As a young professional, a lot of people have been thinking about starting their own business and, given today’s era opportunities which are related to online businesses, the easiness (in terms of building factors) for what concerns creating a working business is pretty considerable.
With this being said, entrepreneurship isn’t a precise science and, especially before someone’s thirties, the lack of experience within the field could lead to a significant loss in terms of money invested in a specific project.
With this being said, let’s try and break down the dark world of entrepreneurship in such a delicate life frame which is the one before your thirties.
Having a Clear Vision, the First Rule of Entrepreneurship
Being an entrepreneur isn’t merely related to running a business and acting like a boss 24/7.
To become a successful entrepreneur, several important factors should be taken into consideration, ranging from personal skills, strategic mindset-related ones such as emotional intelligence and business planning, plus a variety of networking and sales-based ones, crucial to delivering results in your designed timeframes.
Having a detailed picture of how your business is going to perform is vital for every business’ early stage of development, and the successful entrepreneur knows that.
Having a perfectly planned business strategy in the early stages of development is something that is required to build the foundation of a healthy, successful, and durable business.
As mentioned above, this requires experience and a clear mindset, which is something quite rare to be found in someone younger than 30.
Business Coaches: Why They Can Help You if You Choose the Right One
Let’s clarify one major aspect of business coaching: the ones who are selling courses on Facebook by letting you sign up to their click funnels page aren’t a good choice.
In fact, to approach a business coach the right way you should choose an entrepreneurial figure with decades of experience within your chosen field, who can give you actionable tips and who’s not blatantly trying to sell you pieces of a theory which are vaguely representing something that has been written on Forbes.
A proper business coach is someone who tells you how to set up, grow and (eventually) automate your business, so you can focus on building another one.
For someone young and inexperienced within the entrepreneurial world, someone who showcases his cars, his properties, and who talks buzzwords and business terms could sound like the right choice, but that will lead you into a far more complex idea of how you should set up a business.
There Are No Quick Wins
Entrepreneurship is what’s known as “the pain game”: if you think that being an entrepreneur is just “making money whilst you sleep”, then you are thinking about it in the wrong way. The hard part of entrepreneurship, which is also its beauty, is seeing results in the longer term, even if this applies significant losses and sacrifices in the beginning.
An example which always better clarifies this statement would be Amazon’s first years of being a business: Jeff Bezos started Amazon knowing that (optimistically) the first 5 years of the company would have been an extremely big loss and this is what happened.
Of course, he knew that after the business was properly up and running, the results would have come. This clarifies how entrepreneurship is a long process and, at the same time, shouldn’t be perceived as a “quick win”.
At a young age, especially with the so-called “millennials factor”, people are looking for the quickest way to make money when being employed by someone, but this doesn’t apply to run a business, even if relatively easy to set up (such as online businesses like dropshipping)
“But I’m Young, I Don’t Have Any Money!”
Although he’s falling into the above mentioned “online business coaches to avoid”, a great answer to the question “I don’t have money to become an entrepreneur” would be related to Grant Cardone’s early stages of real estate investment. Cardone started investing in real estate when he was 29, with a small property in Houston which eventually failed his prospect. He hadn’t a massive bank account and, given his college’s studies, he was already in debt. What he did to overcome the problem was investing in more properties, taking a massive risk upon his shoulders.
Given the fact that Grant Cardone is still as of today one of the biggest real estate investors in the world, we can safely say that, if you know what you’re doing and which market you’re tackling, taking a big risk will eventually payback.
Not having money for your initial business plan could be a limiting factor but, if you have a clear picture of what’s going on, you will be able to do it.
The Networking Factor
In the earliest stages of business development, networking for what concerns clients’ prospects, leads and potential investors is crucial and, at an age such as 26/27 for example, this could be hard to do.
Networking from a business perspective is far harder than going to job interviews, especially given the fact that it takes a lot of variables into consideration, such as which field you’re trying to network into, what are your goals, and, most importantly, how good are you whilst doing it.
There are several ways of building a healthy network of prospects and leads to present your business idea to a potential investor but, ultimately, nothing beats business idea association. Approaching another young entrepreneur, sharing your ideas, and combining your plans could result in a massive win for both of you and could also be the chance to expand your networking horizons.
Being Digitally Savvy
Surprisingly saying, a lot of young entrepreneurs are forgetting about the impact that the digital world had on every single business sector.
The young entrepreneurs who are approaching sectors such as real estate, finance, or, in general, business realms which are not strictly connected to a digital sphere, are excluding such digital-friendly behaviors from the equation at the start, because “the digital world doesn’t apply to their business sector”.
This is a massive, incredibly big mistake: first of all, because the internet (let’s state it as a fact) is ruling the world, and second of all because, if the competition in your specific business field isn’t high, that would eventually result in a massive win for your business, if properly planned. Digital transformation, for what concerns business development, has become quite largely covered by a lot of entrepreneurs and business coaches, and the reason is mentioned a couple of lines above.
Being an entrepreneur isn’t easy, especially if you’re approaching the whole matter being young, without many funds and, let’s be honest, with your life still in development. With that in mind and with the right mindset, there will be a chance for you to build a proper business that will survive the first waves of competition, making its way through investments and leading you to the throne of successful entrepreneurs who have developed a tangibly great business.
Entrepreneurship before your thirties?
Doable, but with a lot of things to keep in mind and a lot of pieces of advice to ask, especially if you’ve never done anything business development-related. Hopefully, these tips would help you in creating or even better thinking about your future entrepreneurial endeavors, whether if digital or physical.