15 Success Tips for Young Entrepreneurs
Owning your own business gives you a sense of freedom and empowerment. You can build things and watch them grow.
Here are 21 tips for young or aspiring entrepreneurs to help get you started.
1. Challenge yourself.
If you want to be a successful entrepreneur, you have to challenge yourself. No one else is going to push you, so it’s up to you to do it.
Challenges keep entrepreneurs nimble and on their toes. If you’re constantly looking for the next challenge, you’ll always be prepared for what comes your way.
2. Take the risk.
Humans are generally risk-averse, but part of being an entrepreneur is recognizing the risks that you should take.
Successful entrepreneurs take risks. It’s part of the job.
3. Believe in yourself.
If you don’t believe in yourself, who will?
Being a successful entrepreneur means that you’ve learned to listen to your intuition and rely on your wisdom when making decisions.
Your ability to trust and believe in yourself will show your confidence. People are more likely to follow and trust confident leaders.
Trusting in your own skills will also take some of the pain of uncertainty out of being an entrepreneur.
4. Reduce fear
Overcoming fear isn’t easy, but it must be done. Arianna Huffington once said that she found fearlessness was like a muscle — the more she exercised it, the stronger it became.
5. Hire great partners
Who you’re with is who you become. Reid Hoffman, the co-founder of LinkedIn, noted that the fastest way to change yourself is to hang out with people who are already the way you want to be.
6. Take action.
Talk only delays action.
Successful entrepreneurs act.
It’s easy to get wrapped up in planning, considering potential failures, discussing funding, and talking in meetings with board members. If all you do is talk, you’ll get nothing done.
At some point, you have to halt the talking and make something happen.
7. Spend time
No one succeeds immediately, and everyone was once a beginner. As Steve Jobs wisely noted, “if you look closely, most overnight successes took a long time.” Don’t be afraid to invest time in your company.
8. Plan your finances
Richard Harroch, a venture capitalist, has this advice for upcoming entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”
9. Who’s your customer?
One of the most common reasons that entrepreneurial businesses fail is that there isn’t a customer.
If you start a business or make a product but don’t know who will buy it, that person might not actually exist.
Before you make a financial plan, raise capital, or even choose a name, make sure that there’s a customer who would buy your product or use your services.
Without a customer, you don’t have a business.
Successful entrepreneurs know who their customers are.
10. Listen to complaints
This is one of the tips that I think is the most important for entrepreneurs to learn.
Your customer’s complaints are how you identify your business’s weaknesses.
Similarly to the last tip, without customers, you can’t have a successful business. There’s another possible scenario, though.
You might have customers who are interested in your product or service, but if you don’t listen to their complaints, you soon will have no customers.
Take your customers seriously, treat their complaints with respect, and listen.
You might think you’re giving them value, but they may not agree.
11. Understand your industry.
Tony Hsieh, the founder of Zappos, once said, “Don’t play games you don’t understand, even if you see lots of other people making money from them.” Truly understanding your industry is key to having success.
12. Deliver more than expected.
Google’s Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a great way to get noticed in your industry and build a loyal following of advocates.
Being a successful entrepreneur takes a lot of work, a lot of vision and a lot of perseverance. These 21 tips, from entrepreneurs who have already found success, will help you navigate the path much more easily.
The life of a successful entrepreneur can feel scattered and disjointed, but it’s important to limit your time spent multitasking.
Research has shown time and time again that multitasking doesn’t work. Humans aren’t capable of it.
You don’t know everything. No one does.
So ask for help, advice, mentors, and everything else you need. Asking questions gains you information.
The more information you have, the more connections you can make, and the easier running your business will become.
Asking questions also helps you to remain in a learner mindset, ready to accept advice and information.
Learners and those who ask questions are more likely to become successful entrepreneurs.
15. Help others
Entrepreneurs are busy, so this tip sometimes trips them up. It’s easy to think, “I don’t have time to help anyone else! I’m so busy already!”
But helping others can be inspiring and massively beneficial.
How good does it feel to help others? And as an entrepreneur, you have a network with whom you can share your expertise and jobs you can hire people for. Why wouldn’t you help others?