Starting a business as a young man is very
daunting. For some, they don’t have the capital to startup and for others, they
are too scared to leave their comfort zone and start something on their own.
Either way, there are some fundamental business lessons you should know as you
face your daily challenges especially before you turn 30. This will definitely
help when you, if you eventually decide to start your business.
Time is your
most important resource
The adage
that “time is money” is a very popular saying in Nigeria. So, you have to be
conscious of time in everything you do especially when it comes to starting a
business. The sooner you start something, the better for you.
Communication
can fix any problem
Communication
can’t be underrated when it comes to business. It can’t resolve any problem and
misunderstandings. Communicating the right way can help you come up with
mutually agreeable solutions. You can use the 7cs of
communication to achieve effective communication.
Aiming for
perfection is a waste of time
There is
nothing new under the sun. Many others have done the same you are planning to
do. You can take a different approach but don’t wait until it is as perfect as
your competitors before you launch. With this mindset, you will always find
something wrong with your business. Hence, simply do your best and get the
right things done and watch as things unfold. Leave perfection to the most high.
You are
going to fail
No matter
your status, you are not insulated from failure. It is a phase in
life you must go through. Your business may fail and you may encounter cash
crunch, the important thing is not to despair. Today, young entrepreneurs don’t
complain of cash crunch because there are many sources of funding. Recently, Paystack raised
13 million dollars seed funding from international
investors. Interestingly, Paystack is
run and managed by young Nigerians.
Don’t stop
learning
No matter
how much you know, you should not stop learning. There is enough opportunity
for you to be a better leader and a better entrepreneur if you
continue to learn and hone your skills. So, don’t stop learning.
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