Building a business is a very daunting affair especially when you are starting at a very young age. That’s why you need to be aware of these 5 mistakes to avoid as an upcoming entrepreneur. Be aware that there is nothing like being too young to be an entrepreneur. What matters most is what you can bring to the table. There are a lot of successful businessmen out there who started out at a very young age and grew their businesses over the years to a force to be reckoned with.
Now, assuming you have a business idea. You already know what you are going to be doing and who your potential customers are, there are a lot of hurdles to jump on your way to becoming a very successful businessman.
There are a lot of business owners who appear to be headed for the top in their first few years of the business, only to fizzle out at the slightest challenge they encounter. There are a lot of things these people did or are doing wrong that makes them not reach the projected heights. As a young businessman who wants to reach the pinnacle of his careers, it is always good to learn from the mistakes of others so as to avoid them.
This article is going to open your eyes to some avoidable mistakes you are guilty of presently. It is strongly advised that you avoid these 5 mistakes if you really wish to stay longer and remain relevant in the business world.
#1. Thinking You Can Do It Alone
This is one of the first mistakes young entrepreneurs make. They always believe that since it is going to be their own, they can only make it work by toiling on their own day and night before bringing anyone on board. Well, this statement has been proven wrong!
Find people who share your passion and dream and can really make things work, and bring them on board. As the saying goes, “If you want to succeed, go alone, but if you want to breakthrough fast, go in droves.” How true this is!
While it's not wrong to want to do things on your own, trying to build a business on your own is not the way to go. Hire a team, empower them with your vision, and see you and your team become trailblazers!
#2. Being Afraid To Share Your Ideas
This is a very grave mistake that most young entrepreneurs make. The excuse they give for this mistake is that they are afraid of people “stealing” their business idea. Well, maybe it was because they didn’t understand the rudimentary ideas behind starting a business.
Share your ideas with people who are like-minded, who want the same thing as you and who you believe could really make you better. These ones will probably even fine-tune your idea, bringing you better results. Be aware though that there are toxic people who will truly copy your ideas, or who will discourage you. You are in the best position to identify these ones and kick them out.
This is why it is always advisable to sieve your network of friends before you try to venture into a business because your circle may slow you down or push you several steps ahead on your way to financial freedom.
#3. Hiring Your Best Friends
This appears to be one of the few mistakes that are common to young entrepreneurs. They hire their best friends into high positions or maybe even give them a seat on the managerial team just because they were their friends.
This is a no-no idea! What is your friend bringing to the table? What is/are his role(s) in the business? If he’s not bringing anything to the table, he does not have any business being on the team. In fact, your best bet is to keep friendships away from the business.
Offering him a seat at the helm of affairs or management level of the business too is detrimental. Especially when he’s not qualified for the role. You should hire people who will work towards achieving greater success and who wouldn’t misconstrue objective criticism as a personal vendetta.
#4. Not Getting A Mentor
Being mentored is one of the key factors of building a business. A mentor will give you sound advice, guide, teach and support you. He will also help you to get the hang of business, like when and how to take risks and provide critical business counsel. Building a business empire is not for the faint-hearted and having a strong support system will help in a long way to really nurture you to maturity in the business world.
If you have the financial strength that could last you for, at least, a year, the best you can do for yourself is to go out there and take your chances. Having a strong support structure behind you will help you arrive at your destination faster. So, any young entrepreneur trying to rough it out on his own without getting mentorship is only delaying himself. He might even end up quitting!
#5. Your Online Presence Needs a Heavy Reshuffling
There are lots of would-be young entrepreneurs who spent most of their time on social media. Truthfully, being on social media is not a bad thing - especially when using social media to promote yourself or business.
Get your activities straight. Know when to socialize and when to run business activities. Not knowing this will only slow you down. You might even end up losing potential customers with your misplacement of priorities.