Being a very young entrepreneur in a market that’s oversaturated with strong and established names can be a bit overwhelming. Regardless of how good you are and what product you are selling, chances are that you are a small bird in your niche.
But how can you exploit that fact and start growing your business? The bigger companies and ventures had to start somewhere, and that’s exactly the point – all of them were young and uninformed at one point. So what are some of the lessons that we can take away from young entrepreneurs in order to grow our business and become more prominent?
- Be professional
It doesn’t take a genius to know that being professional can open a lot of doors for you – young entrepreneurs know this best. People who have recently graduated and stepped into the enterprise arena will often tell you that suits don’t matter.
Younger generations have learned that you need to look past the exterior and into the person’s soul. The way you act will tell your coworkers a lot more about you than your resume or your suit ever will. Make sure that you are always calm and smiling, even when facing certain obstacles or defeat. There will always be hardship, but it’s up to you how you handle it.
- Stick to your niche
Many entrepreneurs start off doing one thing and end up doing something completely different before they even gave their baby a chance. Whatever your startup idea is, make sure that you squeeze every last drop of energy out of it before moving on.
Young entrepreneurs are known to be passionate and resilient when facing dangerous waters of entrepreneurship. Make sure that your niche is completely explored and you have no other option than to change the course of your startup. This will prove that you are a person of ideals and that you value your dreams, no matter how hard they might seem to be.
- Don’t wait – act
The most common mistake that an entrepreneur can make when facing a decision is to postpone it. Waiting is what kills most startups – they fail to act quickly and make decisions based on the information at hand. Sometimes your gut feeling will prove more true than the data you are looking at.
Acting is the number one way of advancing forward and building your enterprise. No one will make hard decisions for you – you have to stick by your guns and don’t postpone any decision that needs to be made.
- Communication is essential
Seeing that startups are relatively small organisms comprised of close coworkers, it’s important to stay close to them. The worst mistake you can make is to distance yourself from your coworkers, no matter how hard the situation is.
These people will be with you 24/7, no matter their personal lives, because your startup is your collective baby. Young entrepreneurs are known to be like small families when it comes to their enterprises just because so much is depending on them. The closer your team is to each other, the better you will perform in the long run.
- Invest into marketing
The sad truth is that you won’t get any recognition just by being kind and energetic. Investing into marketing is the top priority for any small business or startup. The more people hear about you, the more you will prosper. Entrepreneurs around the world will tell you that developing a strong brand and internet network is key to success.
Make sure that you have a small dedicated task force working on your marketing around the clock. Hiring a marketing agency or someone over at rewardedessays.com, grabmyessay.com, or hotessayservice.com is also a viable solution. Do what you think is best for your startup but make sure to do anything at all when it comes to marketing and build your way up from there.
- Grow your network
Speaking of which – you might not like public events or parties. That’s totally okay, because most small startup and business owners don’t either. They think that it’s a waste of time that could be spent more productively. While true, this also poses a serious threat to your networking – or lack thereof.
Networking is an old-school way of gathering contacts, business partners or associates in general, allowing you to spread your business further. Young entrepreneurs tend to visit these events themselves or have a PR person who does it for them and then reports back. Do whichever one you think is best but make sure that you always have a representative at gala events, award shows, public gatherings, etc.
- Capitalize – again and again
You may not think that you are making a profit as a startup, but you are. The secret of making more profit is investment – and it’s one of the scariest words in the book. Investments are risky because you have no clue if the revenue will return or be lost forever. This is the part of the job, sadly.
Invest into R&D inside your startup and into new development plans, stocks, partner projects, coworker training, team building, etc. All of these investments need time to digest and come back with a profit. Some of them will be failures, and that’s part of the business – those are called lessons. Others however will turn over a new leaf for your startup and let you develop further.
- Partner up
Working together with other small firms or startups might not seem like a good idea – but it is. It doesn’t take a lot of effort to put two logos up there instead of one and proclaim how you have invested revenue into a new and exciting product that will affect the world.
Partnering up with different startups that share your vision and goals is the number one way of growing in today’s world – just ask any young entrepreneur. No one is able to develop completely all by themselves, and you will always need assistance or favors from friends and acquaintances. Why not start some relationships right now and partner up for a common goal?
- Take ownership
The worst thing you can do as a young entrepreneur is to buckle under pressure and blame someone else for your mistakes. Your coworkers, investors, sponsors and partners will notice these things fairly quickly. It will also make them rethink their decisions of investing their time and money into your startup.
Be an exemplary executive and take the blame whenever you think that the mistake was even remotely yours. Blaming others that are on your payroll will result in rifts and conflicts, sometimes even resignations. Avoid these problems and act professionally.
- Reward your coworkers
Even if you don’t have a special occasion to celebrate, rewarding your coworkers for their dedication from time to time is a wonderful way of strengthening your bond. Young entrepreneurs will often do team building exercises or go for food or drinks with their coworkers without even mentioning work to them.
These small moments of appreciation go a long way in making sure that your team is loyal and productive. Being a grumpy and pessimistic boss won’t get you nowhere fast, so look for local team activities that you can all participate in and throw in some surprises while you’re at it.
In the end
What young entrepreneurs are doing in today’s market is nothing short of astounding. They are able to bring in big results while keeping the atmosphere relaxed and laid back without a hint of the corporate world we are all used to. They are the ones who are actively changing the world, regardless of how small or big their venture might be.
