January 28, 2023

12 Lessons Every Young Entrepreneur Needs to Know

By DENNIS BLACK on Jan 6, 2023

How about learning from the mistakes of other entrepreneurs? Check out in the next topic some lessons that every young entrepreneur needs to know!

Learn from Others' Mistakes

Contrary to what many think, you don't have to make mistakes to learn and there is a faster way to succeed when starting your own company. We have gathered 12 lessons that can make your journey in entrepreneurship lighter and more assertive.

1. Entrepreneurship Is Learned

Not everyone understands entrepreneurship, financial management, business or sales. The good news is that yes, all of this can be learned, and it doesn't have to be in college. 

2. Business Plan Is Essential

The business plan is a kind of map, which contains the description of the company's objectives, and everything needed to get your idea off the ground. He, in addition to being important to organize everything that needs to be done, is indispensable when getting loans and financing.

That's because this document makes clear the purpose and viability of your business, and aspects analyzed by banks and financial institutions when releasing credit.

3. Keep Your Feet on the Ground

Many people associate this expression with good financial control. But when we talk about entrepreneurship, having your feet on the ground means analyzing your business plan and all your ideas with rationality. 

For this, count on professionals from specific areas to help you in this analysis. In addition to technical knowledge, they will be able to contribute other ideas to your business.

4. Never Stop Learning 

Read books, and blogs, do workshops, and short courses, and attend lectures. Entrepreneurs should never stop learning.

For those who already have a business in the market, finding time to study can be challenging. However, by updating yourself, you can bring news to your company, getting ahead of the competition. 

5. Dream Big

Have you ever heard the saying that dreaming small takes the same work as dreaming big?

Your company will be the size of your dreams. So think big and take actions consistent with that thought. It is interesting to be inspired by companies that are already consolidated in the market, to extract from their strategy important lessons for your business. 

6. Know Where You Want to Go

This is another phrase that you must have heard and that makes perfect sense when talking about entrepreneurship. So, when developing your business plan, define your short, medium, and long-term goals. 

With this definition, it is enough to establish everything that must be done, at the operational and strategic level, so that these objectives are achieved.

7. Don't Be Afraid to Say You Were Wrong

As much as you plan, you can make mistakes and that's absolutely normal. And, more important than correcting the mistake, is learning from it and always focusing on lasting solutions. 

Otherwise, your company may suffer from the same failures, and you will live putting out fires.

8. Always Have a Strategy Up Your Sleeve

Having an alternative strategy, that is, a plan B for all your company's processes helps you to save time and solve unforeseen events quickly. 

So, if you're thinking about opening a restaurant, you should already think about a good delivery flow, for the days you can't open, for example.

9. Monitor Results from the Start

Monitoring the performance of your business is essential to creating strategies and adjusting the company's goals, when necessary. For that, you must necessarily rely on technology from an early age. 

With a good management system, all your company data is saved, allowing comparison with previous periods.

10. Be Willing to Take Risks

Like making mistakes, taking risks is normal, as long as they are calculated, and you have an alternative strategy.

Think of the biggest companies in the world like Google, Amazon, and Apple. Behind all of them were people convinced of their dreams, and willing to take risks.

 

11. Value People

Your company is not just about you; it is about all the people who are part of the business. For them to always offer a good experience to their customers, it is essential to value them. 

Therefore, if you do not master people management, invest in courses or hire specialized consultants in the area, from the beginning of the business. 

12. Invest in Technology

Nowadays, it's practically impossible to find a successful company that doesn't use technology. In practice, this means using systems to manage the business, leaving aside handwritten notes and Excel spreadsheets. 

With this, it is easy to have access to all the business data and you can follow the company's evolution in a professional and efficient way. In addition, technology is essential to save time and streamline business processes.