Entrepreneurs: How to Build a Successful Business as a Young Entrepreneur
So, you’re under 40 and like the sound of ‘entrepreneur’ on your business cards? Great! Despite the general doom-and-gloom surrounding the business world and financial markets, entrepreneurs are making a huge difference all over the world. While the stock market is crashing, Elon Musk is putting cars into orbit with his hard-earned cash. So where do you start your journey? Here are five tips for young entrepreneurs.
Solve Problems, Don’t Sell Products
This may seem a bit counter-intuitive; after all, most business sell something. What we mean is that a successful business offers products as solutions to problems in day-to-day life. Amazon arose because Jeff Bezos sold people on internet shopping as a solution to the hassle and inconvenience of everyday shopping. There’s a lot of value in spotting and solving the problems on a local level. A good entrepreneur adapts to the situation at hand.
Love What You Do
This seems pretty simple, but a lot of people start businesses they hate because they think they’re going to be money-spinners. At the end of the day, making any business profitable is a lot of work, and if you hate it, you’re almost certainly going to wash out early. Go for passion!
Work Your Job, Not Your Resume
A lot of people new to the world of work want a long list of job titles to impress employers. Although this can be effective, what works best is demonstrating initiative in the job you’re in. A prospective employee who can demonstrate a lot of initiative and success in one role is more valuable than someone with lots of mediocre titles and no demonstrable initiative.
Network, Network, Network…
And network again. Seriously, it’s that important. Use LinkedIn and in-person events to make as many contacts as possible. These people will be great to learn from and to work with down the line, but you need to meet them first.
Know When To Rest
Being a business owner often seems like non-stop work–like you can’t clock out because there’s always something else to do. Working hard is important, but it’s far too easy to burn out if you’re not careful. Recharge those batteries when you can, and start back with a fresh mind and attitude.
Are you a young entrepreneur getting your business off the ground? Contact Ironhorse to discuss financing needs.