Starting a business can be either exciting or terrifying, depending on who’s taking the plunge. For most individuals, their startup journey begins as a side business they run with their current jobs, while for many others, deep-down they feel they’re called to be entrepreneurs, and so, take risks beyond the perception of an individual who only believes in playing safe through the comfort of a paid job.
While many businesses are started on a daily basis, many never live beyond their second year, largely because of many factors ranging from the wrong product-market fit, uncontrolled expenses, stiff competition, poor execution, and several others.
These factors cause a bulk of the business failures that occur in Nigeria, across Africa, and everywhere else around the world. But within this sect, the age bracket that’s affected the most are individuals below the age of 30.
The people in this group are free spirited, believe everything is possible, take risks without remorse, and hope to become millionaires within a very short time.
While these aspirations are key to growing a successful business, knowing what and what not to do, will go a long way in helping you build the business of your dreams.
If you’re below the age of 30 and are reading this, here are 5 things you must know, if you’re starting a business anywhere in the world:
See Also: The Most Important Thing To Do Before You Start Any Business
1). If You Have Zero Experience, There Are Alternatives For That:
Usually, the popular advice would be to work in an organisation, gain considerable experience, and then break out on your own to start a business in that industry, since you’ve learnt a lot about it.
While gaining experience before starting a business is true, there are several alternatives for it if you have no such patience.
To start up a business even if you have no clue on what to do, it is best to get a partner who has some experience in that field and also a mentor who can guide you.
Carrying these two individuals along your business journey will help you save a lot of money and time, and in the process, greatly increase your chances of growing a successful business.
See Also: How To Start A Company Without Any Business Skills
2). Avoid Any Debt That Won’t Make You Money:
It can be tempting to take on a loan or investment when it presents itself. But the truth is most businesses don’t need this money, at least not yet. When they take on bank loans or investments, they move to larger office spaces, buy fancy official cars, and spend on so many other wasteful items that leave them with little to no cash to run their businesses.
If this is how you intend to spend any loan or investment you receive, you don’t deserve a dime of it, because, you’d put the creditors funds on a wasteful spending spree, and in the process, increase the chances of you having a failed business and your creditors registering a bad debt.
If you must take a loan or an investment, first assess your business completely, so you can thoroughly determine if you truly need this money. Then ensure 99.9% of the funds are only spent on growing your revenues.
Any other purpose is a total waste.
See Also: 10 Things To Do If Your Startup Capital Is Not Enough
3). Take Risks And Learn From Your Mistakes Fast!
Being young increases your risk appetite, especially since you’re more conscious about the fact that you have weigh more time to make mistakes than a person who’s a lot older.
Rather than playing it too safe only to end up with pitiful financial figures, exploit your youth and break more grounds. Try different strategies and methods fast enough, because the more disappointments you face, the closer you are to having a model that works flawlessly.
By failing fast, you learn faster than anyone else, and will eventually know exactly how to succeed at anything you set out to achieve. This is the best way to win!
Remember: “Experience comes from failure, and success comes from experience”.
See Also: 5 Important Business Skills You Will Never Learn At School
4). Yes You Have Time! But Hustle Like You’ve Got Only 2 Years Left:
Don’t wallow in the illusion of your age and begin to stay relaxed through your startup journey. Hustle all the way, as if your world ends in 2 years.
Wake up early every morning to pursue your dreams, and only go to bed after you’ve hit the day’s target.
When you hustle like you’re almost out of time, you’d break grounds faster and increase your chances of succeeding sooner.
See Also: 10 Things No One Will Tell You About Being An Entrepreneur
5). Save Money To Invest, And Not To Save:
This is one of the biggest mistakes people make before or after starting a business. They save money for savings sake, and not for investments sake.
Leaving your money in the bank will add no positive value to it. The major purpose of savings for an entrepreneur is one thing: To invest it!
If you leave your money in the bank for 10 years, it may never double its value. But when money that’s put aside is invested into a well researched business idea, $1,000 could become $1,000,000 in a period of 10 years.
Remember: “Always save money to invest, and not just to save”.
What are your thoughts on these 5 things to know if you’re starting a business under the age of 30? Let me know by leaving a comment below.
This is highly insightful, thank you for this.
Thank you for reading Chinasa.
Have a wonderful time!
Yes, you are right. I think that it is important to reach out to people who have experience. Thank for sharing this article.
Thanks for sharing this article. I think that you are right. I will now save money not for the sake of saving only but for investing too. I enjoy reading your article.