Over the past couple of years, I’ve come across young people who choose to go the entrepreneurial route right after high school rather than attending college. Moreover, I’ve also seen students come right out of graduation with unparalleled passion and ideas about impacting the business landscape through disruption.
These young entrepreneurs are leading their way toward an economic future that is still unknown. Perhaps the only better advantage they have is an irrational sense of naivety that prompts them to rush into the “start-up battlefield” and try to disrupt all forms of order. The lack of experience combining enthusiasm and eagerness for bigger wins is a perfect recipe for an outstanding result.
While there are inherently tangible advantages when you are a first-time founder, the disadvantages accompanying are daunting enough. That is where the importance of experience surfaces. It plays an inevitable role in the success of enterprises. Research has revealed that serial entrepreneurs of a successful previous start-up are more likely to succeed than first-time founders.
Although building a business at a young age is exciting, I’ve seen some critical mistakes in this space. I wish to highlight some. Wondering why? It is because making errors is inherent to being human. When prepared early, there is a chance of you making lesser mistakes.
1. Willingness to Please Everyone You Pitch - Let the truth be told, you cannot make people like your product or services. Trying to please is a complete waste of time. You may lose potential clients while in the pursuit of giving in to the whims of those who will never understand your offering. Resist this urge and focus on your enterprise’s vision and strategy.
2. Trying to Do Everything Yourself - Build a Team rather than wearing ten different hats and harm your prospects. The lone wolf mentality will not take you far. Try collaborating will others with similar goals who are excited about your offering. The golden rule is ‘Get a Team or Burn out’. It is said that two heads are always better than one to provide the boost your enterprise requires.
3. Waiting for the Perfect Moment - Are you a firm believer in the perfect moment syndrome? This moment will never come. The best moment to launch your business is now. During my Mentoring with startups, I’ve realized that you merely miss the opportunities that could have come your way if only you begin early.
4. You Don’t Have a Mentor - A successful business mentor can guide, teach and support your business. He could be the strategic partner that could help you scale your business. As a mentor, I help entrepreneurs learn how and when to take calculated risks, provide critical business guidance and be the shoulder when things don’t go the way desired. Remember building a business is not for the faint-hearted. Besides, having the right person supporting you can make all the difference.
5. Hiring Your Best Friends - Making business decisions purely on friendship is a poor business strategy. You need to hire a person exhibiting relevant skillsets, not because he is your best friend. During my brainstorming sessions with Startups, I’ve realized that accepting constructive criticism is a must-have trait. Without this, it is considered personal, which is difficult to comprehend when hiring a friend. A friendship built on business is better than a business built on friendship.
It is not possible to avoid making mistakes as a first-time entrepreneur. But minimizing their occurrences and making them less harmful for you, foray into the entrepreneurship zone is the first step to success.
Are you a budding entrepreneur or start-up seeking more guidance and inspiration on growing your business and protecting your business ideas, products, or services? You’re in luck – Tarun Kumar is the Mentor you were seeking. Click on the links below to book a slot and be successful.
Col Tarun Kumar (Retd)