How to Start a Business ... When You're 22
Start by developing a simple business plan. Don't know enough about business to do that? Use the free Small Business Planner offered by the U.S. Small Business Administration.
Be a cheapskate. Making six figures as your own boss doesn't require a lot of capital. Sure, you need big bucks if you're trying to create the next Olive Garden. But the old saw "it takes money to make money" is dead wrong if you're running a simple business. What you need to do is save at every turn. Work from home. Hire help only on a just-in-time basis, paying by the hour. Buy stuff cheap by using price search engines such as shopzilla.com and bizrate.com.
Hire wisely. Look for people you already know and trust, or who come highly recommended by people you know. Don't put much stock in résumés or basic interviews: There's too much lying. Don't ask stock questions like, "What's your greatest weakness?" Interviewees often prepare sanitized answers to such questions. Instead, give them a challenge. Ask how they'd handle specific, demanding on-the-job scenarios.
Hire people who will stay with you. And remember, by hiring people just in time and by the hour, it's easier to fire a bad worker, with less worry of a wrongful-termination lawsuit.
Work long. No matter what the work/life balance cheerleaders say, most successful business owners don't just work smart–they work a lot. That advice will never get me on Oprah, but it's the truth.
Rebound. Stuff happens. Losers usually quit prematurely, while winners struggle to find solutions and overcome obstacles. Only if they find their business to be a constant struggle do they fold their cards and try another hand.
Never do anything you couldn't tell your parents about. The bottom line is only half the reward. Earn your money while also doing the right thing. Sleazebags can be successful, but it's not worth selling your soul for money.
More from the College Grad's Career Kit:
• Commencement Clichés, Debunked
• Digging Up a Career's Downsides
• Eight Ways to Thrive at Your New Job
• The Case Against Grad School
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