Thursday, October 23, 2014

Youth and Experience in Business

I grew up in an era, that when you were applying for a job and you had experience, the employer would day they are looking for someone with more qualifications. If you had the qualifications, they would feedback that they were looking for someone with more experience. Having chosen a course of study that was laced with practicality within the program and reinforced with multiple internships, when I then went for a job and the employer was cornered unable to use the previous excuses; it was then that they would say to me that I was too young.

This is the dilemma that many youth face today. It is also faced by those who may need to make career adjustments later in life. The banter back and forth by employers makes one just wonder; why they don't start their own business - be their own boss.

Young people come up with brilliant ideas and business concepts which they want to use to transform the world. Those who are older are risk averse wanting to play it safe despite their experience and their capabilities to really make it big. They are often timid; unless someone's bank rolling them with large sums of funds, they tend to err on the side of caution.

There was more than once a young person with well thought out business plans and proven research that are told they are too young to realize this. It was thought that they lacked the discipline. Alternately, those older are questions as to why they waited until so late before making this move. So what's the real deal with the youth and experience? How come they are programs geared at developing the youth for business and those catering for those older are generally about how to secure their jobs?

There are some things that are needed for getting into business regardless of your age or your experience. They are as follows:

  • Organization - the business has to be well thought out complete with plans that are written in a sequential manner that address all the elements internally and externally that will impact the business. 
  • Management - the management must be sound. Even if they lack the experience in the field, they must demonstrate that they know how to find any expertise that's needed to enable the business to function effectively and efficiently. 
  • Operations - must be well laid out and it must be shown that they will be managed adequately from all points within the sourcing, supply, processing and final delivery of a finished product / service.  
  • Finance - identifying where you'll get the money and how you'll use it in the business' development is key regardless of if you're getting funding from a bank, private investment avenues or other financial assistance
  • Marketing - getting and staying in the market is key. The strategies that you employ will be key. Getting your product / service into the market. Deciding which markets to enter. How you will establish and maintain the presence of the brand. The pricing strategies employed and many other factors will all be considered under marketing. 
  • Mentorship and business advice - where guidance is provided to these young businesses in a structured manner. It isn't necessary for them to repeat mistakes that can be harmful to the businesses as there will be plenty of opportunity to make new unthought of mistakes within the dynamic business environments that are present and going towards the future. 
  • Cashflow -  many are unaware that their businesses can be profitable and they can still close. Cashflow is necessary to understand the ebbs and flows of business and the impact of your decisions / actions upon the business. 
This information that was provided outlines what is needed at the basic level. Additional information can be provided through making contact with us via our website. You can fill out a survey which tells us about yourself. Navigating the youth and experience jostle used against many can be challenging today to say the least. Once you understand how it works, make it work for you and your business. 

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