*This post can be found on the NFIB Young Entrepreneur Foundation Blog

The Small Business Administration’s latest statistics show that a new startup has about a 50 percent chance of surviving for five years or more. Robert Tuchman is one of the success stories. When he graduated from college in 1993, he entered the stockbroker trainee program at Lehman Brothers but quickly realized his professional path in the rat race would leave him unfulfilled. Armed with one phone, a fax machine and his tiny, one-bedroom apartment, at the age of 25 he funneled his passion for sports and business into his own company, Tuchman Sports Enterprises (TSE). Within two years, TSE was named to the annual Inc. 500 list of America’s fastest growing privately held companies and as one of the top 100 promotion agencies by Promo Magazine. TSE, which was started with no money and no investors, sold for millions of dollars to Premiere Global Sports in 2006. Last year, TSE (now known as Premiere Corporate Events) earned more than $70 million dollars in sales.

Tuchman distills his tips for young entrepreneurs in the book Young Guns: The Fearless Entrepreneur’s Guide to Chasing Your Dreams and Breaking Out on Your Own which covers:

• How young professionals can start and succeed in their own business.
• Examples of many entrepreneurs under the age of 35 ranging from mortgage giants to PR moguls.
• Thriving in the face of adversity.

Tuchman’s Tips: Below are some of Tuchman’s Tips for young entrepreneurs looking for a cost-efficient and successful start to their business:

1. Do business from home. Save money on renting office space by doing business out of your own living space. Install a separate phone line or purchase a cell phone for business use only. Print your own letterhead and business cards. Your clients will never suspect that “Suite 12-B” is really “Apartment 12-B.”

2. Try to fund it yourself, or mostly yourself. It pays to go after the least amount of funding that is necessary. When you’re starting out, it feels good to say that some venture-capital firm invested millions of dollars in your idea. But a few years down the road, when you’re doing well, it will not feel so great to know that you own only 25 percent of your company.

3. Put a positive spin on things. Does the timing of your entrepreneurial project coincide with you having been recently laid off? Don’t include that in your pitch to customers or investors. Nobody wants to think they’re doing business with someone who’s only there because they have to be. Furthermore, the power of spin can get you press – the cheapest form of marketing there is.

4. Build a culture of action and enthusiasm. During your first year, you will face a lot of questions about your experience. The best—and probably only—way to overcome them is to impress clients with your vigor and dynamism. If you want to be perceived as youthful, forward-thinking, and results-oriented, be proactive! Reward your people for taking the initiative. You’ll have a huge competitive advantage over established companies. Many clients will pay, and even take a bit of a risk, to get young, energetic minds on their side. It costs nothing, and is an innate talent of the young entrepreneur.

5. Stay balanced. During the first year, and all the years thereafter, you will have to find a way to achieve balance. Basically, this means avoiding the temptation to work eighteen hours a day, seven days a week, without a break. Find an outlet—a hobby, an amateur sport, or an exercise activity—that gets your mind off work and relieves stress. It’s essential to maintaining perspective and the energy you need to keep your business thriving. Some entrepreneurs even believe that these “pauses” or breaks help their effiencieny and strategic thinking to stay at the top of their game.