Achieving success as a young entrepreneur

Some of the world’s most famous and profitable businesses were started by students. Microsoft, for instance, began in Bill Gates’ Harvard dorm room; Google got its start on the Stanford campus as the computer science project of doctoral students.

Even if you’re not aiming to be another Bill Gates — maybe you just want to earn some extra cash with a landscaping business — you’ll have to navigate some unique challenges as a young entrepreneur testing the

• Have passion for your business

Work should be fun. Your passion will help you overcome difficult moments and persuade people to work for you and want to do business with you.

Passion can’t be taught. When it wanes, as it surely will in difficult times, take some quiet time. Whether it be an hour or a week, take inventory of all the reasons you started the business and why you like being your own boss. That should renew your passion.

• Know what you want

Are you willing to leave school if your business takes off? Or do you envision your business as a side project? Being able to answer questions like these will help you organise your time and priorities.

• Be radical

In your late teens and early 20s, your thinking is fresh, original and full of energy. Don’t be afraid to try something no one has ever done; create an off-the-wall product or shake up an existing market by changing factors (such as a service or delivery model) that established companies take for granted.

• But follow the rules.

Being a young entrepreneur doesn’t exempt you from registering your business, keeping records and paying taxes. Following these simple rules now will save you from legal and administrative headaches later.

• Manage your time

Running a business while going to school may be stressful and difficult. Understand what is required of you in your separate roles as a student and a business owner, and employ planning and organisational tools – for example, a well-maintained appointment book, Microsoft Outlook or an online time/project management system – to make the most of your time.

• Set an example of trustworthiness

People have confidence in trustworthy individuals and want to work for them in a culture of integrity. The same is true for customers.

• Be flexible, except with core values

It’s almost a rule that your plans and strategies will change as time goes on. This flexibility for rapid change is an inherent advantage of small business over large business. However, no matter the pressure for immediate profits, do not compromise on core values.

• Don’t let fear of failure hold you back

Failure is an opportunity to learn. All things being equal, venture capitalists would rather invest money in an individual who tried and failed founding a company than in someone who never tried.

• Make timely decisions

It’s okay to use your intuition. Planning and thought are good. But procrastination leads to missed opportunity.

• The major company asset is you

Take care of yourself. Your health is more valuable than the most expensive machinery or computer software for the company.

You don’t have to choose between your family or your company, play or work. Maintain your health for balance and energy, which will, in turn, enhance your mental outlook.

• Keep your ego under control

Don’t take profits and spend them on expensive toys to impress others. Build a war chest for unexpected needs or opportunities. This also means hearing out new ideas and suggestions no matter how crazy they sound.

• Believe

You need to believe in yourself, in your company, and that you will be successful.

This confidence is contagious with your employees, customers, stakeholders, suppliers and everyone you deal with.

• Encourage and accept criticism graciously. Admit your mistakes.

You need to constantly work on convincing your employees that it’s okay — even necessary —to state their honest opinions even it if conflicts with the boss’s opinion.

Just stating it once or putting it in a mission statement won’t cut it for most people.

• Maintain a strong work ethic

Your employees will follow your lead. It will also help you beat your competition by outworking them, particularly when your product or service is very similar.

• Rebound quickly from setbacks

There surely will be plenty of ups and downs as you build the business. Learn from the setbacks and move on. You can’t change the past.

• Periodically get out of your comfort zone to pursue something important

Many times you will feel uncomfortable in implementing a needed change in technology, people, mission, competing, etc. For the company and you to grow personally, you sometimes have to step out of your comfort zone.

Many organisational and leadership shortcomings can be overcome or mitigated with the good attitudes described above. All can be learned except passion, which comes from within.

Take time out of your hectic schedule to periodically reflect on these attributes. You may be inspired to act.

Source: PunchNG