TREPS – according to the Urban Dictionary – is short for young entrepreneurs and the word has made its way into mainstream culture as do most words associated with things cool and hip.
Tune into shows such as "Shark Tank" or visit websites such as www.entrepreneur.com, and you are likely to encounter a growing class of business owners who are the embodiment of the term. This month, TREPS will be our On Our Way To Wealthy focus.
The desire to achieve the American Dream is not exclusive to the more seasoned among us. Children and young adults also are dreaming the dream, and they are taking steps to achieve their goals.
Recently, we have come across some young, rising entrepreneurs that may one day rival Bloomberg and Oprah. Aside from their determination and unique concepts, these young folks have a few things in common:
TREPS are so passionate about their product or service that many times they are starting businesses while completing their education.
Most entrepreneurs say that it is important to be passionate about the product or service that you are providing to your clients. Your passion shows through in the care and attention to detail that your clients can see.
Additionally, it makes the long hours and lack of profit bearable when the going gets rough.
From bow ties to tennis shoes, TREPS have passion and style. They are in tune with young buyers and know what is hot and in demand. Young entrepreneurs are in sync with what is needed by their peers, the consumer, and more than willing to provide a more than adequate solution.
Instead of working at McDonald's or Burger King, these young entrepreneurs are starting early on their road to wealth. By launching businesses at early ages, they are gaining experience that folks three times their age are missing. Starting a business with their allowances or loans from family, they even have the finance part down. To say that they are industrious is an understatement.
To fully understand the true meaning of how advanced these TREPS are, you have to know the extent of their business endeavors. From the negotiation of distribution deals to meeting with potential investors, they are miles ahead of the peers in schools.
Many of these young business owners are still in high school and college. While other students are solely concerned with grades, these students are making the grades, picking out fabric swatches and negotiating licensing deals.
Though it is common knowledge that starting a business can be time consuming, these young entrepreneurs are committed to their businesses. Through late nights, decreased social life, and a financial commitment that pulls away from other wants and desires, TREPS have committed to making their businesses succeed. Like many of their older counterparts, they have learned that sacrifice is involved. But they have also learned the balance of enjoying life.
TREPS are self-motivated and are not pushed or threatened by their parents. While the encouragement is there, they are moved by the love of what it is they do or provide. Education is one consistency in these young adults. Education is about learning as well as about the advancement of the business entity.
Have hustle and ambition
The difference between an entrepreneur and employee is the desire and ability to execute a plan. These young entrepreneurs didn't wait for someone to hand them a business or a plan. They took the steps to build their own destiny. This is an example of their hustle and ambition to achieve their goals in life. Believe that their hustle and ambition translates into other areas of their lives.
Faith and determination
TREPS not only have faith in their products and services, but they have faith in their abilities. The confidence to create a business concept at such a young age and the determination to put the wheels in motion in order to bring the concept to fruition are admirable traits that are consistent in these young people.
Whether through the support of family or advisors, TREPS are smart enough to know they need a team and wise enough to ask for help. With mentors and advisors, young entrepreneurs are not afraid to reach out to folks that know more than they do about certain topics. They are not afraid to ask questions or ask for support.