One source of invaluable information when thinking about starting a new business is to talk to entrepreneurs already in business. My students are generally hesitant to call on entrepreneurs to get information or advice. I stress to them that my experience has been that most entrepreneurs are more than willing to help an aspiring entrepreneur, even a possible new competitor, because an entrepreneur probably helped them out when they were first getting started.
I tell my students that 9 out of 10 (90%) of entrepreneurs I have known are more than willing to help new entrepreneurs out with some wisdom, advice or even market intelligence.
That 90% figure I use was just a wild estimate. But, a recent survey by SurePayroll of small business owners seems to back me up. It found that 91% are willing to offer advice to new entrepreneurs. OK, so I was off by 1%….
As a young entrepreneur, I’ve relied heavily on the guidance of my more experienced peers. I’ve definitely found entrepreneurs are generally willing to lend a helping hand, especially if they share another connection with you (for example, the same alma mater). As someone 9 months into my first company, I now find myself looking to repay the favor (while still searching for good advice). If anyone is thinking of starting a company and has questions, would be happy to help.
While talking directly to an entrepreneur is the best technique, I would encourage your students to check out Prendismo’s video collection. The site (www.prendismo.com) has 13,000 clips that are 1-3 minutes in length from conversations with entrepreneurs and business experts. Many of the clips discuss the entrepreneurial journey and challenges faced along the way. In addition, there are a special collections on “Young Entrepreneurs” and “Student Entrepreneurs” that might be of particular interest to your students.
Hope that is helpful!