Young entrepreneurs started some of the world’s more profitable and famous businesses. For example, Bill Gates started Microsoft while in college. Larry Page and Sergey Brin started Google while also in college. Discipline, focus, passion and commitment are what made their companies stand out.
You can also be another success story. The following tips will help you become successful as a young entrepreneur.
Perseverance is one of the main ingredients of entrepreneurial success. The truth is, it does not come easy. However, it is manageable. As a young entrepreneur, you have to push against relentless currents, and starting a business will test your perseverance. You must deflect the advice of friends, colleagues or family members that think you should quit. Success in this highly competitive world demands that you become fearless and never give up. Perseverance means that you refuse to take ‘no’ for an answer. This is what the most successful companies do.
One perfect example of a company that knows a thing or two about perseverance is AOL. When this company started more than 30 years ago, a paltry 3% of folks were online. When AOL went public over 10 years of being in business (1992), it had less than 200, 000 customers. This was pretty disappointing and frustrating. Nevertheless, AOL kept at it – the company could not afford to give up. Over time, the internet world finally exploded. Consequently, AOL became the world’s leading internet company with over 25 million customers. In addition to this, this company was the most valuable across the world. What a turnaround! So what was the secret? Perseverance was!
Remain Focused No Matter What
One main challenge most entrepreneurs face today is lack of focus. While some young entrepreneurs lack focus, others have it but focus on so many things at the same time. As a budding entrepreneur, always strive to focus on a few things.
When starting out, it is common to hedge yourself – you want more products in order to increase your chances of finding the best. There is also the tendency of wanting more features in order to find the killer feature. Young entrepreneurs tend to look for more price points so that there is a higher likelihood of engaging all customers.
When you do all these, that is, divide your focus across many things, you divide the potential of your success. Instead, you should endure the process of whittling down all your ideas into their primary elements. Success demands that you fully focus on the countable things your customers need. After you find this, you can prepare for growth and focus more on the future.
Always remember that an incredible Minimum Viable Product (MVP) favors top customer needs.
Set Goals For Yourself
In the beginning, you want to make sure to pace yourself. By giving yourself a daily agenda, you can make sure you get a certain list of things done. Over time, it will be easier to get everything done without having to limit your day to a list, but to start, it’s best to set a daily purpose. Giving yourself specific entrepreneur ideas for the day can ensure focus. Starting off isn’t easy, and success doesn’t come right away. Failing is just a part of the journey, so don’t let it stop you from trying again. By making lists, your day will be guided towards a specific purpose, and it will be easier to make sure you are getting everything done. It will also show what is easy and what needs work, based on the amount of time and focus it takes to complete each task.
Remember To Self-Promote
One crucial part of start-up business that many business people forget is the importance of self-promotion. In the beginning, you will not have the money to invest in a proper marketing department or know how to hire an elite publicist for your business. So really, your only option is to self-promote. Just be sure not to become too annoying. This will only cause people to delete you from their networks or disregard your postings. If you are a business person looking for success, always remember to promote yourself constantly.
Instead Of Funding, First Seek Traction
A common young entrepreneurial mistake is seeking for funding and getting people to rally behind an idea. This should not be the case. The first thing you need to do as a young entrepreneur is to gain as much traction as you possibly can. After you have an early traction, then you can step out and look for investors with more leverage.
Keep In Mind, You Run a Startup
The fact that you have just secured some huge funding does not give you the right to change and act like a rock star, which is a reason some startups will fail. Securing a luxurious office, fast car or affluent home are all a waste of money. Remember you are not Richard Branson, Warren Buffet, or Bill Gates all who run large and successful companies – you are not there yet! Live within your means.