Advice for the young entrepreneurs

In today’s economy, many young people think about starting a business as an alternative to employment, but statistics show that many of the start-ups fail from their first year.  Every entrepreneur must know that a brilliant idea is not enough for a sustainable business; there are also some other essentials they must be aware of for starting a business:

1. Do what you love – Once you start, you will have to dedicate a lot of time and energy to the development of the business and that’s why you need to find satisfaction in what you do. Be ready to make sacrifices for the business you start.
2. Appeal to professionals – Start by finding a mentor or employing the support of your family to advice and help you. Then find professionals for those fields you do not master (accounting, legal, marketing, business consultingetc.). Make sure to be able to explain to them the details of your business.
3. Assume the risk –Be aware that the business may fail, even if you think of all the details, because unexpected changes will surely occur. You need to know when to give up.
4. Be creative – Find the business idea which will produce money. This idea needs to differentiate you from the competition as to attract clients and, possibly, investors (but be aware that few people will finance a new business). Use all your resources smartly.
5. Think in perspective – Start the business while you are employed, being aware that the new business won’t bring a profit from the start, so you need a stable source of income. A business is built in years and years and you need to know in advance your next step, foreseeing the obstacles and preparing for unanticipated changes.
6. Market and promote your business – Network, negotiate contracts, offer samples of your products/ service before you launch your business as to find clients. Take advantage of every marketing tool you find.
7. Make a business plan – Save time and money by putting down a detailed business plan before starting. Thus you clarify your concept and fix the essential elements of your business.