The Hallmarks of a Successful Young Entrepreneur
Being a successful entrepreneur isn’t easy—especially if you’re still in your 20s. Though there are successful figureheads to look up to such as Mark Zuckerberg, the chances of anyone becoming as wealthy as him at his age is extremely unlikely or else everyone would be rich.
Gathering success takes a mix of brains and luck. It’s not weighed to one side either. Someone with incredibly good luck can stumble upon an idea and build on that as their success, whereas someone with the brains to become successful can do so with a minimal amount of luck. The more you have of both, the better. To help guide you to becoming a successful entrepreneur, here’s some helpful advice.
Knowing Your Limits and Never Overstepping Them
Success should be celebrated, but never overstep your boundaries. It’s a common mistake that once someone has established themselves in a market that they try to extend their reach with the power of the internet. It’s important that when you start up, you don’t make the mistake of tackling several markets at once unless you absolutely have to due to a niche that hasn’t been met and an opportunity that won’t come again. However, it’s very rare for young entrepreneurs to sniff out an opportunity that would be worth the risk of spreading your resources too thinly and ultimately risking your business.
Once you establish yourself in a market, hold onto that as your main staple. You should be conquering one territory before encroaching into others. Not only does your product or service need to be constantly refined, but your competition won’t take too kindly to your attempts to steal their profits and intervene in their markets. They’ll do everything in their power to reduce your influence, and unless you have the manpower to combat their attempts to erase your presence, you’ll end up losing more than you bargained for.
For example, let’s say you are in the soft drinks market and you have a popular energy drink that you’re targeting towards gamers. A sugar-free low-calorie energy drink that promises to improve concentration and awareness while playing video games. However, let’s suppose you decide to expand your market towards regular energy drinks such as Red Bull. Not only is Red Bull dominating that market already, but they have the corporate power to eliminate your product from the market and also encroach on your territory to retaliate.
Always Remaining Passionate, but Never Acting Stupid
Coffee and late nights might fuel your creative desires, but nothing will empower you like a desire to succeed and a passion for what you do. It’s important that whatever you decide to sell to consumers that you’re directly involved with the process and you have a great understanding of the product. For example, you don’t want to be manufacturing car parts if you don’t even own a car or have absolutely no idea how one works, and it’s pointless to run a design business if you aren’t in tune with art.
Your passion and drive will also help you make difficult decisions that you’ll encounter in the future. When it’s a choice between staying in your hometown and gaining less profit or moving to a more fruitful location, you need to pack your bags and start looking for houses for rent. Never settle for less when you’re involved in business and do whatever it takes to improve your business, even if it means moving away from family and friends to start a new life.
However, it’s important that you don’t let your passion get in the way of your health and safety. Make sure to get enough rest so that your mind remains sharp and focused, and never skimp on meals to save money or because you simply forgot. Take regular breaks and don’t burn yourself out on your new life of business. Take enough time off to reduce stress, and make sure to see a doctor when you think your health is at risk due to your work.
The Ability to Inspire Others
It’s not easy to convince people to give up their jobs to help you, but inspiring others is a crucial skill that every young entrepreneur needs to master. This can be done by creating an inspirational workspace, being a visionary to your staff and creating a future for them through different career paths. It’s a difficult skill to master because it requires you to be extremely confident in your ability to speak to others. You must be outspoken and you must have a way with words, but it’s a skill that you’ll naturally pick up as you embark on your journey to becoming a successful young entrepreneur.
There are lessons and courses you can take to become an inspirational boss, but it mainly comes down to listening to your staff and accepting that each and every one of them has a life outside of the workplace. They might have a family to take care so they’ll need holidays on specific dates and they might need to pick up their children after work, so it would be difficult to keep them for overtime during the weekday. Listen to their concerns, but never risk your business just to accommodate a need for your employees or else they’ll start to get lazy.
Inspiration isn’t limited to just your staff members either. You can inspire people to buy your items with clever advertisements or a technologically advanced product that you can demonstrate in videos. A product that might change the lives of ordinary consumers is an incredibly powerful tool, such as Tesla’s self-driving cars that are already changing both the way we drive cars and also the way we power our vehicles. It’s a double-edged sword, however, because you have to be very honest with the product you’re selling and never advertise your product in a way that can lead to false claims. The best way to get involved with the consumer is to engage in social media, discussions and other public relations campaigns. Press relations are extremely important to market your products and services, but also to maintain a healthy public image.