Any business advice for a young entrepreneur who wants to open their own record label?

Understand the business side of the music industry. edX has a great course at

https://www.edx.org/course/introduction-music-business-berkleex-mb110x-9

I love music too! Blending a passion with a business can be tricky if you don't balance both points of view - don't only chase the music and bands if you want it to be a business too.

I have 3 pieces of advice for you:

1. Learn as much as you can about the total Music business, not only the parts about being a label. Even though this was written 12 years ago, this Sound on Sound article starts to explain how many parts there are in the music business: https://www.soundonsound.com/music-business/start-your-own-record-label .
2. Learn about the growing role of streaming, subscriptions, royalties and economics in the music business specifically, and what it means to the label vs. the artist vs. the distributor vs. the listener and consumer. There are at least a few different models. Some are described pretty well here: https://www.billboard.com/articles/business/6859192/battle-subscription-business-models-strengths-weaknesses .
3. Look beyond music streaming and subscriptions for ideas and trends. A close neighbor would be video on demand like the Netflix model: https://www.business2community.com/business-innovation/breaking-netflix-business-model-history-future-vod-giant-01582436 . Another content business model that just launched and is worth researching would be the Apple News model: https://www.apple.com/apple-news/ . Be curious and look near, far, high and low!

All the best in your entrepreneurial adventures!