1. Take risks : Your young and probably not yet responsible for mortgages and childcare. This is the one time in your life where are can take risks so do it.

2. Take advantage of social media: If your under the age of 21 the chances are that youre pretty good at using social media. Youre the Facebook generation, who have been bought up with sharing information online. Apply these skills to your business and utilise social media to advertise your venture. Not only can you build up online relationships with your customers but it is also a cost effective way of advertising.

3. Find a mentor : A mentor can give you advice and guidance on the types of things that only come with life experience. They can help you understand the challenges you are facing and advice you on how to overcome them.

4. Use available resources : If you are a student you probably have access to a library with a wealth of information on starting your own business. If your college or university has an entrepreneurs society then join it. Make the most of all information and resources that you can find. Building up your knowledge with readily available information will make you better equipped at business.

5. Be prepared to fail : Not all business ideas turn into the next big thing. In order to succeed in business you must be prepared to fail. You can learn from these mistakes and these experiences will build up your knowledge and understanding of how business works.