Starting or launching a new business is not as easy as many people might have thought most especially when you are a young entrepreneur.
The thing is that it’s not just about launching your new business, it has to do more about making sure that you know what you are doing and how to do it.
Not many newly launched businesses are able to survive for long; many of them have be closed down even within a year of their launching.
Nowadays, many young entrepreneurs could not make it because they’re not ready or they don’t have necessary business skills and attitudes towards running a business.
Helpful business tips for young entrepreneurs
Some young entrepreneurs wasted their valuable time on unnecessary stuff rather than being focused and properly work towards achieving their primary goals.
Below are some of the top business tips for young entrepreneurs that could help you save time and resources before launching your start-up business.
#1). Focus, focus and focus
Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing.
Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity.
Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
#2). Know what you do. Do what you know
Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success.
It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
#3). Say it in 30 seconds or don’t say it at all
From a chance encounter with an investor to a curious customer, always be ready to pitch your business.
State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
#4). Know what you know, what you don’t know & who knows what you don’t
No one knows everything, so don’t come off as a know-it-all. Surround yourself with people that will give you valuable advices as well as mentors who will nurture you to become a better leader and businessman.
Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
#5). Act like a startup
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal.
Watch every penny and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
to be continued…
Part 2: Helpful Tips For Young Entrepreneurs Before Launching Their Start-up Part 2