Top 5 Tips for Young Entrepreneurs
Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.
1. Bootstrapping is the realistic method of financing for any young entrepreneur these days hoping to keep their fledgling business afloat. You will need to be frugal, look at every outgoing expense and consider whether you could save money by doing things in a different fashion. All of the money you receive in the early days will most likely go towards paying bills or reinvesting in the business so you will probably have to tighten your belt in terms of your own personal spending also.
2. Make sure that you have your business pitch down to an art. You should be able to explain to any person you meet exactly what your business does and why it is great in about fifteen seconds – if it takes longer than that then there are probably fundamental problems with your business model and you are going to have trouble communicating the essence of your products and services in your marketing too. Rehearsing this pitch is important as you never know who you might bump into, ranging from potential customers to possible investors.
3. Of course it is ultimately essential for you to focus on profits, but you also need to have a healthy passion for what you are doing. All famous entrepreneurs had a particular passion and belief in the products and services they were offering and this was able to drive them forward even during the worst times. If you build the business around your own personal strengths it allows you to thrive and this will keep you happy and satisfied in your work.
4. Don’t expect to become an overnight sensation. Businesses take an awful lot of groundwork before they can really start to take off and begin to create their own path so young entrepreneurs require patience and a strength of character in order to stay the course. They also need to know when it is time to pack it in and call it a day if they find things going completely wrong with no hope of getting back on track.
5. Mentors are especially important for young entrepreneurs and thankfully there are a lot of places to get free help and advice. If you haven’t already joined the Enterprise Rockers movement, what on earth are you waiting for?!