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The three principals of the young entrepreneur

Tuesday, 1 February 2011 | By Natasha Munasinghe

Flood-affected Australians are currently going through some serious strife and misfortune – so much has been lost and destroyed.

 

What will it take to really pick ourselves up and get back to some semblance of a normal life again? What is the mindset that will get us through?

 

In order to overcome and conquer the circumstances, we may have to adopt certain ‘not-so-much-practiced’ ways of thinking.

 

It could ask us to never give up. It could ask us to make the best with what we have. And finally it could ask us to work together as a community. And, ironically, these three principles make up the tried and true manifesto of a successful young entrepreneur.

 

In many circumstances, situations which break most people are the same situations that make success for the entrepreneurs that ‘stick it through’.

 

Working with an excited and seriously switched on group of young entrepreneurs the last few months as part of the Young Entrepreneurs Business Mentoring Program – you learn a few things.

 

Never give up


One of the biggest and most obvious characteristics that these guys and girls live and breathe is their ability to handle and work with change and the unknown. It is not that they don’t fear it – they do – but it is their sheer dogged determination to walk through their fears with the hope that it will turn out okay.

 

Changing water into wine


Forget the terms creativity or even innovation – these young entrepreneurs use their super human resourcefulness to get what they want and need. Their cashflow may have dried up, their business partner may have left or they simply may just be starting from scratch – whatever the situation; they use what they have and who they know to get into the game.

 

They don’t whinge about what they could have or what could make it easier – they make things up as they go.

 

They also have a very low tolerance of excuses. Excuses are just not acceptable in this game. And by taking one step at a time they get where they need to get to.

 

Community, team, group = your salvation


Being a young entrepreneur can be an excruciatingly lonely journey at times especially in the beginning. Everything does depend on you.

 

It might be this reason that leads young entrepreneurs to crave for opportunities to meet and share stories with like-minded people. Granted that as a young entrepreneur, especially those involved in start-ups, you don’t have much time outside the 80 to 100 hour weeks you are working.

 

Still, the opportunity to hear someone who is or has been in the same situation as you is priceless. It is better than any book.

 

Young entrepreneurs yearn for this information exchange, a sense of meaningful dialogue and community – a sense of belonging; somewhere where they can feel some sort of reassurance that the unknown is not so bad.

 

Luckily for us, this need is being recognised and meet-ups are now being organised by groups like Vibewire, Sydney Open Coffee Meets and Silicon Beach – all of which are helping to create this sense of kinship.

 

Going back to the chaos of the Queensland floods and its effects – thinking entrepreneurially would see us being perseverant and believing in blind faith at times that tomorrow will bring something better.

 

It will see us rebuilding the future starting with only what we have. No complaints.

 

Natasha Munasinghe is the GM of The FRANK Team. FRANK’s mission is to enable young entrepreneurs to unleash good stuff in the world. For more information, go to www.youngentrepreneurs.net.au