Dos and Don’ts For First Time Entrepreneurs

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There’s no doubt that when it comes to jobs and careers the deck is stacked against the millennial generation. No matter how well educated millennials are and no matter how much of their lives they waste on unpaid internships they can find the doors to opportunity slammed shut in their faces time after time after time. When they are afforded an entry-level position they face a culture of wage repression and career frustration. Is it any wonder why so many young people eschew the conventional career path trodden by their parents for a life of entrepreneurship.

Sure, setting up your own business takes a lot of hard work and effort, but millennials are a hardworking and industrious breed. Sure, there’s a chance that they could fail… But at least they’d fail on their own terms. While there’s no right or wrong way to start or run your own business, there are still some dos and don’ts that will stand you in good stead if you’re serious about setting up a business of your very own.

DO- Put passion before profits

There’s absolutely no point in setting up a business if you’re not passionate about it. If you view a business as essentially a get rich quick scheme, you’re doomed to either fail, be miserable or both. If you pursue entrepreneurship in a field you love and are passionate about you will not only stand a greater chance of success, your passion will be able to pull you through the inevitable trials and challenges with a smile on your face.

DON’T- Neglect strategy

Running your own business keeps you extremely busy. With so many operational plates to spin it can seem as though you spend every hour of the day on the front lines with your team and barely get the chance to even visit your office. Yet, this can wind up doing more harm than good.

DO- Listen to podcasts and audiobooks to learn more

There’s an absolute plethora of sage advice out there for people who want to run your own businesses from innumerable business books to blogs just like ours. But let’s be honest, here, how many of that enormous tower of business books on your nightstand have you actually read? How many do you actually intend to read? Uh-huh. Instead, try podcasts like this one on growing a service based business, or alternatively try audio books. You can listen to them in the car or while you work and are much easier to make time for.  

DON’T- Put the cart before the horse when it comes to marketing

Many new entrepreneurs are excited and enthusiastic when it comes to marketing their business. And it’s easy to see why. Marketing is sexy. It’s fun, it’s creative and for the social media generation it’s easy and intuitive. Nonetheless, put your marketing efforts ahead of quality control and meeting the standards you have established for yourself and you risk putting the cart before the horse. You may even benefit more from outsourcing your marketing.

DO- Value feedback, no matter who provides it

Finally, it’s essential to value feedback even if it comes in an unpalatable form like a customer complaint. Every piece of feedback you receive (even if it’s unpleasant to hear) is an opportunity to grow, improve and refine your business. It will help to shape your business into a vehicle which will propel you into future success.

Ignore it, however, and your business will inevitably suffer.

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