Three Common Mistakes Young Entrepreneurs Make
It’s always exciting having a brilliant idea of what you want your future to look like. As a young entrepreneur, identifying your passion and how you can create wealth with it is a huge step. I ventured into my first business when I was 19, and I made a lot of mistakes that I find quite common with starting entrepreneurs. So today, I will show some common mistakes young entrepreneurs make and how you can avoid them.
It’s not enough to have an idea, seek information. Having an idea of what you want to start up is amazing-but not enough. An entrepreneur should be learnable. It is best to study wide on the area you want to specialize on before starting your business. One of the advantage of studying works done on your field is that it helps you avoid mistakes made by other entrepreneurs…it also provides you with new information on how to perfect your idea. Most people shy away from motivational books, they see it as a waste of time; but it’s not. Motivational books can act as an ‘accountability person’ that can help keep you focused on your dreams. It fuels your drive and determination to keep pursuing your dreams.
Don’t be quick to share your dreams with people. Yes… I know you are excited about that brilliant idea you have…but don’t quick to share it with people. When you share your dreams, you leave room for ‘expert opinions’…and some of these opinions can be discouraging…ideas are like seeds, wrong information and association can easily kill them. It is easier to kill an idea than it is to kill a start-up…so be more guarded when it comes to sharing your dreams, and if you must share- let it be with people of like-minds who would encourage you (because sometimes we need a little push from friends to make us work faster!).
You don’t know it all-you need a mentor. One of the common traits you see in entrepreneurs is arrogance, and if not properly managed, can be destructive. The truth is- no one knows it all, so even with your amazing idea, you need a support system of role models and mentors. The good thing about having a mentor in your field of expertise is that the help you avoid some mistakes, simply by learning from theirs. Having a mentor makes the road to success a lot easier and faster. It’s more like following a shorter route to success than following a longer route with lots of bump along the way (which you could have avoided if you had a mentor)…..learn to surround yourself with strong support system that teaches and informs you… because no matter how good you are, what you know is not just enough…