As a young entrepreneur, you’ve no doubt had some misgivings given the present economy about whether or not your new small business can make a go of it. Heck, you’ve even probably been told by some ‘experts’ that your business is likely to fail.
Naysayers’ aside, it is not unexpected that you would have some reservations about plunging full steam into a new business venture when the national unemployment rate hovers around 9.1 percent and many small businesses are just treading water to stay afloat.
That being said, there are a number of pluses to opening up a small business right now.
While others twiddle their thumbs and let opportunities slip away, you could be reaping the rewards on finding a niche that customers will cater to. Yes, you’re going to make mistakes, but don’t make the biggest mistake of them all and be caught on the sidelines watching the action.
Among the coded terms to employ to have a successful run at your own small business early on will be:
- Creativity – While this one sounds like a no-brainer, you’d be amazed how many entrepreneurs leave creativity on the back burner. As was mentioned earlier, you’re going to make mistakes, but don’t let that fear get in the way of creativity. Creativity is one of your strongest assets going, so don’t stifle it by being afraid to try out different things;
- Optimism – Met too many pessimistic people in your life who are always waiting for the roof to cave in? Having a young business get off the ground requires optimism when things don’t go right, money seems tighter than ever and people are questioning your leadership skills. If you remain upbeat and see the light at the end of the tunnel, your chances of succeeding go up;
- Diversity – It is important to have a diverse workforce on your team if you have a team to begin with. While you may be inclined to hire people your own age or even college friends, etc. putting together a mix of old and young enhances the opportunities for success. Tapping into some older individual’s experience level is a great way to bring yourself and other young employees until you are all comfortable running the show;
- Effort – Let’s face it, being successful takes time and effort. If you’re not willing to put the hours and the effort into your fledgling business, why should your customers either? Be prepared initially to work long hours and sacrifice time with family and friends in the process. If you truly want things to succeed, your time is invaluable;
- Dreams – Starting one’s own business is the dream of many young individuals who have either had bad experiences working under others or do not want to take that chance in the first place. As you settle into your role as a new young entrepreneur, don’t forget your dreams and what got you here in the first place;
As a young entrepreneur, set goals for yourself and where you want to be with your small business by a given age.
If you’re starting a new business at say age 23, where do you want it to be in two years, four years, and seven years? While economics and other factors may throw you a tad off course, stick to your plan and try to surpass the goals you set for yourself.
Being a young entrepreneur is not always all it is cracked up to be, but it can also be one of the best decisions you will ever make in your lifetime.
Dave Thomas, who is an expert writer on subjects such as business cash advance systems, writes extensively for www.business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businessesSubscribe to the Podcast