First Steps For Young Entrepreneurs Setting Goals

Rate the Following Professions from Most Desirable to Least Desirable Lawyer Doctor Stockbroker Entrepreneur Filmmaker, Artist, Musician Executive at a Large Company Politician Teacher Commissioned Sales Person Director of a Not-For- Profit Venture

The Results According to a 1997 study by the Royal Bank of Canada, surveying Canadians aged 18-35, these are the results Entrepreneur Filmmaker, artist, musician Executive at a large company Teacher Lawyer Doctor Director of a Not-For-Profit Venture Stockbroker Politician Commissioned Salesperson

Challenges Facing Young Entrepreneurs Starting a business at a young age poses significant challenges but offers significant benefits The greatest challenge facing young entrepreneurs is the lack of experience and knowledge they bring to the venture This is where the numerous business start-up resources come in handy, as most offer their services free of charge

Challenges - Financing Young entrepreneurs typically have no credit history, no collateral, and no track record of paying off debt This makes it very difficult to obtain the financing needed to start a business Think of all the physical things that you would need to start a business; where will you get the money needed to purchase them?

The Value of Experience Part-time and summer work, volunteer opportunities, and school leadership positions offer young people the opportunity to develop their entrepreneurial skills Learning about infrastructure Develop a positive reputation in the industry Build a network of contacts Earn money you can save for the future Learn firsthand about the industry

Setting Goals A goal is the purpose of your work – the objective you wish to reach To see how well you are progressing, you need to measure smaller steps or milestones, which can be achieved in a relatively short amount of time Goals should always follow the SMART principle: Simple Measurable Achievable Realistic Timely

Why Set Goals? Day-to-day activities keep us busy and often prevent us from reaching our long-term goals, which is why it is important to clarify your goals and write them down and work towards them Goal setting ultimately leads to change which has both positive and negative effects If you plan, it allows you to look to the future and choose the path that looks best

Wish List Prepare a wish list of as many things as you can think of that you would like to have or do. (Don’t worry if your wishes aren’t realistic) Rank your wishes in order of priority and set a target date for the achievement of each Now, thinking realistically, cross out the ones that you think are impossible to obtain. What is remaining would be your list of goals