If you’re reading this, you’re probably wondering if entrepreneurship and the financial independence it can bring are in your future. While you can start a business at any time, your twenties are probably the best time to take advantage of opportunities and make lasting changes. You’ve got your whole life ahead of you, you probably don’t have any dependents yet, and you likely don’t have too many financial commitments that would make
It’s a lot harder than it seems, but with the right mindset, determination, and support system, it can be done. Today we will discuss some things you should keep in mind.
Know What You Want to Do Before You Do It
Before you start your own business, do a lot research. Know what you want to do and what opportunities are out there for you. Find out what skills you have that others don’t, and use them to your advantage. What types of products or services would you like to offer? If you think about it ahead of time, this will help make sure that the business is a fit for you. You probably wouldn’t take a job that wasn’t a match for your interests, so don’t start a business that doesn’t match your interests either. You’ll be spending a lot of hours on your business and if you’re not that excited about it, this will translate directly into poor results. This research period will also give you an idea of how much money it will take to get into the business.
Network, Network, Network
Schmooze? No. Create professional relationships and establish yourself as a thought leader? Yes.
Networking is about serving others and learning from others first. Be friendly. Do favours with no expectation of return. Help out other people. Over time, you will build up a positive balance in the relationship ledger that you might be able to call on when in need.
Network in person if you can, and online. Join Facebook groups or Discord servers. Read the comments and posts for a while before leaping in with a comment or question of your own. Get a feel for the community. Do NOT go into these groups looking to promote your own service.
Don’t Be Afraid to Ask for Help
If you’re a young entrepreneur, it’s easy to be afraid to ask for help. We know you don’t want to seem like a rookie, but don’t sweat it. We were all rookies once. As long as you’re not asking super basic questions that can be answered with a quick Google search, no one will begrudge you an answer.
Consume blogs, books, and podcasts. One of the greatest things about living in the modern age is that you don’t have to know famous entrepreneurs personally in order to learn from them. Instead of learning everything the hard way, learn how other people did it first.
It’s also important not to be afraid to fail. Maybe your first idea won’t work out and that’s ok. And if your idea does work out, that doesn’t mean you have to scale up immediately; focus on one thing at a time. Don’t get overwhelmed by all of the things in life that need attention and don’t be afraid to start small and stay small for a while.
Set SMART Goals
SMART goals are Specific, Measurable, Attainable, Relevant, and Time-based. Setting your goals with these qualities in mind will help you stay on track as you work towards fulfilling your dream of entrepreneurship.
For example, if your goal is to start a business, define what you mean by that. Is it opening a store? Is it setting up an e-commerce website? If your goal is to have it done by the end of the year, then make sure that it’s something that can be done in one year. What are the steps to ‘being open?’ Work it backward from there.
Communicate with Your Team and Colleagues
Whether you are a solo entrepreneur or a member of a small team, strong communication is essential. Being able to communicate clearly with your employees, colleagues, customers, and vendors will be critical to the success of your business. You need to set clear goals for everyone on your team so that everyone can participate in the process of achieving them.
When you are starting out, it can be easy to get lost in the day-to-day tasks that are part of normal business life. Days, weeks, and months can go by really fast! However, if you pull back from time to time and focus on what you want to achieve, that’s when things really start to happen. Take time every single week to review your goals, reset your direction, and make sure you’re still doing what you set out to do..
The Right People
Surround yourself with the right people. When hiring staff, make sure you’re picking for company culture fit, skills, and initiative. When picking mentors or board members, choose wisdom and intelligence. There’s an old saying: if you’re the smartest person in the room, you’re in the wrong room! You won’t grow unless you measure yourself against people who have done better than you.
Your twenties is an exciting time to be an entrepreneur. You have the energy, you have the time: go make your dent in the universe!
Image credit: Midjourney