Friday, August 3, 2012

Tips for Young Entrepreneurs

Starting your own business is not for the faint of heart.  You must be willing and able to put in long hours, and fully devote yourself to your new venture.  Because of the nature of this, there are more and more young people creating their own businesses.  Today's stagnant economy may also contribute to this increase in young entrepreneurs.  Many college graduates may find it easier to create a job than to find one.  

Here are a few tips for First-Time Business Owners:

Stay Focused
When you are getting started, it is very tempting to go for any opportunity that comes your way, even if it is outside your field.  When you begin working outside your area of expertise, you can get side tracked very easily.  It is much better to be great at one thing, than to be mediocre in several areas.  Remember the 10,000 hour rule that Malcolm Gladwell wrote about in "Outliers."  When referring to the success of many individuals like Bill Gates for example, Gladwell claims that the key to success is a matter of extensive practice in that field for a total of about 10,000 hours.

Frugal Beginnings
When you are first getting your business started, there is no need to worry about a fancy office, or top-of-the-line equipment.  Of course there are necessary investments to be made depending on your exact business, but it is incredibly important to keep your costs low in the beginning.  Operating efficiently on a shoestring budget gives you a strong understanding of how your business operates so that when your business becomes successful, you will understand where to make any necessary investments.

Surround Yourself with the Right People
It is becoming increasingly important to surround yourself with smart, creative people to keep your business innovative within your industry.  As Ashley Lutz writes in a recent article for "Being different is more prized than fitting in and black-and-white thinkers are being left behind."  

Depending on your business, this can advice can be applied in several different ways.  If you can afford to hire new people, this is precisely for you.  However, if you are still getting started and cannot add new people yet, it would be beneficial to make contacts with other businesses in your industry that you respect and admire.  Meet with them to discuss new ideas and get inspiration for new methods and innovations.  

To manage your business more efficiently, you can use Inspherio.
Inspherio is an All-in-One business management tool for event industry professionals.  

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