5 IMPORTANT LIFE LESSONS FOR YOUNG ENTREPRENEURS
At the start of your entrepreneurial journey, you must have heard things like- take risks, go all in, and do not be fearful of failure and so on.
There are important things that many life coaches and other successful individuals propose.
However, these kinds of advices are ambiguous and can hold true for almost all businesses at all points of their existence. In other words, there are not many messages, which are directed towards young businesses and entrepreneurs at the start of their entrepreneurial journey.
In this article, we list five important life lessons for young entrepreneurs. These life lessons are going to come in handy during the initial years of their business.
If you are a young entrepreneur or know someone who has just started a new business, you might want to pay attention to this article.
5 Life Lessons for Young Entrepreneurs when starting a New Business: The List
Concentrate all your effort on Sales for the first two years-
For the first two years of the company, all your efforts, energy and complete focus should be on achieving sales. This means as a business owner you only need to concentrate on all those avenues, which help in making sales.
Do not divert your energy and time by focussing on issues like recruitment, accountancy, marketing and so on. You might say that all these factors have some kind of bearing on sales. However, everyone knows that reaching clients and convincing him or she should be critical for you.
Avoid working with Bigger Corporations and Entities-
Most startups and young businesses fail because they go after one big client rather than other smaller entities. For the first two years of your business, you should only concentrate on smaller players. Bigger clients are only going to exhaust you of all your minimal resources.
It is important that you try to get as much business as possible, with spending as little as possible. When you approach big clients, this principle is thrown out of the window. Start making your mark from the lower levels and gain experience.
Networking is important when starting a new business-
Successful startup entrepreneurs suggest that every young business owner should spend every waking second chasing sales and every sleeping second networking. Unless you get the word out about your company, the product or the service, you are not going to see much action.
This is why you need to use Email Marketing, LinkedIn and other social media platforms to meet and interact with the right kind of stakeholders. You might strike out ten times, but on the eleventh occasion, you will be successful.
Always have a Fall Back option or a Crisis Plan-
Many young entrepreneurs always have a contingency plan if the initial years do not go according to what they had originally planned. This involves having some small individual side business, which can generate income.
This is why entrepreneurs prefer going after investing options very early on. By investing in high profitable returns, they find a way and means to supplement their income sources. This gives security and a certainty that there would be some income flow.
If you want to know more about investing in the right places, check how crypto millionaires spend their money.
You will make mistakes. Accept it and move on-
The first years of any new business are tumultuous, to say the least. Even companies like Microsoft and Apple experienced grave difficulties during their first couple of years. Do not let things get to you at any cost.
Focus on what you have set out to do and stick to it. A young business should always be flexible in their approaches towards getting successful.
It is important to remember that there is no clear cut set path to being successful. You will encounter difficulties as you move along.