You like challenges, adventure and want to live a life like very few people do? Entrepreneurship is one of the most exciting career choices that you can make when you are in your 20s. Choosing to work on your start up over a cliché job that every person of your age chooses to do is indeed a daring choice but worth it as well. However, mere thought of a start-up can give any person goose bumps and a lot of questions, doubts arise as well. There are a few do’s and don’ts if you keep in mind will definitely help you to transform your start up to a well-known successful business.
Things to do –
- Business incubators – Business Incubators are like baby sitters for the start up. These are cells set up by government or a university which encourage start-ups in terms of guidance, infrastructure and sometimes monetary support too. Approaching these incubators with your idea will be of immense help.
- Socialize – Hard work along with smart work will take you miles and this is one of the smart things a lot of young entrepreneurs fail to do. Attending local events, social gatherings or joining social cause will be of multitude help. These are the places where you can find like-minded people with whom you’ll enjoy conversing and learn as well. Networking is a skill in itself and if you have mastered this art no one can possibly stop you from making big in life.
- Find a mentor – Even Sachin Tendulkar needed a coach guiding him throughout his career, so will you. It is always helpful to have someone with whom you can communicate and talk about your idea. It isn’t as tough to get a mentor as you think while networking or talking to people you will discover some people who have been at your place once upon a time. These people will be happy to become your mentor and will relate to you and can reflect upon your thought process. It’s just about approaching and talking to people.
- Read Books – You might start debating that you are too busy working on your start up that you don’t get time for something like reading a book but that entrepreneur in you will not buy it. Like your business you need to invest in yourself too, constantly growing and preparing yourself for a better tomorrow. Books will turn out to be your best friends throughout. Here are few books that will help you to start with – Connect the Dots by Rasmi Bansal, The Greatness Guide by Robin Sharma, Thinking fast and slow by Daniel Kahneman etc.
Things to don’t –
- Delaying the execution–A lot of people make the mistake of spending way too much time in planning and discussing the idea of execution that the actual execution never happens. Start working as soon as possible, make mistakes and keep improving on the way. Remember when you are starting, time is money for you.
- Taking failure too seriously – This is the major problem of lot of young entrepreneurs they give up on first failure or at most on the second. Starting a new venture isn’t a cake walk unless you make failure your motivation it will be too difficult for you to succeed. Just make sure that you aren’t making same mistakes every time.
- Having no vision, purpose and mission – A lot of newbie have no idea what this means. They start for the sake of it or because of the lime light that they feel comes along later. A company which has been started to be on NASDAQ will probably never make to it. It’s the vision and purpose to contribute to the society or to be different from others makes company big and motivates its employee.
- More the investment better the returns – This is the common thought process I have seen in many young entrepreneurs which is ridiculous. Investing too much capital will only increase the risk and not increase the profits. Start small and experiment with it, even if you fail the investment will contribute to your learning and you can start all over again. When you are young you don’t have experience and chances of mistakes are higher and if you are investing too much you will not be able to bear loss in case of a failure.There’s no bible to become a successful entrepreneur it is the result of sheer dedication and hard work. However, the do’s and don’ts mentioned are the recommendation of a lot of successful entrepreneurs and this will certainly help you in your exciting career choice – entrepreneurship.