One of the first thing people ask me is how I’ve managed to build three million dollar companies before I turned 21. The first thing I respond with is that a nearly went bankrupt before turning 21 too.  Sure the economic recession played a part in that but I don’t hide the fact that it nearly happened. Now at 22 and building my first technology based business I feel I am better suited to answer the question in a way that will help you as well.

1.       Early hands on experience- Since starting my first business at 8, I’ve been a part of 15 different business ventures since. Two of the million dollar companies were built with other people’s money and the revenue generated from the different branches of the trucking made the third.  Five of the businesses failed, I started two when I was younger and had to stop because of being re-stationed by the military, and the rest are still going. But more importantly, if you’re able to get involved with an entrepreneurial venture without having to invest a lot of your own money it is a great learning opportunity.  Find yourself a “good” mentor and learn as much as you possibly can from them.  Being in business for yourself often means that you work harder and longer than anyone else but even being an employee for an entrepreneurial venture is different from being an employee for a major corporation. I didn’t believe this myself until I tried! A good employee in a healthy and growing entrepreneurial venture will be responsible for many different key aspects that are vital to the business.  This is rare in the corporate world.

2.       Combine Passion, Persistence and Patience with being resourceful- Referred to as the 3 P’s, they are a crucial aspect to the success of any company.  For the most part all of the business owner’s that invited me in to help grow their operation loved what they did.  Having a great idea will not make you successful. Being able to execute to accomplish task and being resourceful is what will make you the ultimate success story. Every business owner reaches a point where they will have to make the decision of taking their company to the next level. This will require knowing you strengths and trusting others to fill in the areas that you are weak in. There will be times when results won’t come overnight or at all even and you have to be able to accept that, adapt and change to improve the situation.

3.       Know your customers and your business- Everyone is unique so no two customers will ever be alike but more importantly you must know how you are capable of solving the needs of those different customers. Honestly the two million dollar companies would have probably become million dollar companies even without my assistance because they were just that good. They were run by two excellent businessmen that were very knowledgeable about what their companies did. Fortunately, they discovered my creativity and allowed me to learn what works and what doesn’t in what I feel is the best way possible: through trial and error. Some marketing schemes just don’t work but all that means is that you need to make a mental note of it and move on to try something else. But keep a variety of techniques because what worked wonders the first time you tried it may not work as well or at all the next time.

What it really all boils down to is that you should set high but achievable goals for yourself and your company, then plan for different ways you can achieve those goals. If you’re going to swing for the fences at least do yourself the favor of choosing the right pitch!