Generation Z is beginning to make its way into the workforce and they are confident, strong and are ready to make significant changes in the world.
Are you a young entrepreneur or do you know of one right now?
Over the past year, I’ve met various numbers of young people who chose to go the entrepreneurial route after high school rather than attend college.
I’ve seen students come right out of graduation with unparalleled passion and ideas about building a business. These young entrepreneurs are leading the way toward an economic future that has yet to be seen.
Although building a business at a young age is exciting, I’ve seen some critical mistakes in this space.
Here are five mistakes young entrepreneurs tend to make along with some tips that can benefit you and your startup.
You can’t define your business
Many startups run into this problem because they can’t ever seem to define themselves and what they offer. You have to try and zone in on and focus on the most critical product or service that you know will sell. When you move around too much, change your business goals, and constantly pivot, you’re not in startup mode-you’re in brainstorming mode. Don’t build a business in hopes that something will suddenly catch on with your potential clients. You may have a great idea, but you must understand the needs of the market and how you can solve those problems.
You don’t know your audience
You don’t know who your audience is and you’re not sure if they even exist. If you haven’t done any market research or you’re not sure if your product or service solves a problem, you will run into brick walls. You must do your research, get out there and talk to people so you can understand and appreciate what the market will buy and what they won’t buy respectively. Take time, send out surveys, and share your ideas with others. Don’t worry about sharing your ideas because most people will never put the work into seriously building a business. Share your ideas with trusted family, friends and mentors to garner important feedback.
Your digital footprint needs a spring cleaning
If you grew up online, you’re most likely not using social media for business purposes. If you’re a young business owner, you probably spend a great deal of time online using social media apps for communication, sharing personal updates, and posting pictures. However, using these applications doesn’t mean you know how to use them for business. Using social media for business is significantly different than using it for personal communication. You must understand how to keep each world in its own space. Go back through all of your social media accounts and make sure to remove anything unflattering. Your digital footprint can have a critical impact on you and your business. Keep your new online presence professional, get rid of any inappropriate images, and begin building your new business profile through platforms such as LinkedIn.
Related : The 18 Mistakes That Kill Startups
You’re trying to do everything
Instead of wearing 20 different hats in your new endeavor, it is much better to try and find a team that can help you build and thrive. One person cannot do everything-especially if you’re trying to build something big. If you can find others who have similar goals and are just as excited about your product or service, try to bring them to your team.
You don’t have a mentor
Having a mentor in the business world is one of the most important things for a startup. A successful business mentor can guide, teach and support you. Also, this person can help you learn how and when to take risks, provide critical business guidance and feedback as well as support your mental health. Building a business is not for the faint of heart, and it is critical that you have a strong support system. There is a tremendous amount to learn about business and having the right person support you can make all the difference.
If you have financial back up for at least a year, it is in your best interest to get out there and take that chance. I have spoken with many people who have wanted to leap into the world of entrepreneurship but never had the opportunity, were too scared or found they were too late for the game.
If you have the opportunity, financial backing, and support–taking this risk can change your life forever.