As young entrepreneurs or aspiring entrepreneurs, it is important that we learn beforehand certain vital things. As the saying goes; “only fools wait to learn from their experience”.
It is important that we learn from the failures of others so we can successfully navigate through the sea of entrepreneurship. Having studied failed businesses that have been started by young entrepreneurs, and having experienced failure myself, I have outlined 10 habits that can be detrimental to your dream of becoming successful as a young entrepreneur.
FEAR OF FAILURE:
Even after overcoming the initial fear of starting a business, young entrepreneurs often allow themselves to be consumed by a debilitating fear of failing. No matter how justified your fears appear to be, it is going to be the route to your early exit in business.
Young successful entrepreneurs are those who have ridden on the back of their fear of failing, and by so doing, have been able to achieve great success and are today celebrated. The way to eliminate your fear is by doing that thing which you fear.
From today, resolve to plunge into the deep, regardless of how afraid you are, and remember, “fortune always favors the bold”.
LACK OF INITIATIVE:
This is another undoing that young people in business should look out for; lack of readiness to take necessary steps needed to pivot their business. You must update yourself with industry trends and new technology, so you can take full advantage of them. You must be willing to take the risk and embark on bold new ventures that either diversify or reinvent your business at the right time.
Young Nigerian entrepreneurs like to ‘go it all alone’. We should understand that “those without a team quickly run of steam”. You need the input of others to help you build and grow a better business in Nigeria. People with lonesome mentality easily experience a burnout and their business venture suffers or ultimately fails.
To be a better entrepreneur, we need to get rid of that lonesome mentality and begin to learn to share your ideas with other, at least with trusted friends and family. Their input will lift away burdens and help you gain a wider and clearer perspective on how to go about your business. As your business grows, be sure to build an effective team.