Finimpact

Frequently Asked Questions (FAQ)

What Grant Options Are There for Young Entrepreneurs?
There are many, many, many grant programs available for young entrepreneurs. Too many to list in any detail! To search through the list of grants, one of the best resources would be grant.gov. This will give you a list of available Federal grants. Other resources include The US Chamber of Commerce and the Grants Register, which has a list of over 4,200 grants. Remember, young entrepreneurs can also enter most of the typical grants that are available for regular entrepreneurs.
Should Young People Set Up Their Business Differently?
This depends on a wide variety of individual criteria. But in a nutshell, the short answer is no. Young business owners should use established business principles until they know what they are doing. Yes, you will get many people saying you should reinvent the wheel and set up a novel kind of new business with a diverse workforce and a brand new way of doing things involving technology. The end result is most commonly a business failure. You only hear the stories that worked tremendously well, like Facebook and Google. Not the tens of thousands of failures that have and are happening right now.
Where Is the Best Place for a Young Entrepreneur to Get a Loan?
When all is said and done, the best place for a young entrepreneur to get a loan is with a reputable online lender. Every other mechanism (bank loans, grants, venture capital) is variable and time-consuming. Online loans are near guaranteed, even without a history (though not without risks). Family and friends are a viable option, but things can go South with this kind of business arrangement.
Is Becoming an Entrepreneur Really Worth It?
Entrepreneurs do report higher levels of job satisfaction in comparison to other social demographics. So yes, the freedom and independence it provides are certainly with it, to a certain person with a certain mentality. Do not forget the reality of entrepreneurial burnout and having a balanced and holistic lifestyle. It is also wise to remember that the most consistently reported regret of terminally ill individuals is that they wish they had not worked so hard.
How Important Is Entrepreneurial Psychology?
Entrepreneurial psychology is everything in business. This is why we at Finimpact believe that the absolute best thing you can do is hand young entrepreneurs the 3 books listed above and tell them to read them over and over. It will sink in. In a world that is filled to the brim with data, core principles need to be reinforced. Without strong individual psychology and a firm vision, the business is highly unlikely to succeed on a long term basis.
What Are the Best Business Ideas for Young Entrepreneurs?
Business ideas are a dime a dozen. There are thousands upon thousands of them. Just do a quick Google search. The tough part is the execution and implementation of a given business idea. Otherwise, it is merely words on a piece of paper.

Instead of focusing on business ideas, consider ways to increase your income and profitability right now with current income. It can be a little detrimental to try and find the next new revolutionary business idea as opposed to simply working on something simple and making a profit steadily each week. Learn about money, not about business ideas. The details will flow from the fundamentals.
Can I lose my Money?
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