Advice from Entrepreneurs
Throughout my coverage of the Innovation Initiative and the New Venture Challenge, I’ve learned a lot about what it takes to be an entrepreneur and start your own venture. It certainty isn’t a lifestyle for everyone.
Even though everyone has different backstories, identities, and majors, all entrepreneurs have similar personality traits and common denominators. Every single entrepreneur or student working on their first venture always has a thirst for ingenuity and unparalleled work ethic. Not only do they have class to contend with, most of them are all involved in extra curricular actives and a second job on top of the work they put into their startups. With dedication like this, it is so crucial they mange their time effectively. Below, I’ve complied a list of the top tips and pieces of advice that student entrepreneurs shared with me during interviews and in outside conversations.
1) Set your priorities
It is so easy to get overwhelmed and feel like you’re being overworked when trying to balance school and your upcoming venture. One of the largest pieces of advice I hear repeated over and over was to make sure you know what you prioritize and make sure your actions reflect that. If you can’t fit everything you want to do into one day, identify which pieces of work would benefit you most and which ones you can blow off without too many repercussions.
2) Do your research and know names
If you’re ever going into a presentation or networking event, try to make a short roaster in your head of who might be there. Remembering someone’s name during a conversation will not only make them remember you as well, it will make them look upon you more favorably. During networking events, asking targeted questions towards some’s specialty will help you get better advice, help you look competent, and give you an edge over other peoples’ ventures.
3) Fail Forward
Though cliché, failure isn’t always a bad thing. A huge motto within the innovation initiative is that failure sometimes leads to the best breakthroughs. Failure means you’re pushing for bigger and better things. Failure means you’re thinking outside the box and exploring new territory. Learn from your mistakes and don’t let them get you down. If you’re not failing, you’re not thinking big enough.
4) Make as many connections as possible
The industry of entrepreneurship is an incredibly competitive one. Sometimes its not what you know, its who you know. Networking is so important when it comes to finding mentors, business partners, and investors. If you make an attempt to reach outside your comfort zone and make new friends, this always works in your favor. Especially in the Boulder startup community, fellow entrepreneurs are more then willing to help out their peers and support each other.
5) Keep up your energy
Entrepreneurship can be an exhausting road. Some days, it seems like nothing goes right and you’ll never make any progress. Yet, when you start every day fresh with a predetermined sense of purpose and drive, it will work wonders. Not only will you be more successful, you will be happier as well.
