“On the one hand maybe I’ve remained infantile, while on the other I matured quickly, because at a young age I was very aware of suffering and fear.” ― Audrey Hepburn
Youth is the time to make or break a task undertaken. Your brain is a pool of unlimited ideas and thoughts aiming at conquering the world. Be it about starting your own business, solo travelling, photography, etc. Its time to seize the day and head on with the work you want to accomplish.
For those “not so 9 to 5 people”, a.k.a The Misfits, prepare yourself to be introduced to the multidimensional entrepreneurial world.
Expectations come attached with being an entrepreneur. Its not only about starting up but more about possessing those qualities of an entrepreneur.
Dealing With Failures : You must understand that failure is a part of the game. These failures will serve as a stepping stone towards success. Until you fall you won’t understand the phenomena of getting up again. Let these failures surge an inspiration in you.
Find Your Passion : Whether its photography, solo travelling, or a startup, passion for the task undertaken is of utmost importance. Starting a business just for its own sake will leave you directionless, burned out and ultimately, back where you started. Choose an interest that you can be passionate about.
Choosing The Right Market : Many entrepreneurs ignore the most important aspect ,i.e. defining the market. Go with something that makes sense for your scope. One must remember that the market is huge and dynamic. The Internet gives us almost infinite reach, but it’s vital to narrow your market down to what is realistic, and stick with those who have a reason to be interested. Its not always a necessity to capture a huge market but capturing a small market that serves the need shall surely deliver success.
Pricing The Product : Every business has a risk factor attached to it. Risk is a by-product of any organization. Consider providing your product or service at the most basic level possible (also called Minimum Viable Product). Your target defines the ideal price. Survey your defined market and adjust accordingly. You can always reevaluate your prices as you grow. Never aim for huge profits in the initial run. Let your product make a name for itself in the market.
Honesty Is The Best Policy : How often have we heard that one should not lie, cheat or use malicious methods to mint money. Be honest about what you can commit to your business. It doesn’t do any good to over-extend yourself when in truth; you don’t have the cash or the hours to commit to a project. Be honest about what your partners can expect from, and what you expect in return. And be honest with clients.
Social Media, Boon and Bane : Young people are more than eager to jump online, which is not a bad thing. But it is important to think carefully before plastering marketing materials on the Internet. Social media is obviously a powerful tool. Focusing it on your business can get word out quickly and cheaply. That said, be careful not to put all of your eggs in the online basket. Also making contacts via social media can surely prove to be beneficial, but remember not to spam your contacts with emails and messages to showcase your product.
Look For Mentors : Experience comes handy. Every successful startup has had a guide, mentor , a teacher who paved a way for success. Remember, although younger generations can be more tech-savvy than those who have been in business for years, there are still basic principles that are refined by experience. Many communities offer networking opportunities for entrepreneurs young and old. Take advantage of this, and you may be surprised at the wealth of knowledge your colleagues have to offer.
These small tips may not guarantee success but every bit of knowledge you can gather before you begin your entrepreneurial career can help you avoid serious mistakes.