Entrepreneurship is an attractive career choice and hobby for young teenagers. COVID-19 has also proved that job security is fragile with over 20.6 million jobs lost during the pandemic (USA Today). Being an entrepreneur allows you to be your own boss and control your own destiny. There are virtually unlimited articles and guides on how to become a successful entrepreneur. However, there isn’t much information on what you shouldn’t do as a young entrepreneur. Here are 5 things to refrain from doing when being a business owner at a young age:
1. Don’t Waste Time
The first and most important thing to avoid as an entrepreneur is wasting time. Productivity is crucial as an entrepreneur as “time is money.” Make sure you create a schedule and follow it in order to maximize productivity.
2. Don’t Follow Others’ Dreams
If you are young and enthusiastic about entrepreneurship, then you must have many ideas and dreams. However, you often encounter successful entrepreneurs doing the easiest businesses, and making a fortune and you feel intrigued to follow their footprints. My advice is don’t feed into that and follow your own dream. Your chances to fail increase when you follow others’ dreams.
3. Don’t Fear Failure
Most young and aspiring entrepreneurs can’t digest mistakes and early failure in business and leave their entrepreneurial journey prematurely. This isn’t the right way to do it as an entrepreneur. Don’t let fear overcome you. Learn from mistakes and failure and try harder. You will eventually be there.
4. Do ‘Not’ Sugar-Coat Things For Investors
Before starting a business or in the early days, you may need to find investors. However, avoid sugar-coating things to attract funding. Be honest with your potential investors as things do not turn in your favor always, and you may feel embarrassed when they ask you tough questions.
5. Don’t Do Anything You Are Not Good At
If someone can do it better than you, then you should probably avoid doing that. People like to pay for the best. If you offer something that customers can get better elsewhere, then you will fail miserably.
6. Don’t Miss An Opportunity.
In the business world, you get rewarded for making the right decision at the right time. Opportunity always presents itself every now and then. You just need to be aware of it and grab it when you see one.
Are you an aspiring entrepreneur? Check out my new book: Strictly Business: How to Crush it as a Young Entrepreneur.