Five Tips For Young Entrepreneurs

When it comes to being an entrepreneur, everyone has to start somewhere. Even the most successful self-made business people were, at one point, complete greenhorns with not much in their name beyond their ideas. If you’re one of the many young entrepreneurs who’s just getting their start trying to make a name for themselves, here are five tips to keep in mind as you begin this journey.

1. Hard Work Still Matters

Unfortunately, many young people today don’t have the strongest work ethic. Plenty of television pundits and essayists have attributed this to an “A for effort” culture where protecting kids’ feelings was regarded with more importance than teaching the importance of hard work. Even if you don’t have a sense of entitlement, it’s important to begin your entrepreneurial career with a sense of humility and a dedication to hard work. Those who make a name for themselves are the ones who are willing to really put in the hours.

2. Good Ideas Aren’t Enough

You might think you have a million dollar idea, but that’s not enough to make it in business. The world is full of people who have amazing ideas but a vague idea of how they will implement them. To really be competitive, you need to flush out your ideas into a full business plan that outlines exactly how you’d put those ideas into practice.

3. Budget Wisely

Many of young entrepreneurs fail to budget properly. When you begin the journey of self-employment and entrepreneurial endeavors, you need to follow a strict budget to ensure that you don’t run out of money when you’re first trying to get your ideas off the ground. This includes budgeting enough to ensure that you can fund your own housing and basic needs.

4. Make Connections

In business, every person you meet is a potential professional connection. Always have business cards on hand. Most importantly, always treat the people you encounter with the utmost professionalism and respect. People will want to work with the person whom they remember fondly and respect.

5. Don’t Overwork Yourself

This might seem counter-intuitive to the first tip, but it’s important to remember. Building your own business from the ground floor is an exhausting task and one that requires a great deal of hard work. It can be both psychically and psychologically draining. You should work hard, but always remember to take days off and give yourself breaks when necessary. Structuring your time wisely is crucial and will ensure that you don’t become overworked and lose your enthusiasm for your new business venture.

Jonah Engler is a successful entrepreneur, investor, franchise owner and coffee lover who hails from New York City.