Being a young entrepreneur can be daunting, and requires a lot of determination, but everyone needs a helping hand sometimes, so we’ve compiled a list of our top tips to help you succeed.
Believe in Yourself
This might sound a little cheesy, but if you don’t think you can do it, how can you expect other people to? If you have an idea that you want to sell, you need to believe in it, and have faith in your abilities. This is not to be confused with cockiness, no one likes a show off, but there is nothing wrong with saying “I can”. So start today, and before you know it “I can” will turn into, “I did”.
Take a Risk
The top earners in business did not get to the top by being careful, and if you want to get to the top in business (or get anywhere in business) you need to be prepared to take risks. By its very nature entrepreneurship is built on risk taking, as at some point you’ll have to take the plunge and turn an idea into something. This means investing your time and money into your business, hiring others to help you achieve your goals, and sacrificing a steady pay packet while your business is in its infancy. To some people these things might seem mad, but that’s what it takes to be successful in business, and hopefully it will pay off.
Learn to be Decisive
As an entrepreneur you will be faced difficult situations often, and will have to make decisions, which means being focused. A boss needs to be the driving force of a business, so must be absolutely clear on what their business does, and does not do. Once you have this in your mind, you can make decisions quickly, and will be much more able to advise or instruct employees, so they can work effectively.
Listen to Customer Feedback
Repeat business is the easiest kind of business to get, so it is essential to not only value your customers, but also to listen carefully to their feedback. As you are so close to your business it can be challenging to remain objective, so customer feedback is incredibly valuable, and it can highlight any potential flaws in your business plan.
Take it seriously
Just like you need to believe in your business idea, you need to take it seriously right from the start. If you don’t take your business seriously, how can you expect other people to invest in it? It doesn’t have to mean that everything about you changes, it can be as simple as getting business cards, a business number, a business email, and portraying yourself as a business professional. People will respond to this, and you’re business will begin to grow and grow!
Be Sensible with your Money
While it is essential that you are able to take risks, you can only do so if you have the funds to take risks with. It might mean saving for a while before you establish your business, but it is extremely important that you have appropriate funds for your business venture. To get any business off the ground, you need money. If you cannot fund it yourself, get in touch with investors or lenders, but make sure you have a backup plan if things go wrong. These days there are creative ways to raise money, like crowdfunding, start-up accelerators, and even prizes which give funding to new businesses.
For even more helpful tips, check out our Business courses.