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10 Habits of the Most Successful Young Entrepreneurs

Maggie Heath

www.lifehack.org

Jan 25, 2015

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Success can come in all shapes and sizes. But that doesn’t mean that there aren’t some key aspects to success that everyone should focus on. If you’re a young entrepreneur just entering the business world, or you’re hoping to help an aspiring businessperson reach their goals, keep these 10 habits in mind. After all, every little bit counts when you’re starting your own business. Luck is part of it, but success is mostly due to hard work and determination. Start forming these habits now and you’ll be more likely to succeed in the long run.

1. Find something you’re passionate about.

No one ever created a good company based on something they cared nothing about. It’s impossible to start a business without first being interested in the product or service begin created by the business. Take Fraser Doherty, for example: this young man began a jam business based on his grandmother’s recipes, and now sells his jams in almost 200 stores. Were he not so interested in using a family recipe to make something that he loved, his success would not have been as great.

2. Devote enough time to your business.

Young entrepreneurs have a lot of advantages, but one disadvantage is that many of them are still in school. This leaves less time to devote to developing their businesses. That being said, an advantage to being young is having a ton of energy. Sacrifice some social time and sleep now, and you’ll benefit in the long run.

3. Focus.

Once you have an idea for your business, stick to it and don’t let anything distract you. It’s easy to lose focus, but ultimately it’s key to starting a solid business.

4. Ask for help.

There’s no shame in needing help with something. Just because you have a great idea, that doesn’t necessarily mean that you have the know-how to execute that idea and make it a reality. Whether you need investors or a tech developer, surround yourself with people who have the skills that you don’t have.

5. Reflect on your progress.

Like any businessperson, you might have to operate on the basis of trial and error for a while before you find what really works for your company. There’s no shame in changing things around, so take the time to reflect on your progress and make changes accordingly.

6. Get feedback.

While you might think you have a great idea, your customers may think otherwise. Make sure you talk to customers to get their input on your business as a whole and your products. And while it might help to talk to friends first, eventually you want to talk to people who are completely unbiased towards you and your business. This is the best way to get real information about what your customers are looking for.

7. Stay organized.

You should have a system for organizing paperwork and tracking your business’s progress. Otherwise, you’re going to regret it down the road. Come up with a system and don’t change it unless you absolutely have to.

8. Don’t let it consume you.

While it’s important to work hard and stay focused on your business, it’s also extremely important to step back sometimes and take a small break. Don’t let your business become your life. Try to make time for leisure activities, or else you will become too stressed, and ultimately your business will suffer as a result.

9. Get the hard stuff done first.

Let’s say you hate meeting with investors. You have to do it, but you really don’t like it. Do that first thing in the morning if you can. You’re more likely to enjoy developing your business on a day to day basis if you get the hard stuff out of the way first and leave the more interesting aspects for the rest of the day.

10. Get creative.

Businesses succeed because they’re different. Yes, you can open up another coffee shop or boutique, but something about them has to be unique. They have to be set apart from every other coffee shop or boutique. Try to find something that draws people in and makes them want to be a part of your business. Innovation is what you’re looking for here.

Featured photo credit: Steve Wilson via flickr.com

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