Growing up, kids are always looking for the best way to make some money. Richard Lorenzen did this but in a nonconventional way by starting his own PR firm. While in high school, he used the internet to his advantage by learning to code and offered public relations services to small businesses in his town on Long Island. This company developed into Fifth Avenue Brands, which is now based in New York City and works with the likes of tech companies and politicians. Lorenzen visits the Bold TV studio to share his experience of becoming a successful entrepreneur at such a young age.
Lorenzen already runs a successful firm, and he is only 27 years old. He explains his success by talking about how he originally got started in the world of entrepreneurship. Back when no one knew how to use the internet, he found out that he could gain skills for little to no cost and offer these services to companies who did not know how to do them. Starting a business can be very inexpensive with the internet, and this is something that more and more people are taking advantage of as they join the workforce.
Lorenzen stresses that when you are starting a business, you should pick a field with a low barrier of entry. In other words, find something that will not cost you a lot of money right out of the gate. This allows you to build capital before things get complicated. Eventually, you will make enough profit so that you can spend money to offer more advanced services. Selling a product or service is a great way to get a low barrier of entry. This can help you build something like a small PR firm to become a successful company in the big city.