An entrepreneur is a risky responsibility. Not everyone has the guts to leave a settled job and drive their footsteps to convert their vision into reality. There are plenty of brains with brilliant ideas but with weak hearts to execute those ideas into reality. The thought of making a huge investment, risk and responsibility, sleepless nights, gluttony of hard work, management and coordination with no guaranteed return can freak you out. Sometimes you are so much comfortable with getting standard income on a fixed date and live peacefully.
If you are young and full of beans, you should bite off more than one can chew. This is the age of experimenting and experiencing, learning and executing, all that an entrepreneur should be prepared for doing. Just imagine the worst scenario, you will fail and end up making a loss. When you are young, you always have the option to get back to the job and live peacefully.
Have you heard, ‘the best time to do anything is doing it later’. Well, don’t follow this at all. Fetch the day, make your way and just get started today. Your advisers might hold you back on the grounds of lack of experience, but just keep faith in your idea. Here are some of the things to be taken care of, being a young entrepreneur.
1) Your Idea Must Solve a Problem
There is no room for something which is already existent in the market. The big players have already captured the market and small players are already plenty trying to make their place. So survival in this hardcore competition is nothing but a loss-making step. For example, if you are thinking of mobile app development for cab service, then there are already well-established apps like Uber and Ola and competing them will be a nightmare for you. Think of a category that’s less crowded and have issues unresolved.
2) Be a Leader, Not the Follower
There are a series of nuances entering the market and making their name in a flash. Why? It’s because of their innovative approach, eyesight to see things differently, turn an ordinary thing into something extraordinary. Being young in the league of entrepreneurs doesn’t mean you should be a follower. Stand out from the crowd and let people take inspiration from you.
3) Act Smarter and Choose a Partner
You are young and full of energy, innovation and transforming ideas, but what you lack are branding and recognition. It can be the investment as well. Shaking hands with a big brand can be cost-effective and profitable. They have recognition and reputation which can help you get known to the public. When you shake hands with big brands, the public will lay trust in your business easily which will help drive more profit. Approach the right people and confidently pitch your business ideas and your road map to generate revenue out of it.
4) Excited Audience
The first group you offer your product or service to is the most important one. The first set of the audience should be of the influencing people who are eagerly waiting when your iPhone or Android app development will be accomplished and out for them to use. These people are like your product promotion without payment. They will spread the positive word about your business. If they have an exclusive experience with your product or service, they will also promote it on their social media platforms giving you added promotion. Hence, choose your intuitive set of audience with the care.
Thanks Pratik Kanada for sharing your thoughts. Young minds are always fresh ones. If young people have a unique business idea then they should try it. Pratik rightly explained that if in worst case business owners face loss, then they have the option of doing job also.