Advice to a Young Entrepreneur

To begin with, you need to realize that your desire to be an entrepreneur does not set you apart from many other people with a similar wish. According to the Small Business Association (SBA), 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10.

You rather join the ranks of competition, which will constantly require incredible effort and willpower from you if you want to be in the front ranks. A realistic attitude to the matter will help you soberly assess your strengths and also lead to smart solutions. So, let’s take a look at the list of items that will help you go from a novice entrepreneur to a confident businessman.

Do not underestimate the importance of details

Set big goals. For example, your company develops websites. Try to understand the subtlety of software development, design, learn how to optimize the website and how to sell it. Stay up to date with all the news in the industry, but keep focusing on large-scale goals. Why is it important to understand the technical processes, even if you not going to interact with them in the future? The point is that a leader like no one else should understand how each stage of his business is arranged.

Read business literature

Technical and business literature is a useful resource not only for entrepreneurs but also for many other professions. Use your free time to read. Here is a great list of bestsellers for entrepreneurs. Time management specialists also advise taking notes to highlight a certain piece of information.

Learn from the experience of others

Obviously, it is impossible to learn tons of tricks and lifehacks just only from the mistakes of others. Moreover, the most memorable both business and life lessons are based on personal experience. Watch how others do it, but do not imitate it. Keep a clear focus on your ideas and goals. Pay your attention only to useful examples. By the way, going back to the previous paragraph, it may be very useful to read the biographies of famous personalities, especially your niche specialists.

Attend events

Follow the communities based on your interests. Social networks, especially Facebook, contains lots of proposals and schedules for events. Think of attending training, conferences, meetups, and other business meetings. As a rule, this is a great opportunity to make new useful contacts in the field of business and industry. Among the participants or lecturers, you can find potential colleagues, clients, like-minded people or even investors. Still, it is not necessarily to visit all events in a row. Follow such technique: “Attending — Processing of information — Practice.”

Training in practice

Look for business schools or intensive courses about entrepreneurship or brand implementing, in case that your financial сondition is fine. The advantage of paid education is mentoring, which is strongly important. It is more likely to get instant results under the guidance of a professional. Except for paid education, do not forget that any time you have the opportunity to study for free, and much of the needed information could be publicly available. Choose your personal way of professional growth.

Share your goals

If you are already working as an employee in some company, you can consult with your colleagues. Feel free to share your ideas among friends and acquaintances. By exchanging the experience with others, you may receive useful feedback that will push you to new and fresh ideas!

Keep these points in mind and good luck on your way to entrepreneurship!


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