As The Average Age Of Entrepreneurs Drops, So Does Their Experience Level

With the constant changing atmosphere in today’s technology world, it is not a surprise that the profile of today’s entrepreneur is a young, creative and bright individual with a new idea and the will and dedication to turn that idea into reality. While this individual provides the talent and ideas necessary to succeed in this industry, he or she often come with less experience in the business world, leaving these new companies vulnerable to difficulties in areas of day to day business execution, including finding commercial office space for rent that will fit the company’s needs.

 

The New Tech Exec: Who Is He or She?

The basis of today’s successful tech firm is this: the idea is everything. So the new entrepreneur of today starts as a creator with an innovation, an idea that will change or enhance today’s technology as we know it. These young, technology minded individuals tend to be "nerdish". Nerds today, however, are not the Screech of Saved By the Bell or Steve Urkel of television infamy. Nerd has actually become the new cool as it represents a new type of work ethic.

They are the ones who grew up playing video games, but were thrilled as much by the innovation and technological aspect as the premise of the game. They are found in their dorm rooms wearing hoodies and sneakers and discussing software and algorithms. Their heroes include Tina Fey as well as Nikola Tesla. These young technology executives are incredibly bright, borderline prodigies. Often they come from impressive educational backgrounds such as Harvard, Stanford or MIT, but occasionally are even self-taught enthusiasts.

Young Execs Wear Many Hats

It is not enough to succeed in the technology industry, however, to be brilliant and innovative. Secondly, today’s entrepreneur needs the will to dedicate the time and monetary investment necessary to see his idea become reality.

Now these brilliant developers and inventors find themselves chief executive officer of a start-up technology firm. These young entrepreneurs are having to wear many hats: CEO, sales representative, business partner, employer, inventor, and, in the beginning, even occasionally janitor. They are having to come up with new ways to distinguish themselves and their technology from other entrepreneurs to investors.

Additionally, the new generation of entrepreneurs is very cost conscious.  Their investors have been burned before during the first dotcom bubble and are advising them to use their investment dollars wisely.  This combination of relative inexperience and cost constraint leads today's entrepreneur to demand of service providers an accountability level previously unseen.  Today's entrepreneur is savvy enough to question the status quo and ask the probing questions regarding business practices.  Accordingly, their service provders must adapt or be expediently replaced.

So how are the most savvy of these entrepreneurs handling the responsibilities outside of their realm of experience and knowledge? They outsource to proven or referred third-party vendors. There is a third party firm for virtually every aspect of today's business, from accounting and human resources all the way down to janitorial duties. But before a young entrepreneur needs any of those resources, they need a place to set up shop.

Savvy Entrepreneurs Find Commercial Tenant Representation A Must

Whether searching for office space for rent or comparing office space quotes, a tenant representation firm can be the right avenue for many of these young tech executives searching for a home base for their start up or growing business. Negotiating contracts, understanding tenant rights, and getting the best agreement in a space appropriately suited to the needs of these businesses is an imperative part of gaining success in the industry.

If you are in the market for commercial office spaces and need the most efficient route to narrow your options, contact Office Lease Center today and consult with a tenant representative specialists who can help you find the right space for your business.