These are tough times for young people leaving college, there is no doubt about that.
Good jobs are scarce and often finding any kind of employment is difficult too. I am not surprised then that many young people, faced with a prospect of endless looking for work, or staying unemployed decide to try earning money on their own. They make a choice to utilize the knowledge they gathered so far, skills, maybe even passions and turn them into a business. Being in their shoes, I would certainly do that too.
However, when it comes to business, things don’t look bright either. Setting up a company is easy but it is also not that difficult for an unexperienced person to run into trouble with it. I know because that’s what happened to me.
I set up my first company when I was 20 with what I thought was the greatest idea in the world but I lost the business a year later. I ended up in debts, although luckily for me it wasn’t much, enough to put my life on hold for some time though.
I survived of course, shook the dust off and started a new business which I am still running today and developed it from a one man band to a small company.
But this time I had done it wisely.
Since so many young people today will decide to try their chances in business I decided to give them a few tips on what to do and how to avoid making my mistake.
1. Check if your idea can actually make money.
This is the mistake I made, I haven’t researched my idea. It just sounded so brilliant to me that I never assumed it might not bring any money. So before you make the final decision, research your idea. Keep in mind that not every one can make money, not even if it’s the greatest idea in the world. And you are far better to discover that before you invest you time and resources into it
2. Do it.
In spite of how badly things look now, and how much you might consider waiting for a while to see if things will change, start your business now. Business world is cruel, brutal and tough to survive. So the quicker you start adjusting to that, the better. As long as you know that your idea can make money, you should be fine.
3. Get professional help straight away
You might know plenty about business yet it is still wise to get someone else’s view on your ideas. Contact your local council or any organization in your region that offers grants for business mentoring and apply straight away.
4. Study business
I am a fair believer that we need to stay students all our lives in order to succeed, there simply is no other way. So no matter how tempting it might be to throw the books away, especially that you have just finished your formal education, pick them up again. Read as many business books as you can cram into your day, enroll on to business courses in your area and attend any business event, talk or conference that’s available to you.
5. Be patient
Last but not least, here is the dark secret of business, success doesn’t happens overnight, even though it might look like it did for some people. Overnight sensations take years to nourish and bloom, sales never happen on a day one too and it takes time to convince people to give you a chance. So, be patient and persistent to win in business.
Business is difficult and growing a company requires a lot of work, energy and dedication. Almost just like finding a job in todays economy. Yet there is one thing that many people overlook when it comes to the business – you are the master of your destiny. It only depends on you what are you going to achieve in business. Something no job could possibly offer.
This is a guest post by Pawel Grabowski, a small business owner, blogger, husband and father on a mission to help others build a successful business.