The young entrepreneur era is on the rise, and they’re achieving more than their parents did at their young age. This news has been confirmed by the statistics gathered in the 2016 BNP Paribas Global Entrepreneur Report. Nowadays, more millennials are inclined towards establishing start-ups, employing more people, and targeting higher profits. It’s because of news like this that I’d like to share my own experience in starting a business.
There are four mistakes that a young entrepreneur should avoid in order to create a successful business.
Overcoming Difficulties As A Young Entrepreneur
1. Not establishing a vision
— Ted McGrath (@ted_mcgrath) July 28, 2017
What is your purpose for starting a business? What are the goals you want to achieve?
These are the questions that every aspiring entrepreneur should answer before anything else. The answers to these questions will determine your vision and will drive you forward no matter what. Without a vision, you have no foundation to build your career on.
Personally, I have learned that as an entrepreneur, I need to have a great vision. More than that, I also need to fulfill it. To do so meant to never lose faith. If you want to work for your success, stick diligently and persistently to your vision and the goals you have set. Then, find the best ways you can achieve them. Never give up!
2. Not surrounding yourself with the best people
The world is waiting for you to SHINE. pic.twitter.com/VWE6546cmN
— Ted McGrath (@ted_mcgrath) July 29, 2017
This is one of the mistakes that I have greatly learned from. When I first started out, I didn’t really feel worthy, and I attracted people with the same mentality. Sometimes, though, the reason why starting entrepreneurs can’t hire great people is that they still lack finances.
However, what I found out was that when I stuck to my belief that I could expand my business, I was able to pull in amazing people. When I postulated my vision, I also attracted the best people who could support me and help me expand faster.
One of my accomplishments in my business is hiring great people. I have found effective colleagues who have been able to help me grow my business. Young, successful entrepreneurs have intelligent people around them who can make wise decisions and are great at what they do. Hiring up for greatness and working with these kinds of people is probably the best thing you can do.
3. Not having the learner attitude
Aside from surrounding yourself with the best people, you also need to cultivate a learner attitude. One of the mistakes that I made starting out was not being a learner. Being a learner means diving deep into things and figuring them out. Don’t settle for the surface level — go deeper.
Simply put, learn the ropes of your business. Be an expert at what you do. One of the main reasons why you should hire the best people is so you can learn from them. Therefore, developing a learner attitude should come hand-in-hand with humility.
When you know your business from the inside out, you will be able to discern and make wise decisions that are beneficial. Plus you will minimize the risk of mismanagement.
4. Letting personal problems affect business
— Ted McGrath (@ted_mcgrath) July 26, 2017
This is a rule of thumb in business — don’t let your personal problems affect your business.
No matter how hard you try to conceal it, if you are burdened by problems, it will reflect in the way you run your business. This is why my advice is you should learn to fix your problems that are not related to your work beforehand. Not only is that the professional way to do things — it is also good for your mental and emotional well-being.
Whether you are an aspiring young entrepreneur, or you’re already one of the top young entrepreneurs, these lessons remain relevant. Learn from my experiences and avoid suffering the consequences of wrong business moves. Instead, choose to pave your way for a successful career in entrepreneurship.
What lessons you have learned in the course of your own career? Share them with me in the comments section below!
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