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5 advantages of being a young entrepreneur in a resale market

The resale market is booming and it seems like everyone wants in on the action. From second-hand clothes and second-hand shoes to second-hand furniture, resale has become one of the biggest changes in retail in recent years. Young entrepreneurs have the opportunity to benefit from market developments if they learn to innovate, build resilience, start investing early, earn capital and grow their network.

Small business owners rarely get their start in the industry where they create their long-term success. In many cases, these professionals begin by moving into other niches such as lawn care services or selling handmade products. People who take advantage of the resale market see a new world opening up to them as they better understand what it means to be a young entrepreneur and the benefits that come with it.

Learn to innovate

As industries like technology, crypto, entertainment, e-commerce, and others continue to grow, there are no signs of innovation stopping. There is always something new to try and new products are being created. Many of these improvements come from young entrepreneurs who got their start in resale markets. The sneaker industry is a great example of this, with many young entrepreneurs making a name for themselves.

According to Statista, the global sneaker market is worth more than $85.5 billion in 2022. This figure is expected to exceed $102 billion by 2025. Although this includes major players like Nike, Adidas and Puma, many young Entrepreneurs are also starting to gain traction in this growing industry by buying and selling rare or collectible sneakers.

Zach Brooker, a 21-year-old student-athlete at the University of Southern California, got his start in reselling designer and fashionable sneakers at the age of 11 when he sold an old pair of retro Air Jordans with the help of his mother. The process of finding, evaluating, exhibiting and selling these shoes seemed like a one-time accomplishment at the time, but it ultimately changed his life.

Despite his youth, selling fueled his entrepreneurial fire and quickly grew into a high-return hobby that blossomed into a wealthy side hustle for Brooker. It was then that he discovered something he could do without it feeling like a job, which is the ultimate goal of any entrepreneur.

Selling sneakers could be the starting point for a young entrepreneur learning to understand business and the growing need for innovation.

Develop resilience

Anyone who’s an entrepreneur knows it’s not easy, no matter how old they are. Failure is inevitable at one point or another, but it’s the determination to overcome it that separates successful entrepreneurs from those who give up.

Resilience is built over time as a young business owner makes mistakes and learns to adapt through experience. As you encounter setbacks and face rejection, you will learn to avoid certain pitfalls in the future, and you will come to trust what you already know works. With more experience, things become less about you and more about the outcome of a situation on behalf of a client or client. Building trust will lead to success as you continually move forward.

Start investing early

With inflation steadily rising, there’s no better time than the present to start investing in your future. Building a steady cash flow as a young entrepreneur means you’ll have money to invest in everything from the stock market to cryptocurrency and beyond.

One of the many benefits of starting younger is that you’ll be able to take on more risk with your investment portfolio. The greater the risk, the greater the potential return.

Although investing is always risky, there are far fewer risks when you are young. If your investment isn’t working, you have time to reorganize and come up with a different strategy.

With compound interest, the earlier you start, the better your returns when you’re ready to retire. As long as you manage your portfolio or work with an accountant who manages it well, you won’t have to worry so much about what the future holds.

Capital gain for future business

Most young entrepreneurs don’t stick to one thing for the rest of their career. Many of them end up using the capital gains from their efforts to start new businesses and create new products.

Elon Musk is a great example of using capital gains as he went from starting Zip2 and PayPal to later using funds from those to start SpaceX and Tesla.

Although there is no set price for starting a business, the sooner a young entrepreneur begins their journey, the sooner they can earn capital.

When a young entrepreneur sees success early, their interest in business ownership is likely to increase. This could lead them down other avenues as they work to create the same results in new and exciting industries.

Build a network

One of the biggest keys to long-term business success is building a network of like-minded people as well as other people who can provide value. Social networks on platforms like LinkedIn provide free access to connect with other entrepreneurs who have already created their own success or are on a similar journey to yours. These connections can lead to partnerships, collaborations and even mentorships. While engaging on LinkedIn can be daunting, the benefits outweigh the embarrassment.

Young entrepreneurs have an incredible opportunity to find mentors along their journey to success. Learning from someone who has already done what you are trying to accomplish is a surefire way to follow in their footsteps.

A common suggestion that many mentors will come up with is to develop multiple content platforms such as a blog or YouTube channel. These help promising young people gain credibility as business owners and entrepreneurs.

Many entrepreneurs learn how to become more business savvy through the resale industries. Whether you’re starting out selling apparel or a digital offering, there are many benefits to starting your entrepreneurial journey early.

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