Advice For New Entrepreneurs

Advice For New Entrepreneurs - EO Detroit News - Business Advice Blog, Networking - Entrepreneurs' Organization - young-business-professionals

Entrepreneurs play an important role in the way our world works. They create new jobs, push innovative ideas, and move society forward. Taking the first step towards starting a business however can be extremely intimidating. Unfortunately, there may be some amazing ideas out there that aren’t being brought to light due to fear and no proper guidance. That’s why we’ve put together this list of advice for young entrepreneurs everywhere who are struggling to start out. Read on and be inspired!

Make sure you want it. Picture this. You have a great idea and you’re eager to share it with everyone. You spend days researching and testing the idea out on your friends. Three days in, you hit a wall and can’t find a way over or around it. What do you do? If your answer is to move on to a new hobby, recognize that that’s likely what it was to begin with—a hobby. There’s a huge difference between doing something that you like and doing something you’re passionate about. If there’s no real love behind what you do, you’ll be more likely to become discouraged and throw in the towel. If you’re set on launching something of your own, make sure that you would buy what you’re selling.

Network and find mentors. If you want to be successful, this is crucial. One of the obstacles every young entrepreneur faces is a lack of credibility. People are hesitant to invest in someone young and inexperienced. If others see that established and credible entrepreneurs support you, they are much more likely to trust you.

Recognize the importance of PR. You may have the best idea since the ipod, but if nobody knows about it, you won’t get anywhere with it. Reach out to bloggers and ask them to review your product. Notify the media about your new business. What makes you different from the rest? Focus on that! Young entrepreneurs don’t typically have the funds to pay for extravagant advertising. Public relations will cost far less and the messages that your audience receives will be perceived as much more credible.

None of these tips will ensure that you’re the next Steve Jobs. Not following them though, will guarantee that you’re not. Follow this advice and build a solid foundation for your start-up. Who knows? Maybe we’ll all be using your product one day.