As a young, inexperienced entrepreneur, the odds go against you. The lack of experience means you are untested, which means fewer investors are going to fund your business. You also won’t have the nerves to ride the ups and downs of business nor have the impulse to sense the direction of the markets or how to translate customer trends. Here are four tips to help you navigate as a young entrepreneur and, more importantly, prosper.
Find a Mentor
A mentor can save you a lot of sleepless nights, headaches, and monetary losses. A good mentor will help you avoid the pitfalls of entrepreneurship and direct you to where your focus and resources should be. Finding a mentor can be difficult, however, since there’s no official resource or path to take. Attend meetups, conferences, TED talks, and similar events that bring together industry experts and aspiring professionals in one place.
The best way to do this is through your work. You can flood social media with your paid ads or spam the web with your poorly written articles and blog posts, but it comes down to the quality of work and value you provide. Let your products/services work for you. Invest in building a solid, trustworthy brand.
Build Your Network
Businesses are all about people. As a young entrepreneur, devote your time and energy on building connections with people who can either help you make the right decisions for your business, buy from you, or expose you to their network of people. Carve some time out of your day to talk with industry experts, other young entrepreneurs, customers, and just like-minded individuals who share the same interests, values, and drive.
Work Towards Financial Stability
Don’t just leap into entrepreneurship and expect things to go your way from day one. You’ll want to have financial stability before pursuing any business endeavors. If you are currently working, don’t quit your day job. Moreover, try to limit your expenses by avoiding frequent night-outs, exuberant purchases, etc.
Succeeding as a young entrepreneur takes patience, hard work, and guts to choose one of the riskier career paths out there. By having financial stability, a robust network that provides technical and moral support, a strong brand presence, and a competent mentor, you’ll find success in no time.