Businessman Anisuzzaman Chowdhury Ronny has interests in various market sectors, chief among them pharmaceuticals, construction and energy. This article will look at entrepreneurship, providing tips to help inexperienced founders transform a promising concept into a profitable business.
In 2026, the entrepreneurial spirit is alive and well, with a new generation of hardworking youth turning their dreams of business ownership into a reality. The Global Entrepreneurship Monitor 2023/2024 United States Report revealed that young adults aged between 18 and 24 were launching their own businesses at a higher rate than their older peers.
Many of today’s founders embark on their entrepreneurial journey prior to completing their formal education. Take for example high-school student Archika Dogra, who made it her mission to promote STEM education as a means of countering educational inequity. She founded Innoverge, a global platform that today supports more than 11,000 underrepresented young people through partnerships with schools, libraries and community centres. The nonprofit’s impact currently spans 14 countries, providing over 450 free STEM and humanities-centred programmes, including curricula covering ethics in neuroscience. Since the company’s inception, Ms Dogra has continued her education at Princeton as a computer science graduate, having received accolades from numerous organisations and over $15,000 in sponsorships and grants.
The world’s most successful businesses were started by individuals who are passionate about what they do. The first place to start for any aspiring entrepreneur is focussing on concepts surrounding what they truly love, as this passion will help them to stay motivated and focused. By drawing on their own knowledge, experience and expertise they better position themselves and their business for commercial success. A sensible place to start is creating a passion inventory, listing activities, causes and subjects that genuinely excite them. They should then research market opportunities, conduct customer interviews, develop a minimum viable product to test market responses, and iterate and seek feedback.
One of the top reasons for business failure is a lack of understanding of the market, with data from the US Chamber of Commerce revealing that 34% of business failures can be attributed to a lack of proper product-market fit. To position their enterprise for success, founders must identify their ideal customer, gaining a thorough understanding of their needs prior to launch. Understanding their target market will help the business to identify crucial attributes such as price points and marketing plan messages, helping the brand to appeal to the right people and providing a clearer idea of market need for their idea.
Funding is a considerable stumbling block for many inexperienced founders. While some start-ups enlist the help of angel investors, persuading them to come on board can be challenging for young entrepreneurs. Many are self-funded, with 19% relying on personal cash and 52% using rollovers as business start-ups (ROBS), according to a report by business.com.
For founders, it is crucial to take a long-term approach, recognising that there is no such thing as overnight success. In reality, unicorns that seemingly pop up out of nowhere are actually the result of years of hard work prior to hitting the headlines. As Steve Jobs suggested, most overnight successes took a long time, if you look closely enough.
Building and running a business requires a diverse array of skills and expertise the inexperienced entrepreneur lacks. Rather than attempting to make challenging business decisions on their own, enlisting the help of a mentor can be a game-changing move, culminating in higher revenues and increased business growth. 30% of founders who worked with a mentor just once agreed that it spurred growth in their business, according to business.com. Mentors who have walked the same path bring experience and knowledge to help the founder move forward, enabling them to make smarter business decisions.
