Fundamental Tips For Young Entrepreneurs to Climb The Ladder Of Success

In this day and age of fast food and fast life, the Gen Next is fearless about taking risks and chances. Their motto in life is to dream big, earn fast and live life to the fullest. But they are also hard working. They do not lead a bookish life, rather apply the ideologies in reality. Due to this new generation, there is a boon in various sectors of start-up companies and business ventures.

The reason for their early success is out of the box thinking. They are not afraid to try out different things. But starting a new venture is not as easy as it sounds.

Following are a few basic tips that could prove helpful to the budding entrepreneurs.

1. Follow your heart.

Ray Bradbury has beautifully quoted, “Love what you do and do what you love. Don’t listen to anyone else who tells you not to do it. You do what you want, what you love. Imagination should be the center of your life.” World’s most prolific leaders since earlier times have often discussed the importance of pursuing a career that fulfills your goals and desires.

All the youngsters who are on the verge of pursuing a career or employment are often advised to find a job that they love. One of the oldest and outstanding quote by Confucius says, “Choose a job you love, and you will never have to work a day in your life.” Every word holds positivity and sincerity in it. If one follows his/her passion, work never becomes burdensome. In such cases, each day presents more opportunities to learn, improve and modify oneself. So one can find a job that works for him.

2. Concentration

There are so many things going in and around an individual, that it becomes very easy to lose focus. The key to perfect one’s tasks is devoting their utmost concentration. That does not mean they have to mono chronically work. Leaders, young or old, have to adopt the concept of polytasking. Working on more than one task has become a need of an hour and proved highly beneficial. Polytasking has a large number of advantages that save time and help in completing many tasks beforehand. The idea is to prioritize their work, focus and maintain an uncluttered mind.

This would improve the success rates and outcomes of a project. Execution, efficiency, and expedients are the most important factors that define one’s success. Therefore, one must maintain a focused decorum of mind and work.

3. You matter the most

Exercise, diet and relaxation plays an important part in maintaining physical and mental well being. If an individual is always stressed out or ill, then his/her efficiency to progress is affected irrespective of one’s hardship. Emotional stability also plays a huge role in terms of EQ levels. Accept the failure and success in similar stride.

Be ready to learn from failures and appreciative enough towards own triumphs. Thus, unwind oneself from time to time to charge up the batteries of IQ & EQ levels.

4. Market survey

While starting a new venture, one remains unaware of all the available resources at hand. In such cases, a market survey can prove to be beneficial. For starters, enlist the services that can aid in one’s start-up business. Online consultancy services for market surveys can be very helpful.

So before diving into the business world, collect and refer enough data that will support one’s strategy to build up a start-up venture.

5. Experienced guide

A young entrepreneur may take impulsive and rash decisions that could hamper his/her project. Hence, the role of an experienced and positive mentor comes into play. Having an appropriate guide who can suggest and impart proper lessons to young entrepreneurs could help them in the long run.

If a newbie entrepreneur is given some negative feedback from the guide, then it becomes one’s duty to accept the mistakes and learn from them. It is a two-way street. Mentors should be strict enough in sharing their views during failure and appreciative during success. Hence, having an experienced mentor for a young businessman can be a blessing in disguise.

6. Selection of consumers

Defining a clientele base in the market could be the toughest job. The target customer whom we are selling our product should be accurate. Otherwise, one is bound to experience loss in their ventures.

Know your client and study their business ideology. Through this, one can correctly market and pitch the end product to the consumer. In addition, communication and maintenance of professional relationship with the clients are essential. At the end of the day, they can make or break one’s venture.

7. Promotion & Marketing

One should able to put forward and promote their type of work, its strategies and plan for development to the audience. No one has enough time to listen and understand an idea of a venture. A young entrepreneur must have a quality to scan the right audience, pitch his/her idea and form a clientele base in lesser time.

If an individual does not have clarity and vision about their own venture, then they will not be able to explain the same to the client. Here, time plays a crucial role too. One must learn the art of time management and scan the target audiences.

8. Limitations of a new business

Getting financial assistance from investors, does not allow oneself to spend with both hands. Plush car, house, luxurious lifestyle will come later when one has established one’s business in the market. Financial gains are bound to come only after a certain duration. One should avoid  over expenditure on improving his/her lifestyle. Rather, completely invest the money towards the start-up business.

Financial security allows freedom to take risks. But that does not mean that one can irrationally spend money on baseless ideas. Think hard while shelling out the money from the pocket.

9. Setting strict boundaries for oneself

Perks of being one’s boss are having no rules. However, there must be boundaries and a certain level of control over oneself. Simple things like payment of taxes and registering the venture must be done from time to time. These things are unavoidable. They have to be followed.

After employing staff, it must be seen that similar rules are followed by the boss. An example has to be set for the employees so that they maintain a decorum in the workplace. Avoid being a hypocrite and abide by the rules that are set for everyone involved in the company.

10. Accept the failure

If an idea is not panning out, in that case, accept the failure. Investing one’s energy and focus to something that is not working out at that time is fine. Some things work, some don’t! Build up timelines for establishing a venture. If there is a situation of no profit or no loss then one must have patience enough for making it work.

But in case of a major loss, take a good look at the entire strategy and start afresh. As the renowned statesman and writer, Winston Churchill has quoted, “Success is not final, failure is not fatal: it is the courage to continue that counts.” Follow this quote and one will find motivation through each word.

Success & failure are just words. It depends on us how we view and perceive them. It is similar to the concept of half full or half empty glass. Always look at the brighter side and follow a positive attitude. By following the above tips, young venturists and entrepreneurs can improvise themselves and learn to climb the ladder of success.

Mrs. Anuja Mulmule (Content Writer)