11 September 2024
Money and Me: So you want to start a business and you are still in school?
He started a company accidentally at 14, and recently his non-profit organisation raised almost half a million dollars. Former investment banking honcho from Credit Suisse banker turned founder of a non-profit called Young Founders School Billy Naveed shares his thoughts on what young entrepreneurs need to keep in mind when building a business. Billy started YFS to help children from less privileged backgrounds gain access to resources, mentors and opportunities.
Here are some additional points from discussions with Billy that didn't make the show but could help you start your business today. "Do not feel shy about charging for your time and skill. There is a case study of a company selling handmade soap. They went from charging a discount to Watsons to 3 times the price because they rebranded as artisanal soap. You don’t need to raise money - it’s a disease that inflicts all entrepreneurs that want to raise money as soon as possible. Instead think of businesses that produce profits. That’s the best source of funding. Do it yourself - the biggest cost of starting a tech business is the software development. You can learn the basics of app development in 20 hours or use low code or no code tools to produce a version of your app with no experience. Save costs and do it yourself." - Billy Naveed.

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