How the youth can bridge generation gap in business

You could start a business, lasso funding and already have top-tier clients, but, because you’re young, some people still won’t take you seriously. What’s worse, some may even try to take advantage of your youth.

Having co-owned a series of businesses with my brother since I was seven years old — we sold stunt airplanes at a festival with my grandfather — I’ve seen my share of that kind of discrimination.

For our first decent-sized venture out of school, we purchased a struggling pool hall in Vancouver, B.C., which we bootstrapped with money that we had earned with a few small, successful business ventures we launched during high school.

Although we eventually turned the place into a thriving hot spot, we faced a number of challenges along the way.

From the initial purchase transaction to setting up accounts with vendors, we learned quickly to be on guard from people who assumed we didn’t have to be taken seriously or that they could “play” us because of our youth.

One situation that stands out happened when we were hiring a contractor to perform renovations for the bar. The first guy we contacted for a bid met with me at the pool hall.

He had sized me up as young and naïve, before I even opened my mouth. After asking me to get my boss, he was clearly surprised —- and a little amused, if I’m not mistaken— when I told him that it was me.

The encounter went downhill from there. Not only did he try to tell me we needed completely unnecessary (and overpriced) repairs, he had the nerve to say we had to pay in full for the work and materials up front.

“That’s just the way it’s done,” he said.

Needless to say, he didn’t get the job, but, to his credit, he prepared me for what I’d be up against time and again throughout my younger days as an entrepreneur. I quickly learned that I’d need to step up my game to be recognised and respected as a “real” business person.

So, how did I do it? Here are three strategies I used to bridge the generation gap, and you can too:
1. Know what you’re talking about.

If you’re “winging it,” people can tell, and, perhaps justifiably, they won’t take you seriously. To elicit the opposite response, you should learn everything you can about your industry— and your own product or service — so you can speak clearly and authoritatively about your business.

If you’re also professional with everyone from vendors to employees to customers, you’re bound to be seen in a better light.

2. Admit that you don’t know everything. Many young entrepreneurs try to overcompensate for inexperience by talking as though they’ve got it all figured out.

The only thing worse than not knowing all you should know is not knowing, and then acting like you do.