Over the course of the COVID-19 pandemic, I have been inspired by the sheer number of young entrepreneurs who have started new businesses and are working creatively to solve many of the problems that we are facing here in the United States and across the globe.
It is astonishing how quickly young entrepreneurs responded by using their 3-D printers to design masks and face shields for frontline workers during the dire PPE shortage we faced in the Spring. I’ve read countless stories of young teens starting online businesses as a way to pass the time during quarantines and lockdowns. I’ve been equally impressed by how Gen Z has learned how to leverage sites like TikTok and YouTube to earn serious ad revenue while stuck at home.
Looking back at history, some of the world’s most iconic companies were started during challenging times of unrest and recession. I believe that while some businesses may not survive this pandemic, our younger generations will adapt and develop new and more efficient ways to serve the public.
How to Empower Young Entrepreneurs to Thrive and Succeed in a Post-COVID World
This post by FinImpact argues the very best entrepreneurs thrive in chaotic environments with uncertain outcomes. The year 2020 certainly offers an ideal environment to test that theory. I also appreciate their straightforward commentary on failure, as it’s something most young entrepreneurs will face at one time or another:
“The fact of the matter is that you cannot predict the market. You cannot know if your business is going to succeed. In fact, it is likely to not succeed. The very best entrepreneurs started early, sometimes with lemonade stands. It is the quickest way to learn good business principles. You learn more from failure than you do from your success. Failures are the stepping stones to success. So, if a business fails in your twenties, as many do, then dust yourself off and start again.
Related to this point is that you need to become a self-starter and take 100% accountability for your own actions. Your results need to be tied to your effort. Entrepreneurs need to learn to turn $1 into $2. Just being fed stimulus and grant programs can lead to incompetence if it is not used correctly. Learn to succeed in any environment and to make do with what you have now and again. Positive psychology, competence, and active work will make you a better human and a better business person.”
As Wayne Gretzky famously said, “you miss 100 percent of the shots you don’t take.” Even during the pandemic and in these uncertain times, I’d still encourage young entrepreneurs to take that shot and dare to do something creative, meaningful or different. If you have an idea for a company or a product, do your homework, connect yourself with the right mentors or partners and do what it takes to launch. The result may be the next iconic company or brand of our generation.
Of course, we are here to help young entrepreneurs protect what they are working so hard to build. If you have questions about trademarks, copyrights, or patents, contact us at (888) 666-0622 to schedule an appointment.
DISCLAIMER: The information contained in this article is for informational purposes only and is not legal advice or a substitute for obtaining legal advice from an attorney.