Tips for young entrepreneurs to learn from experienced business owners
As the new generation dive off in business, a young emerging community of potential entrepreneurs comes into the light, regardless of the experienced tag, they bring in an intellectual approach to the most complex problems.
Kauffman Foundation in 2016 stated, 6.02 percent of the adult population in the US owns a business as their main job! We’re more often encountered with smart minds starting up their own piece of work, getting on to the props too soon than expected! Though there’s a lot which is needed to learn, we can still expect to budge up a little for the ones coming into action.
Experienced entrepreneurs are the ones who have experimented, tried hard and made their mark stable over the time. Endless examples may come up, it depends on how you find the one inspiring enough for your startup!
Young entrepreneurs need to learn 5 basic guidelines or maybe just some advice to stay on, maintain and further succeed in whatever they’ve thought for.
1. Curiosity with smartness
Understand that taking responsibility to start your own business isn’t a piece of cake! You ought to have a streamlined approach, a curiosity to see through the smaller things which could make a bigger impact for the people, or your target audience. Your product/service is successful only when it’s actually needed. Identify the gap in the market and how you can set on to fill in.
For this, you should be having an innate entrepreneurial streak, a mind which is constantly working out in response to everyday activities, looking through every encountered possibility which can trigger a new business idea. Follow a similar approach to tap what others haven’t analyzed yet.
2. Be flexible to individual goals
The bottom line should always be to build adaptability of situations and circumstances. We’re in an environment where neither the technology nor the demands remain constant. It all plays around our flexibility and adaptability of whatever strikes the moment. React, plan, stay prepared and gear up for unforeseen situations that may really affect your business.
The basic idea should be of having a growth and adaptability plan for at least initial 10 years, a blueprint, in this case, can be a roughly plotted sketch of how you plan to work when there are fluctuations affecting your business. In the scenario, never pay great heed to your individual goals, instead look for a larger perspective and how it may impact sooner or later.
3. Consistency & endurance
A 14-year experienced entrepreneur stated in an interview with “GoodFirms”-
“It’s imperative how we look to the need, and how we decide to bring in to the audience. There is just one aspect which separates an experienced business owner from a non-experienced one, and it is Endurance!” Deepak Tomar, CTO, Clavax Technologies
Do not refrain yourself from working harder than your limits and challenging even the toughest situation. Keep your energy levels soaring high so that you can manage your time wisely and keep on working diligently after failures and lows in the journey.
4. Focus on your brand value
The initial days of any startup may be a drill down to basics and advanced requirements. You may encounter a new practical requirement almost every day. It’s natural though, initial is always learning and discovering what could bring out the better. Do not get too preoccupied with the requirements that you forget to maintain your brand value.
Keep the pace smooth, you need to manage things parallel to each other, without comprising your constant quality which may be your brand recognition by the time. it’s undoubtedly a challenge but, standing up to the same may give you more stability in the market for a longer run.
5. Take notes
Being an entrepreneur is never a classroom training, reading & listening ideas and further implementing them in the practical world has nothing to do with the textbook values. You can learn maximum from the everyday activities, keep a habit of carrying a notebook along whenever you step out. Note down whatever interest you or brings a spark.
"I firmly believe that anyone who aspires to lead a company must develop a habit of taking notes. I carry a notebook everywhere and am an avid note-taker and list-maker. This helps me to focus on what I need to get done and encourages me to be productive – and discourages me from procrastinating!"
Richard Branson, Founder, Virgin Group
While being a rock strong identity in oneself, it’s hard to achieve success without a talented team! Focus on hiring character for your company, you can always train a person on skills but, can’t make someone’s values fit your business norms. Learn from what u missed or have lacked upon, turn your weaknesses to the path of potential.
Embrace every advice you receive but, follow the ones which can speak your spirit.