Many young entrepreneurs are using social media platforms for building their online businesses. There are some who have been able to find financial success before they are even allowed to drive a car.
Below are five things a young person needs to know before they can start a new business.
1) An Active LinkedIn Presence Should Be Maintained
It is important for business owners and entrepreneurs to maintain an active presence on LinkedIn. It has continued to grow, and you should take advantage of it. LinkedIn can help in gaining awareness around your company. You will also have the chance of learning, finding a mentor, generating leads, or connecting with VC funders.
When people search your name or business or search engines like Google, your LinkedIn is going to appear even before your website. With a LinkedIn profile, you will be creating a path that customers can find you on organically.
When you invest time in LinkedIn, you will be able to see some difference in your business. This is one of the best ways of getting people to know more about you and your company.
2) Money is A Must Have For Start Up Business
If you are still in college and you are thinking about starting a business, then keep in mind that you need money for building the business and also surviving. You should have a way of supporting yourself and managing your finances before you start embarking on business decisions.
You will need money for your business idea, and it can be many years before the company starts bringing in money. You need to be building the business using your savings or financial backup behind you.
3) An Entrepreneur is a Lifelong Learner
Whether you are a recent graduate or getting started with your entrepreneurial journey, learning is not going to end when you graduate.
You should see education as a lifelong process, and you should try setting aside time weekly where you learn something. Becoming successful in business and life involves the willingness to listen, learning from others, reading books, and expanding your knowledge base. Starting a company will mean having to learn so you will be able to understand the perspectives and needs of your clients.
Building your business will require ongoing nurturing and learning for growth.
4) A Mentor Has Strategic Knowledge To Help Your Business Grow
One of the most critical aspects of a business is learning from experience, but there is nothing that is going to replace the guidance and wisdom from someone who has been successful and was where you are now.
Small business growth specialists at Lend say, “mentors are key when it comes to growing your network, encouraging you, and providing strategic knowledge that will go a long way in helping your business grow.” They suggest, “you can use LinkedIn for finding mentors. They have a mentorship matching system. If you are interested in registering for the mentorship program, go to the dedicated location on the dashboard. You will be able to find a “career advice hub”, which you can click on and sign either to find a mentor or to be one.”
Once you have entered your preference, the algorithm is going to send out recommendations, and if you choose to send multiple requests, you are going to swipe and see all the potential matches. If you send out a request for someone you are interested in working with, they are going to get the message. If you both agree, you can start conversing on the platform or even offline.
5) A Humble Leader is Being Looked Up To By His Followers
There are many stories out there about people who made it big and ended up on the floor. If the business takes off, always remember humility is a trait of great leaders.
You should be checking with yourself from time to time. People look up to you when you are a leader. Your leadership should be characterized by compassion and listening to your employees. You should be exemplifying what it means to be an ethical person.
Share mistakes, be honest, encourage dialogue, and also empower others to lead. All of these fall under humility.
The most crucial part of your business is relationships.