Starting a business as a young man is very daunting. For some, they don’t have the capital to startup and for others, they are too scared to leave their comfort zone and start something on their own. Either way, there are some fundamental business lessons you should know as you face your daily challenges especially before you turn 30. This will definitely help when you, if you eventually decide to start your business.
Time is your most important resource
The adage that “time is money” is a very popular saying in Africa. So, you have to be conscious of time in everything you do especially when it comes to starting a business. The sooner you start something, the better for you.
Communication can fix any problem
Communication can’t be underrated when it comes to business. It can’t resolve any problem and misunderstandings. Communicating the right way can help you come up with mutually agreeable solutions. You can use the 7cs of communication to achieve effective communication.
Aiming for perfection is a waste of time
There is nothing new under the sun. Many others have done the same you are planning to do. You can take a different approach but don’t wait until it is as perfect as your competitors before you launch. With this mindset, you will always find something wrong with your business. Hence, simply do your best and get the right things done and watch as things unfold. Leave perfection to the most high.
You are going to fail
No matter your status, you are not insulated from failure. It is a phase in life you must go through. Your business may fail and you may encounter cash crunch, the important thing is not to despair. Today, young entrepreneurs don’t complain of cash crunch because there are many sources of funding.
Recently, Paystack raised 13 million dollars seed funding from international investors. Interestingly, Paystack is run and managed by young Africans.
Don’t stop learning
No matter how much you know, you should not stop learning. There is enough opportunity for you to be a better leader and a better entrepreneur if you continue to learn and hone your skills. So, don’t stop learning.