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5 Things No One Tells You About Running A Business in Your 20’s

30 January 2018 No Comment

When it comes to launching a new business, there’s probably no better time than your 20’s. As a young entrepreneur, you have fewer responsibilities, relatively more disposable income, and a lot of energy. It makes sense to apply your time to a new venture and invest in your future. After all, some of the most famous companies on the planet were launched by people your age.

However, starting young does present some unique challenges. Here are the five things no one will tell you about launching a business in your 20’s.

1.      Education and talent aren’t everything

While it’s great to be well-educated and naturally talented, a degree and skillset isn’t everything. The bedrock of your new venture is the time and effort you apply. Being persistent, willing to learn from mistakes, and passionate about what you do is probably more important than having years of experience or a college degree. In her book Grit, Angela Duckworth points out that the most successful people on the planet are the ones who have the ability to stick with it against the odds.

2.      Borrow responsibly

There’s nothing wrong with a little financial leverage to get you off the ground. Platforms like Cash Stop and government small business loan programs can get you the money you need to start the operations. However, you need to be careful with the money you borrow. Learning to handle leverage responsibly is a key part of being a young entrepreneur. Never borrow more than you can afford to pay back, pay attention to the annual rate and transaction fees, and always have realistic expectations from your business.

3.      Reputation is more important than profits

Experienced business leaders know that reputation is more important than profits. If you handle your brand well, making profits is much easier. A bad reputation will eventually catch up with you. Pay attention to how you treat your employees, suppliers, partners, and customers. Creating strong bonds with your stakeholders is invaluable.

4.      People will be difficult

Being in charge is lonely. As a business owner you can seek out support from your friends, colleagues, and family, but you have to deal with moments where you feel absolutely alone. People can be difficult to work with. Finding the right talent is often hard. Getting people to stay is probably just as difficult as getting them on board when you’re just launching your venture. Don’t let the failures get to you.

5.      Take care of your health

The biggest mistake that young entrepreneurs make is neglecting their health. Young innovators are often surprised that running a business is half as glamorous as they expected and twice as stressful. In fact, nearly 45% of all entrepreneurs report being chronically stressed and anxious. While there’s little you can do to change the brutal reality of launching a new business, you can take control of your health with better nutrition, meditation, and regular exercise.

Startups tend to get a lot of attention, and this perpetuates the notion that launching a business is easy. Don’t make the same mistakes other young entrepreneurs have made in the past. Be responsible with debt, take care of your health, learn from mistakes, and be patient.

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