When you’re a young entrepreneur trying to make your mark in a landscape largely controlled by big business, you’re already the underdog. The David to their Goliath – you’re fighting an uphill battle and victory can often seem a long way out of reach but, what that means is, when you win – your victory is twice as epic! We’re talking about Stephen Bradbury sliding into first place, AOC unseating a ten-term incumbent, Michael Jordan not making the varsity basketball team in high school and going on to become the greatest of all time, Stephen Spielberg being rejected by film school three times in a row and then going on to become one of the most celebrated directors of all time.
So, you’re fighting for your life, in an uphill battle and then you get hit with the absolute perfect storm of COVID-closures, adapting to working from home and the possibility of major economic distress. In light of this deeply unfair context, which is making the already hard work associated with being a young person starting their own business feel practically impossible, you may ask yourself – how can you help tip the balance in your favour here?
Never lose sight of your goal.
When you’re making a major leap like you’re required to do when starting a business, in the hectic day to day running of a company you can lose sight of your goal. A good way to keep yourself on track is to have a clear picture in your mind of your companies end goal the customers or clients that you could help with your business or product. Always keep in mind that you’re doing this for them. When you’re getting bogged down in the day-to-day, it’s always good to remember what you’re working towards and what your could become down the line.
Don’t let go of the true believers!
It’s all about who you’ve got on your side. Ask yourself who you want in your corner when things get tough because inevitably in a new business things won’t always go to plan. So, when you find someone who really believes in you and your ideas, hold onto them! Passionate people are willing to put in the hard work and will be loyal to the cause, pay them well, value them and be vocal about how much they mean to you and your company.
Use your network.
It’s always important to ask for advice from those who have made the leap before you. To connect with these people it’s important to create a network of people to approach for advice or expertise. How do you go about this? You might want to get a business mentor in your industry so that you can ask from advice from someone who has been in the exact same position as you currently find yourself in. You could think about joining a professional mentoring network or you could approach someone yourself over a site such as Lindken. To learn more about how you may approach a mentor you could check out this informative article for young entrepreneurs featuring advice from fellow entrepreneurs.
Save wherever you can.
It’s important to start small, you’re always going to have to spend a fair amount of cash but, how you spend it and what you spend it on will determine whether your business will succeed or fail. You have to make sure that you’ve got the foundations covered before you start spending on anything fancy such as branding. Start with what you need and make sure you’ve got enough to pay for insurance, wages and essential contractors.
Articles, such as this informative article, are packed with great advice to help you learn how to make your money stretch further. With options such as taking advantage of the gig economy, negotiating better prices for yourself, getting discounts wherever you can and asking for advice from those who have come before you. When you’re saving any way you can, you’ll want to check you’re getting the best deal on your corporate credit card. Make sure you’re getting the most bang for your buck, ensure you compare cards to save.
Use social media.
A real advantage you have as a young entrepreneur is your natural ability on social media. Growing up on social media means that you understand it in a way that someone who has had to learn the process could never. You can use your natural ability to make natural and consistent posts and stories. For some more advice, check out this article.