With the recent rise in entrepreneurial knowledge, and the gaining popularity of self-help and personality development books/courses among the younger generation, there has been a sharp increase in the number of businessmen under 30. The next decade will see a further surge in these numbers, and to support that, here are some tips for businessmen under 30.
While education, professional degrees, and the company you keep, make a large impact on how successfully you can run a business, there are several other factors contributing to the sustainability of a venture.
Let’s dive in!
- Hone your skill: young businessmen ought to know what their top skills are. Self-assessment is vital to shape effective leadership. Once you know your skill(s), work upon them – keep learning, honing, and improving them. This shall not only better the skills, but also set an example for the rest of the team to follow.
- Network: the power of networking is underestimated by many young businessmen. Who you choose to interact with, determines a lot about the direction your business shall go in. Networking makes way to meet industry experts, who may open doors to new opportunities and assist in the growth of your business and self.
- Identify problems: the whole point of starting a business in the first place, was to solve a problem. Keep finding problems that your you could solve. Solutions are easy to devise when you know what the problem is. Identify, understand, solve, and repeat.
- Keep improvising on your Business Plan: the initial layout of your business plan is not the final version (ever!) if you want to expand. Keep making changes according to the progress you have made. This gives you room to set new goals and organise according to objectives. Monitoring the growth of your business becomes easier when you keep going back to the drawing board and mapping new pathways to improve your current business plan.
- Time Management: one of the most powerful tools for businessmen under 30, is the ability to manage time. That does not only mean prioritizing tasks, but also craft a work-life balance and ensure time to self-improvement activities. Effectively managing time allows young businessmen to stay ahead of the curve and make the most of each task, whether it be personal or professional.
- Hire smart: no businessman can do everything on their own, irrespective of their age and experience. This is where the combined skills of the team come in. Hire people who know more than you do in their respective fields. And then, give them the freedom to operate their way in that domain. Hire for how they match with your company’s values. Let their skills and expertise complement your own. The team will prove to be the greatest asset held by the company, always!
- Read (and read some more…): Most successful businessmen are avid readers and make time especially for it. Reading, not only helps them learn, but also boosts their abilities to comprehend concepts/ideas and increases their speed. Some young businessmen have admitted to reading while commuting to work, and in any spare time they have when not working or with family. This habit helps shape a layer of an individual’s personality, which determines a lot of their self-projection.
- Test ideas on a small set of audience: when trying anything new, always start small, and test your ideas (or product/service) on a small set of people (or existing customers), and then adapt accordingly. This is applicable to internal operational changes within the business, too. Make changes at a smaller scale and then enhance it until you reach a satisfactory level. Only then, implement at a large scale.
Many young entrepreneurs try various ideas at once, or try going too big too early, and this can have repercussions which could set the business back. Always, start small, do it quick, show results, move on. - Write down your goals: yes, that is correct! The power of writing something down is unbelievable. It is one of the most concrete methods in defining your goals – personal and business. Write exactly what the goal is, how long are you giving yourself to achieve it and how you plan on reaching it. This will give you clarity on all the necessary questions related to your goals.
- Manage personal finances: majority of businessmen under 30 focus too hard on the finances for their business and not so much on their personal finances. Knowing the difference between riches and wealth is critical. Young entrepreneurs, often, do not know how much to pay themselves as founders. While it is better to take professional help in segregating your personal finances from the business, it can be learnt too.
- Accept setbacks and failures: risk management and change management are pivotal in quick-paced sectors. Preparing for the risk of setbacks and having contingencies for the possibilities of failure, is smart business. But then comes the part where one must accept it once it has happened. Failure should not be seen as an end, but the chance at a new beginning. One which stems from the experience of the previous ventures.
- Side Ventures: most successful businessmen under 30 have more than one source of income. Diversification leads to better odds of success. Investing in multiple assets, rather than buying liabilities like expensive shoes and cars, etc. is the best way at securing one’s future. Smart investments will ensure that you do not go broke. Furthermore, having side ventures allows you to expand your portfolio and network and grow in more fields than one.
With the above mentioned tips, most young businessmen under 30 can secure their futures, while making significant advancements in their personal, professional, and social lives.
It is not easy to start and/or operate a business at any age, but for those under 30, the task becomes even more challenging, due to the sheer amount of competition and the added social pressure of succeeding.
The key is to believe in yourself and stay consistent. Keep moving, one step at a time.
Which tip will you act on first? Let us know in the comments below.