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Business Plan Competitions: 3 Things Small Business Owners Can Learn From Young Entrepreneurs

Here are three things every small business owner can learn from young entrepreneurs.

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The young student entrepreneurs were so eager to gather feedback and insight.

They seemed to understand that being a “know-it-all” wasn’t going to get them anywhere. Being receptive and open to criticism was a motivation for them.

As a seasoned entrepreneur I know I’ve caught myself failing to ask for criticism, avoiding the process of seeking it, or closing my eyes and ears to the feedback people were trying to give me. Why? Most likely out of fear and self-sabotage. Do you find that you are open and receptive to constructive criticism in business?

3. Know where you are going.

Per competition guidelines, the student entrepreneurs had to include a slide within their pitch that outlined their short-term and long-term personal and business goals.

What struck me was how adept these students seemed to be when it came to the future of their business. While outlining their long-term professional goals, the students spoke about exit strategies, wholesale models, and franchise opportunities. They understood the significance of investor appeal.

They were building their startup with a vision in mind. What an incredible reminder to entrepreneurs of all ages to think big, think long term, and think about their exit strategy.

 

Sure, the young entrepreneurs had help along the way – teachers, parents, and mentors – all assisting them with building a strong business plan, but what successful entrepreneur doesn’t have access to help along the way?

No one knows your business idea better than you, but the road to success is best traveled with an open-minded attitude.

These students proved that turning an idea into a business is just that – a blend of passion, strategy, and an eagerly receptive mind.

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Photo Credit: Reserva

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