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WHAT YOU SHOULD KNOW BEFORE STARTING A BUSINESS AS A YOUNG ENTREPRENEUR

Although it sounds and appears straightforward, the word business is actually quite intricate. Operating a flourishing business is a massive undertaking that requires considerable effort. There are numerous prerequisites that must be met before starting a business. To run a successful business, you need a number of factors, such as strong entrepreneurship skills, reading a large number of books on successful businesses, attending business seminars, having a solid and attainable business plan, having a plan B and being focused, etc.

Before starting a business, you must have a well-organized business plan with business capital; however, you must also have a plan b capital, as the season changes in the blink of an eye. As a young entrepreneur, you cannot rely solely on your major capital; instead, you must have a plan b capital, and you must base your agenda on 10x rules, which will be discussed in greater detail later in this post.

Some of the factors that young entrepreneurs must know

Don’t rush to make an enormous profit.

As a young entrepreneur, your primary focus should be on how to maintain the smooth operation of your business, how to advertise your brand to reach a larger audience, and how to gain the public’s trust in your products and services, etc. Seeking enormous profits at an early stage of your business’s existence can be detrimental. If your competitors are selling their products for $5,000 and you are selling yours for $4,980, this doesn’t mean you don’t know what you’re doing if you will still make a profit from the $4,980; it’s all about marketing strategy.

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If you establish trust with your customers and they are confident that they will receive authentic products from you, you will be able to charge higher prices in the future and they will still prefer to conduct business with your company. Therefore, it is crucial that you first establish trust, transparency, etc. You can decide to give your customers a modest gift after each transaction; this will encourage them to return. It is also a marketing strategy to have the contact information of your consumers and send them a message at the beginning of each month. It is of the utmost importance that you care about your clients, as a single negative review can destroy ten positive ones.

Giving small discounts on your products and services is also a great way to acquire more consumers; for example, on a $100,000 product, you could offer a $1,000 discount; this will encourage people to patronize you more.

Work according to 10x standards

When your competitors work for one hour, you must work for at least five, when they advertise their products on the radio, you must advertise your products on the radio, social media, newspapers, etc., come to work early and leave late, as punctuality and regularity are the lifeblood of business. Always ensure that you are doing more with less, and if you must hire someone, only do so if they are qualified; the welfare of your consumers must come first.

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As part of the 10x principles, ensure that you purchase quality products, package your products and services very well, and let people know that you sell quality products; this will allow you to determine a more appropriate price range for your products.

Have a plan b capital

When I mentioned plan b capital, it rang a bell, but don’t worry, I’ll explain; most businesses have failed due to a lack of plan b capital; as stated previously, you shouldn’t be in a rush to make a huge profit; if you noticed a drop in your primary capital, don’t panic; plan b capital is there for you. You must have a backup source of capital so that you can survive a downturn. In addition to knowing how to invest, you must also understand the significance of insurance.

Share your ideas with others

Share your thoughts with those around you, compare their individual ideas to your own, and make a decision based on the finest idea. Two minds are preferable to one. Don’t rush to make a decision; instead, maintain composure and self-assurance. If you have a manager, don’t give him all the work, as this will rapidly cause your business to fail. Also, don’t be a slacker; set daily goals for yourself and your employees and make sure they are met.

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This will enhance your entrepreneurial skills and provide you with entrepreneurial experience.

Have in-depth knowledge of the business you wish to enter.

Possessing an in-depth knowledge of your business is ideal; this will give you complete confidence at all times. If you have in-depth business knowledge, you are automatically one step ahead of your competitors. This will allow you to expand your business into other related areas, as your business knowledge and experience will enable you to persuade customers as necessary.

Conclusion

In conclusion, being a business-minded person is advantageous, and having your own business is ideal. However, not everyone can own a business, but there is nothing negative about having one. Things are expensive and unavoidable; it is not advisable to rely solely on salary because it cannot get you anywhere. If you rely solely on salary, you are one step away from poverty. Consider this: if your monthly salary is $50,000, will you ever be able to afford a $200,000 car? Consider your options and search for a business to start.

As a youthful entrepreneur, you must understand that you should not wait until you have millions of Naira to start a business; instead, start with what you have and you will generate many ideas along the way. If you delay until you have millions of Naira before starting a business, it is almost as if you do not wish to act.

 

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