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?