Hey, young champ! Are you the one who is dreaming to change the world with an innovative business idea? Are you waiting to rock the world? still, facing a small hiccup to keep the first step? then this blog is for you?
Young entrepreneurs undergo many ups and downs, but it all looks so glamorous from far: drawing fancy equations on whiteboards, a lot of coffees during all-night coding sessions and ringing the bells on the trading floor. What these daydreams don’t include are the countless sleepless nights, risky decisions and relationships and the constant stress of being responsible for your employees, customers and investors all at the same time and much more.
But still, entrepreneurship is rewarding; it is that adrenaline charge of an entrepreneur to create something new that the entrepreneur longed for. Apprehending risks, performing mistakes and finally getting it right is what shapes the entrepreneur’s lives.
Here are the few do’s and don’ts for the young entrepreneur under the age of 25.
1. Recognize your mistakes
Nothing can teach us better than our previous mistake, and being an entrepreneur is in other words, being a student every day. Learn from your own mistake, because ignoring a mistake and allowing it to fester can be excessively costly to your business, so dare to acknowledge when you’re wrong and when it’s time to change course. In short, every entrepreneur should be like a good poker player, an entrepreneur must know when to hold’em and when to fold’em while they make a mistake.
2. Know your purpose
The best shield against discouragement is to have a strong spirit of purpose and an answer to “why” & “what” that can support you endure.” This is a question that needs to be answered before you start your business, not after. It’s absolutely okay if the answer is a lucrative opportunity.
Whatever your reasons are for starting a business, make sure you’re clear about it, both to yourself and others, and that they implement the meaning and urge you need to get your business off the ground.
3. DO prepare a budget forecast.
Budgeting is essential in running a business. The best option is a 12-month rolling budget, attaching a new month as each month passes. Your budget can also be altered to become a rolling 12-month cash flow projection.
Always remember: a logical, realistic budget estimate is an indispensable component of any business, but even more so for a start-up.
4. Always be open to feedback & help
At its heart, entrepreneurship is a huge jump into the unknown. In other words, there will be a portion you won’t know. The difference between a person who is submerged by this lack of information and somebody who heads to succeed despite his ignorance is the readiness to ask for help when it’s necessary.
Always be open to feedback as it’s a medicine. It bites badly but if you utilise it, it cures. We say this because, in the hunt of perfection, it’s essential to get and complete feedback from a fresh pair of eyes.
5. Trust your instincts.
You’ve identified a major need of the society and you have a huge vision for how to satisfy it. At a time, a phase may have seemed like a mere stepping stone to larger things, but in hindsight, those were mysterious times that you may never get to experience again and would do anything to relive.
So whenever you feel confused, simply sit alone, take a deep breath and your instinct will guide you to the right path.
While you follow the above 5 mantras, don’t forget to stay cautiously away from below 5 don’ts
1. Expect success overnight
“Entrepreneurship is a marathon, not a sprint”. Even if all of your twinklers are aligned with the vision, the team and the resources all in place from day one, there will always be unforeseen hurdles along the way.
Whatever the case, the key is to stay attentive to the long-term vision and do not waver in your decision. Believe in your results, believe in your team, believe in yourself and don’t rely on instant gratification or quick wins to keep you motivated.
2. Ignore history
While every entrepreneur would consider that their business concept is a beautiful and freakish snowflake, odds are somebody has attempted the idea and failed. Instead of dismissing these businesses, one should attempt to learn everything you can regarding them. Where did they go wrong? and most importantly, ask yourself, “How will I be different?”
If you’re serious about thriving as an entrepreneur, you need to take other entrepreneurs’ lemons seriously, as well.
3. Operate inside of a bubble
The English poet John Donne famously said, “No man is an island, entire of itself; every man is a piece of the continent, a part of the main,” and the same holds for business.
It’s all too easy to become preoccupied in the day-to-day of your business and ignore the external world, but that would be a serious mistake.
4. Care what other people think
The last thing an entrepreneur should care about is what other people think of starting the business. Don’t surpass yourself up if some aunty and uncle think you need to be labouring in some multinational company.
Remember they are not chasing your dreams, you are! The only support you need is yourself and your team. People who don’t understand you will never understand your spirit.
5. Get too comfortable
Never get too comfortable with your business idea that at some point you might miss out the great mistake by overseeing and getting too comfortable with the plan.