While plenty of entrepreneurs don’t get their big break until later in life, many young people are increasingly taking opportunities to innovate and start their own enterprises. It shows that just as there’s no upper age limit on entrepreneurship, even several remarkable children under the age of 18 have started companies that have earned more than a million dollars.
As evidenced in the Forbes 30 Under 30 list, these young entrepreneurs come from varied backgrounds and work in diverse industries. What can we take to heart about their early successes?
Insights on Young Entrepreneurs
The Beauty of Niche Markets
While some of the 30 Under 30 are Hollywood celebrities or Olympic athletes, many are famous in their own lesser-known spheres of influence. When ideating a company, it can be difficult to come up with something completely revolutionary and unique from your competition. When there are tons of start-ups with similar platforms, how can you stand out?
One of the benefits of the 30 Under 30 list is that it highlights honorees in 20 distinct categories, including Art & Style, Enterprise Tech, Food & Drink, Sports, Manufacturing & Industry, Music, Venture Capital, and more. Entrepreneurs aren’t limited to the Silicon Valley tech bubble and can be recognized for creating companies focused around everything from earbuds that allow you to filter and control the volume of everyday sounds to grain-free tortillas.
Passion to Profit
Who says your hobbies can’t be lucrative? Team SoloMid--30 Under 30 honoree Andy Dinh’s professional eSports Team-- began from his own enjoyment of multiplayer online video game League of Legends. Dinh took what’s generally considered a leisure activity and completely monetized it. His team regularly competes in tournaments held in sold-out arenas, and Dinh has been able to increase the company’s revenue by bringing in huge sponsors like Geico and Redbull.
While Dinh no longer competes as the eSports team captain, he’s been able to take something he loves and turn it into a profitable business. It just goes to show that following your passion can end favorably and lead to success.
Breaking a Few Eggs Garners Visibility
When honoree and Bikini Luxe CEO and Founder Candice Galek posted potentially provocative photos of models wearing swimware on professional networking site LinkedIn, she received a great deal of both support and backlash regarding her decision.
While many companies are wary of activities that could be controversial or displease investors, Bikini Luxe embraced the contentious photos. Rather than turn people away from the company, the act generated a huge amount of brand visibility and engagement quickly.
Moral of the story? Sometimes making waves is better than playing it safe, but it depends on your individual industry, market, and brand.
These are just three of the lessons we can learn from the Forbes 30 Under 30 honorees. The way these young entrepreneurs inspire innovation can prompt leaders at any age to take on new responsibilities, think outside-of-the-box, and keep pushing themselves toward success.
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