It's easier to get started as a young entrepreneur. You just need a website, and some people are testing their business ideas on social media before even getting to that step.
Although young entrepreneurs have more options and better technology, they don't have the same level of expertise as older business owners who have learned many lessons and endured various challenges.
Entrepreneurs recently helped out the younger generation by sharing their best business advice on Reddit.
"Stop worshipping passion," one business owner suggested.
These are some of the top suggestions that young entrepreneurs should take to heart.
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Focus On Solving Problems
The same entrepreneur who told people to stop worshipping passion also suggested focusing on solving problems that have a strong demand.
"Start with one problem that real people will actually pay to solve, not your ego trip," the entrepreneur said. "If you can’t validate it before building, you’re not an entrepreneur. You’re cosplaying one.
You won't know which problems are worth solving, so you will have to experiment often. The business owner suggested that young entrepreneurs "fail cheap and fast" so they can eventually discover the business idea that can generate a full-time income.
"If it doesn't work, move on in days, not years," the entrepreneur said.
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Build Systems
Hustle culture is regularly praised by hard-working entrepreneurs, while people who advocate for a solid work-life balance tend to gravitate away from hustle culture. However, the hustle bros and work-life balancers can both benefit from building systems.
Systems allow business owners to simplify various tasks, delegate responsibilities, and boost productivity. You won't have many systems when you are getting started, but as certain routines become more common, it's worth establishing playbooks that boost efficiency.
"Early wins are great, but documenting processes, tracking metrics, and automating repetitive tasks (even a little) compounds massively as you grow," one entrepreneur said.
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Nurture Your Network
The most successful business owners don't reach big milestones on their own. They work with other entrepreneurs to discover new opportunities and ideas. One entrepreneur suggested building your network and nurturing it over time, even if it means emailing your top colleagues each month to check in.
"You will become the average of the people you spend the most time with," the entrepreneur said. "Up your friend game."
You can up your friend game by attending industry conferences, participating in online entrepreneurial groups, and reaching out to leaders in your industry. As you build your network, more entrepreneurs will be attracted to you. As a bonus, you can even ask people in your network if they know one or two people who would be good to know.
Building your network is one of the best things you can do as a young entrepreneur. A network allows you to find mentors, collaborate with partners, and become a mentor for someone who needs your expertise.
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