9 Useful Tips for Young and Upcoming Entrepreneurs

One step towards success is learning from those who’ve already achieved their goals. They come in the form of mentors, teachers, and coaches. However, not everyone has access or connections to find these types of people.

There are nine useful tips that you could use to propel you to success if you’re one of the people who haven’t found their personal business coach.

1. Set your goals

A plan without a goal is a pointless endeavor. In building a business or a brand, you have to keep the end goal in mind. Whether it’s escaping your business loans or building the next top start-up company, working with the end in mind helps in crafting the plans to get there.

And when things get tough, it’s what’s going to keep you going.

2. Get to know your audience.

Knowing your customer is one of the keys to success. Not only are they your main consumer and market, but they also hold the key to your company’s image. Treat them right, learn who they are, their pain and pleasure points, and you’re already half-way to success.

3. Talk about your finances.

It doesn’t take a finance degree to know that money is important to every business endeavor. Don’t shy away from talking about your finances. Knowing where you’re at financially allows you to plan your next steps accordingly.

Being transparent about what you can and can’t spend on is the mark of a true seasoned entrepreneur and leader.

4. Don’t fear risks.

Risks are opportunities viewed differently. Shift your focus from the disadvantages of said risks and turn it towards its advantages, and you’ll see how it transforms from risks to opportunities, from something negative to positive.

Your plans are your investments. Guard them well and learn how to manage risks in order to make a wise decision.

5. Hire the right people.

No business entrepreneur stands alone. Behind him and beside him are his accountants, lawyer, staff, and investors. As your team grows, learn to look beyond the resume and the portfolio and look for the character and energy you want to bring to your company.

You can always teach and train someone on skills, but you can’t force somebody’s values to change and fit your company’s vision.

6. Set aside time for raising capital.

Building a business takes resources. And these resources include time, determination, and, of course, money. It’s difficult to get approved for a business loan as a young and starting entrepreneur, and finding angel investors is the same.

So before charging ahead, set aside time to raise your capital. Build your credit score, talk to friends and family, and present your business idea to possible investors.

7. Learn from your mistakes.

You will make mistakes. This is inevitable, and it is part of the process. You may find yourself losing customers, losing revenue, and losing team members. Don’t be quick to blame external factors.

Look inward and look closely. Where did you make a mistake? Was it in your investments? Did you hire the wrong people?

Learn to accept what you did wrong and do better.

8. Understand your industry.

The business industry is an ever-changing one. There are so many trends and changes to keep up with that it could be overwhelming. Learn to take it one step at a time and understand your industry like an old friend.

In the words of Tony Hsieh, Zappos founder, “Don’t play games you don’t understand, even if you see lots of other people making money from them.”

If you do, you may face bankruptcy and lose all you’ve worked hard for.

9. Go above and beyond.

Entice your customers to stay and build brand loyalty by delivering more than they expect. It’s a great way to show that you care and flex your expertise in the industry.

Be someone that they could trust to provide quality products and services, and see your name spread like wildfire. Nothing’s better than promotion from a satisfied customer.

Being a successful entrepreneur takes a lot of work, time, and sacrifices. These nine tips are just the tip of the iceberg, but we hope that it’ll help you navigate the challenging and exciting path to success.

Based on Materials from Entrepreneur.Com

Photo Credits:
John Bradberry/ Flickr
John Bradberry/ Flickr