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What I Learned as a Young Entrepreneur and Why You Should Take Notes

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As a young entrepreneur, I am constantly underestimated. When people look at my age or appearance, consider the fact that I’m not even old enough to have graduated college, or refuse to believe me when I say I own a 7-figure business (seriously, Google is free!), I honestly feel a bit lucky. I’m reminded that, because I’m so young, I have plenty of years ahead of me to grow, learn, and develop even more entrepreneurship skills that will enable me to make a difference.

That said, I have learned so much since launching my business. These lessons have been a bit unconventional, for sure, and might sound a little cheesy, but I believe it’s important to get back to the basics sometimes. Whether you’re contemplating starting a side hustle, or you’ve been working at your craft for years, these three lessons I learned early on will be game changers.

1. Invest In Your Education

Knowledge is power, and the best way to empower yourself is to seek out education in all its many forms. As you think about what education means to you, try to step outside the norm of the high school-to-college pipeline way of thinking, and instead get creative with all the options available to you. Don’t cram yourself into one narrow box of learning – seek out the lessons and tools you need, invest in obtaining them, and watch your business flourish as a result.

This will require a bit of soul-searching. Consider the ways you’ve found you learn best. If you know you thrive in a classroom environment or do well managing assignments, a local college program or a structured online course might be for you. If you prefer sitting down with someone and learning from their experiences, find yourself a mentor in your industry who is willing to give some of their time and expertise. If you feel that a little bit of both appeals to you, a coaching program that teaches you skills while maintaining the flexibility to learn at your own pace might be the right fit.

“I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs

2. Choose Your First Hire Carefully

The first person I ever hired was a salesperson. This might seem like an arbitrary choice, but I learned early on that if I didn’t have someone dedicated to selling my brand and my product, I was never going to achieve the level of success and financial freedom that I knew I could. I carefully considered which type of person would be the best asset to my goals and dreams, and then set about making that position and person a reality. It took a lot of trial and error to bring the right person onboard, but once they were…man oh man, it was magic.

Making a new hire, creating a new position, or leveling up your company from a one-man show to a team of two can feel really intimidating. But you’re investing in your product, your company, and your brand, and the right candidate will see that and will want to be a partner in your success. Taking that step was one of the best things I did for my company, and it opened up a world of possibilities I never could have accessed on my own.

3. Choose and Cultivate Partnerships

Speaking of which, one of the best – and quickest – lessons I learned when I began my entrepreneurship journey is the value of partnerships. I started my company when I was only 16, and since then have been helped by so many people who have chosen to come alongside me and give me the advice and gentle push in the right direction that I needed to succeed.

You’d be surprised at the way your relationships and mentorships can level up your business, so don’t be afraid to seek out both of those things – and plenty of them – as you grow your company. One of the best things to come out of my willingness to pursue meaningful partnerships is my friendship with fellow entrepreneur Billy Wilson. I started off as his mentee, and now the two of us are working together on a joint venture 6 Figure Agency Elite. 

Above all else, the best lesson I learned is one that can’t really be quantified. I learned to trust my gut and believe that I will succeed, even when it seemed almost impossible to consider. We gain nothing by sidelining ourselves and, while the three lessons above were definitely learned through life’s school of hard knocks, I wouldn’t change any of it for the world. My experiences have made me and my business stronger because I was willing to learn from all of them.

Jared Curry is a 19 years old, 7 figure business owner. After scaling his business Scope Marketing to 7 figures, he moved on to the next project: 6 Figure Agency Elite Coaching Program. He partnered with Billy Willson whose student he used to be. Together they are offering a new coaching program for agency owners teaching them how to scale their business. Jared has been featured in Authority Magazine, Blavity, International Youth Journal, Thrive Global, The Good Man Project, FOX, NBC, and interviewed for many podcasts among which Action & Ambition on Entrepreneur.com. To learn more and join the new program that Jared offers with Billy please check: https://go.billywillson.com/elite.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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