is a personal finance writer, and has a real passion for encouraging people to compare credit cards to ensure they get the best deal. Check out his comprehensive guide to balance transfer for life where he provides an in-depth overview and analysis, to help you find a better deal.

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