What does it take to make it as a young entrepreneur? I have discovered 5 keys to success as a young entrepreneur and I would like to share them with you. These principles can be applied to anyone who is searching for success, young or old, though the focus is going to be specifically on young entrepreneurs in this article.

Success Key 1 – Intrinsic Motivation

Psychologically speaking there are two types of motivation – extrinsic motivation and intrinsic motivation. Extrinsic motivation is when something outside yourself prompts you to act. The best example would be placing your hand on a hot stove. Your body is extrinsically motivated to MOVE!

Intrinsic motivation is quite different. With intrinsic motivation there is nothing forcing you to act, you are acting of your own will and desire. This is often called, “Self Motivation”. This is the type of motivation that successful young entrepreneurs possess.

You can begin developing an intrinsically motivated lifestyle today. Simply practice doing things which no outside source is prompting you to do. This could include, eating healthy, exercising, meditation, prayer, etc. The key is to perform an action for which there exists no motivation outside of yourself.

Success Key 2 – Self-Discipline

The second key goes along quite nicely with the first. In order to reach your true potential as a young entrepreneur, or an entrepreneur of any age, you must have a good amount of discipline in your life. The best kind of discipline is “self-discipline” because it combines the benefits of discipline with the practice of intrinsic motivation.

While intrinsic motivation is the practice of performing actions for which there is no external cause – discipline is the act of maintaining those actions.

What if you only filled your car with gas one time for the life of the vehicle? How far would you be able to go? A vehicle requires the repetitive action of adding fuel in order for the vehicle to go anywhere, just as an intrinsically motivated young entrepreneur requires the repetition of successful actions in order to get where he or she wants to go.

Success Key 3 – Safeguard Your Dreams

Young entrepreneurs must safeguard their dreams. There are a lot of dream stealers out there. Some of them may even be friends and family. Some of them may not be intending to hurt you, but sometimes, they will. You must be prepared for this and you must safeguard your dreams.

Do not let anyone tell you, “you can't.” because it simply isn't true. Surround yourself with positive and upbeat individuals who are like-minded and similarly focused. If you're around people who are not, for whatever reason, stay positive and stand up for your dreams.

Success Key 4 – Set Goals

Goal setting will be critical to your success as a young entrepreneur. You must always set goals for yourself, both large and small. Start by setting a large goal, such as an income you would like to achieve and then set smaller goals to reach between now and then.

Small goals which lead to larger goals have been proven effective in my own life. Sometimes your large goal will take a few years or months to achieve and you can get burned out and frustrated if you don't “achieve” anything between now and then.

Smaller goals between your larger ones will help keep your vision fresh and your body motivated.

Success Key 5 – Be a Leader

Being a young entrepreneur means being a leader. You are stepping out in faith and paving a way for yourself in the world. People will naturally desire to follow alongside. Let them. You shouldn't develop a God complex but you shouldn't belittle yourself either. Find the balance between the two. Know who you are.

Never be afraid to speak your mind or heart. Stand up for what you know is right and don't worry about those who laugh.

Cheers,

Cody Miller