Starting a company at any age can be a difficult endeavor.
In most cases an entrepreneur needs to secure the necessary funding, get the right team together, and fend off potential competitors.
Business Insider spoke with eight 20-something entrepreneurs named to the 2017 Forbes 30 under 30 list who know what it takes to start a company from the ground up.
They come from different walks of life and have started companies in various industries. But they all share a similar tenacity, and are disrupting their respective fields.
We asked them to share the story behind their respective firms and their entrepreneurial journey for eight separate profiles. Scroll through below to see the advice they have for young aspiring entrepreneurs.
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Whitney Wolfe (27), cofounder of Bumble
Whitney Wolfe's firm, Bumble, turns the dating world on its head. On Bumble, women make the first move. Unlike other dating apps, guys can't send the first message after a match. Once a match is made, the woman must message the guy within 24 hours otherwise the match disappears forever. Here's her advice for young entrepreneurs:
Overcome the self-doubt. I am a firm believer that the only person who can make you feel inferior is yourself. When you start a business or try to challenge the status quo there will be a lot of people who will put you down and try to tell you that you or your idea is wrong. Don't let that make you feel inferior.
For women, specifically, Wolfe offers advice that reflects the philosophy of the app she created:
Don't be scared to ask for more than what you think you're entitled to. I always tell young women that they have a right to own their opinion, to speak up, and to make the first move. Ask yourself if a man were to do this would it be OK.
Michael Hill Kennedy (29), founder and president of Component Wine Company
When Michael Kennedy set out to start his own wine business, Component Wine Company, he was looking to break some of the strict rules that have underpinned the wine industry for the last 100 years. Here's Kennedy's advice for aspiring entrepreneurs:
Listen to your crazy idea. If you have a crazy idea then you need to try it out. Don't let your fear of failing and looking dumb get in your way, because if you do then you will fail. It's as simple as that.
Don't blindly follow the status quo. One of the biggest mistakes I made early on had to do with the structuring of the company. I thought that I had to do what everyone else was doing and that made things difficult for us in the beginning. When I was backed into a corner, I was able to think of a creative solution that worked better.
Maxim Razmakhin (28), cofounder of Thirstie
Maxim Rezmakhin is the cofounder of Thirstie, an online alcohol-delivery service that's disrupting the over-$250 billion alcohol industry. This is the advice he thinks aspiring entrepreneurs should consider:
Ignore the noise. The media is going to say stuff about your company. Competitors are going to be saying stuff or trying different tactics. Pay attention to it, but don't make it your focus. Don't chase your competitors.
Constantly test your hypothesis. When you start a company you need to try to disprove your assumptions. Trying to prove yourself wrong is hard, there's no doubt about that, but if you don't then you're just delaying your death.
See the rest of the story at Business Insider
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