4 expert tips for success as a young entrepreneur

Small businesses make up 99% of all businesses in the United States. However, the majority of businesses are run by people over the age of 40, with only 6% being between the ages of 20 and 30. Young entrepreneurs face many unique challenges. Lack of experience is one of his main challenges.

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

Caleb Coombs, the 21-year-old founder and president of Foundation Capital Group, is proof of that. His entrepreneurial journey began when he became internationally known for his teen-focused magazine, FYI Teen News. He is a speaker, mentor, coach, and will soon add “published author” to his credits. The biggest obstacle he had to overcome was age.

Age discrimination is most common among workers age 50 and older. In fact, 26% of older workers report age-related harassment. But at the other end of the spectrum, young people, especially Gen Z, face their own challenges. This generation entered the workforce during the pandemic. They will make up more than a quarter of the workforce by 2025, despite their lack of real-world experience. They have a bad reputation when it comes to work ethics, as they have strong beliefs about work-life balance. Work-life balance has become a public health issue during the pandemic. Just like when Gen Z applied for their first job, it grabbed the attention of the conversation. This may contribute to the entrepreneurial spirit of this generation. Two-thirds of Gen Z want to own their own company or work for a startup.

Young entrepreneurs can succeed by adopting the right mindset, even when experience is not on their side. Based on Coombs’ own success, here are his four expert tips.

1. Embrace discomfort.

Coombs knows that success comes from pushing your limits and stepping out of your comfort zone. He recommends actively seeking out discomfort rather than avoiding it. He learns to challenge himself by taking on difficult tasks and getting used to the unfamiliar.

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

2. Become a leader.

Leadership embraces the journey. Coombs believes, “If you don’t grow with your team, you can’t expect your team to grow.” Leadership is critical to business success. A strong leader not only provides direction, but also gives employees autonomy. Leaders actively focus on engaging their teams.

Leaders also guide the company’s growth and vision. Effective leaders can leverage employees’ individual skill sets to work toward collective goals. Characteristics of effective leaders include:

• give a clear sense of purpose. Leaders understand the overall purpose of the organization and are able to clearly communicate it to their team members.
• promote accountability. Leaders provide some autonomy and encourage accountability. They give their employees the proverbial seat at the table.
• encourage creativity. A creative environment fosters innovative thinking and flexibility. Creativity increases employee engagement and improves productivity.

3. Define success for yourself.

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

Psychologists have found that social definitions of success lead to stress and disappointment. Assigning a personal definition of success relieves the pressure of typical success stories. Self-efficacy is a belief in one’s ability to achieve a goal, or be successful. People with strong self-efficacy have a greater sense of success, a stronger sense of ownership of their activities, recover from setbacks more quickly, and see problems as opportunities.

Chasing someone else’s definition of success does not develop self-efficacy. It leads to avoidance and the belief that you are not good enough. Defining success for yourself allows you to manage and process your goals to get there.

4. Overcome your limiting beliefs.

Limiting beliefs are deeply ingrained. Only by recognizing them can we make changes and grow. You need to analyze whether your limiting beliefs are accurate and have merit. If not, change your self-talk. This is easier said than done.

That’s why Coombs lives by the motto: “Recognize and challenge your limiting beliefs.” He learned to replace limiting beliefs with empowering ones. When faced with obstacles, limiting beliefs often emerge. When faced with something that seems insurmountable, we say to ourselves: “I can’t do that, I’m not smart enough,” or “I don’t have the resources.” Coombs encourages learning from these setbacks. He analyzes what went wrong, what could have been done differently, and applies those lessons to the future.

While age can often be seen as a liability, age itself is a limiting belief held by many young aspiring entrepreneurs. Coombs ignores these limitations. His journey demonstrates the power of mindset in overcoming challenges, embracing discomfort, and defining personal success.

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