I recently had the opportunity to do a live Q & A call with a group called Under30CEO.com. They were a terrific bunch of young people many of whom were still college students. I wanted to share with all of you the advice I shared with them, because I think it could be useful for some of us over 30 entrepreneurs. Here are the 6 business lessons I shared with the Under 30 entrepreneurs, most of which can be found in my book Become Your Own Boss in 12 Months.
Go work for the competition: Find a company like the one you want to start and work for them to learn the ropes first. You will learn the industry, the best vendors, business processes, and you might even learn what not to do. Get yourself a mentor business to model your business after.
People skills are critical. Being a people person is one of the most important skills any entrepreneur can have in business. You must be willing and able to sell yourself and your product or service to anyone. You should be building a network 12-24 months before launching your business.
Live frugally. Save 20-40% of every paycheck. Your ability to save has everything to do with your ability to start a business. You will be able to fund whatever you want later in life if you protect your money when you are young. When you have debt driving your business you don’t make the best business decisions.
BYOB Be Your Own Bank. Only 3% of small businesses ever get funded. Don’t waste your time chasing venture capital unless you truly will have a million eyeballs on your business quickly. Start your business by funding it from within.
Constantly be learning. While you are still in college, take some business courses or if you can do a double major in business. Once you launch your business, attend leadership and business courses, conferences and workshops every year to stay on top of things and reinventing your skills.
Timing is everything. A wise woman once told me, “A good idea is still a good idea three weeks from now.” Don’t be in such a rush to launch your business. Do your homework! Know your customer. Know your secret sauce and how you will stand out in the marketplace. And know your competition and how you plan to deal with them. All of this preparation will enable you to be really confident when you strike out in business.
Do you have any other suggestions for under 30 entrepreneurs?
You’re absolutely right that many of us over-30 entrepreneurs could take some of this advice, Melinda!
I especially appreciate your point about living frugally. That should continue even after your business is open.
(I will admit that this is an area where I still need some work to do!)
Just as we should all have an emergency fund for our personal expenses, ideally we should have the same for our business. That way if any unexpected expenses come up, it won’t throw everything completely off.
Anyway, thanks for the food for thought!
Great post! My business will be launching soon and we have lived by the lessons you discuss here. Thank you! :-)
WOW…….. I appreciate the wisdom shared. I have Escpecially taken in the point that a good idea will still be a good idea a few weeks later. I tend to imagine people get insecure when they get an amazing business idea & will tend to jump into starting up a business thinking only of the first mover advantage but do not make solid plans. This was an eye opener.
This is great, much appreciated.
I have launched, I have ‘paused’, and have kicked in again, thank God :) ! I think it’s important to note that one should identify with a business strategy that is unique to one’s business… I do a tad too much planning as compared to execution, having identified this I know I can’t dabble in too much analysis or I’ll never strike; so it’s also important to know yourself!
Thanks a lot Melinda, you have been such a guide!
Kind regards,
Tyna
Really, you have great ideals. Young people and older ones need these wonderful Business tips.
What a great list. I will definitely share this on twitter – it’s worth reading.
If I had to pick my two favorites I’d say fist is Live Frugally. This has been a big part of my success. I had so many more options in life because I had a cash cushion. It’s crucial
The second is to Constantly be learning. If you are the boss you don’t have to be an expert in everything but you have to understand everything. Being curious and learning all the time is essential to success.
Great post!
All great points. I would add – find a good trustworthy business lawyer to consult with. Solos and small lawfirms are more reasonably priced than you may think. Its better to spend a few dollars to do things right from the start than risk many dollars, time and stress dealing with problems down the road. I find entrepreneurs are great at knowing their business issues but may not realize how many legal issues confront them. A lawyer can point them out and provide options to deal with them, from avoiding liabilities to protecting and optimizing assets. Igonoring legal issues and hoping it all works out is no way to do business. My motto is to Plan Ahead — it wasn’t raining when Noah built the ark!!