I’m sure you’ve heard and read about different success tips for young and aspiring entrepreneurs. You’ve been told that you need passion and motivation to build a business. However, when you start your business, you’ll discover that you need way more than passion and motivation to get the ball rolling.
Some people even go as far as telling you to take risks, face your fears, and create a business plan. More advanced advice even includes points like, “know your target audience” or “research the market.” But you know what? If you try to build-up your company following only such advice, you will most likely join the 20% of startups that fail during their 1st year in business.
I’m sure you already have goals and have researched the market. Developing a company as a young and aspiring entrepreneur is not easy. And, you’re smart enough to know that passion and motivation alone wouldn’t take you to the zenith of entrepreneurship. Knowledge, experience and a lot more will do.
Success Tips For Young And Aspiring Entrepreneurs
Let’s look at the tips that will make you successful as a young and an aspiring entrepreneur.
1.) Let Your Market Determine Your Product
The market is the force that drives your business ideology, not the product. Research your market, and have a penetration strategy. Know the types of products that customers are willing to spend their money on. Yes, it’s a lot of work to carve a niche product or service and develop a market penetration strategy but it has to be done.
Tastes differ between consumers but some consumers share certain interests. Understanding customers’ interests will help you position your brand appropriately. The market is indeed a determinant force that controls your entire business model and structure. This is one major thing you can’t leave to chance if you wish to attain success as an aspiring entrepreneur. “Market first, before product”. Don’t put the cart before the horse.
2.) Be A Friend Of Failure
As young aspiring entrepreneurs with a penchant for growth and success in your industry, you should be a friend of failure. Failure is part of the package. When you see failure on the menu, it becomes easy to embrace it and take the lessons it presents when it comes.
Every great and successful entrepreneur today has had its own fair share of failure in the past. Use failure as a launchpad to your goals, and keep on re-inventing yourself, by learning from your mistakes and failures, till you get there.
3.) Be A Great Risk Taker
To become great in business, you have to take risks. You can’t avoid risks as they are part and parcel of the business world. Most of the successful entrepreneurs you admire today established themselves as successful entrepreneurs by taking risks.
As a matter of fact, many great entrepreneurs credit their success to their habitual risk-taking nature. Setting up a business, and implementing various ideas doesn’t guarantee success. Entrepreneurship is a tough call and only the strong-willed can weather the storm along the way because it is all a risk.
As young aspiring millennial entrepreneurs, don’t put yourself in a box and restrict yourself. Do what excites you and go with your gut feeling even if that means going against the norm.
4.) Don’t Bite More Than You Can Chew
The term ‘serial entrepreneur’ is currently making wave, therefore, a lot of millennials are beginning to develop the idea of becoming ‘serial entrepreneurs’. A dangerous ideology that makes an entrepreneur bite more than he can chew. Most times, it makes the entrepreneur less productive in all of his endeavors. It’s so easy to want to jump into several possible ventures at a time, hoping that one or two will “pan out.”
Clearly, I know there are lots of opportunities out there, however, if you look at those entrepreneurs who have really made it, they began with a single focused idea – they knew that there would be plenty of time to branch out and diversify down the road. Their consistency, intensity, and laser-sharp focus on that single idea made it work and they were able to scale up years later.
That’s why we researched and published 35 booming business ideas so that you can just choose a business idea from the industry you’re interested in.
5.) Learn How To Sell
All successful and great entrepreneurs are phenomenal at selling. They know how to sell, and convince people to buy, and use their products or services. Selling is an art and anyone can learn it. One of the best ways to sell is to sell like you’re not selling. People hate being sold to, therefore, you have to be creative and subtle when selling.
What are the different ways to sell:
- Make it about them.
- Do your research before reaching out.
- Build rapport first.
- Define your buyer.
- Contribute first, sell second.
- Ask questions, and listen.
- Be mindful of psychological quirks.
- Approach them on their level.
- Hit an emotional high point.
- Remember, you’re selling to a person, make sure your sales pitch is not robotic.
6.) Learn From An Experienced Entrepreneur
As young and aspiring entrepreneurs who want to venture into new businesses, you need to grow your network, so reach out to those who have been there and done that. Networking is an important business practice where people meet, exchange ideas, share their experience, success, and mistakes with other entrepreneurs. So, you don’t want to miss out on such a great opportunity.
Don’t miss any opportunity to interact with and learn from people of influence. If you plan to run a business someday and is currently employed, expose yourself to more meetings, boardroom discussions, planning, and brainstorming sessions with senior executives. Learn as much as you can, because a time is coming when all those learning will come handy.
7.) Trust The Process
To get the best out of entrepreneurship, you have to pay the price in full. You can’t jumpstart the process, you have to grow through the process; this is exactly what makes you tough and keeps you going. No matter how healthy a mother is, she can never carry a pregnancy for 3 months. She has to go through the 9 months period.
The same applies to business, give it the required time. Don’t be too much in a hurry to break-even, or ‘blow’. Take your time and trust the process.
As a young aspiring entrepreneur who wants to succeed in business, you will read and hear all sorts of advice. On social media these days, everyone is a business advisor and consultant. Be careful who you listen to. Take it from people who have walked the talk.
Have you attained some level of success in business? What advice would you give to young and aspiring entrepreneurs? As a young aspiring entrepreneur, what advice have you been given? We will like to read them in the comments. Please, share.
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