Today’s twenty and thirty somethings are an amazingly ambitious bunch. A number of surveys reveal that between half and two thirds of young adults hope to launch their own business. If you’re one of them, good for you, read on! Here’s what you need to know before starting your own start-up.
- Do embrace your passion
Steve Jobs famously said, “If you’re not passionate enough from the start, you’ll never stick it out.” He is proof that youthful energy and persistence (if applied smartly) can take you miles farther than that extra year of work experience. So if you are truly passionate about turning your start-up idea and dreams of independence into reality, then go for it! After all, every successful start-up has in common a founder who can inspire and excite others.
- Great minds don’t always think alike
Scared of telling people your great idea in case they pinch it? Don’t be. Statistically, someone is far less likely to steal your genius plan than to help you along the way to success. Serial entrepreneurs recommend that you talk to dozens of people. Others will give you a different perspective and invaluable feedback; they will challenge you with questions and points that you hadn’t considered, and will help you develop the seed of an idea into a workable concept.
- Don’t miss a chance to mingle
Now that the recession is confined to history books, start-up accelerators and incubators are popping up in pretty much every vibrant global city, and they are on the hunt for the high-flying graduates and business leaders of tomorrow. They give entrepreneurs access to incredible resources, investors, business events, and other brilliant minds to bounce your creative ideas off. So take advantage.
- Do be honest with yourself
Fact: you’re not perfect. Although confidence is great, arrogance could set you back. Start-up founders need to be brutally honest about their own strengths and weaknesses. Once you identity these, you can hire great people who complement you, and have the talents and skills you lack. Your first hires will be the most important members in your winning team and will help you to define the start-up’s mission and spirit.
- Plan before you do
Taking a clear business plan out of your head and putting it down on paper will catapult you steps ahead. Commit to bite-sized targets and set out how and when you will achieve them. This will keep you focused and effective during the early execution stage of your start-up. Clear targets and a shared sense of purpose will also help you to attract those capable and ambitious whizz kids who love a challenge … even if you can’t pay them as much as big corporate firms.
- Don’t fear change
What’s more important than a clear business plan? Your willingness to adapt it. Remember that your vision and goals should guide you but never tie you down. Every business founder says that they learn hundreds of invaluable lessons from their team, their customers, and their mistakes. The ones who succeed are the ones who are flexible and act on what they’ve learnt. Be bold enough to make changes and innovate to meet your customers’ expectations.
