10 Young Entrepreneur Success Keys

Young Entrepreneur Success KeysSo you want to be an entrepreneur? You crazy fool! Do you know what you’re getting yourself into? Really, do you? Hopefully, the answer is “no.” Let me tell you why. If you did actually know what you would have to go through, if you actually felt it all before you ever started the journey, you wouldn’t do it.

So yeah, it’s going to be a tough ride, but with every journey, there are always ways to make it easier. Below are 10 young entrepreneur success keys to get you facing in the right direction.

 

1. Learn Your Rhythms and Cycles

There are certain times in the day when you feel better than others. Some are morning people, others mid-afternoon and others night owls. Your job is to find your prime operating hours and schedule your most creatively taxing tasks during that period. Difficult work is hard enough at your best time of day, the last thing you want to do is work on your most challenging tasks when you feel sluggish. If you want to develop an empowering routine, find your prime operating hours and use them wisely.

 

2. The Show Must Go On – Always

Academics have the phrase “publish or perish.” Entrepreneurs use phrases like “always be shipping.” In other words, once you start, don’t stop. Whether that’s blogging, phoning contacts, presenting, or whatever it is that you need to regularly do to build a solid reputation, keep doing it. First you have to train your audience in what to expect, and then you have to keep your promise. Otherwise you will be forgotten very quickly.

 

3. Patience, patience, patience

Patience is a virtue. If you’re anything like me, whenever you hear that phrase, you kinda want to throw up. Ironically, it’s usually highly impatient people who like to throw it around. But it is true. Popularized by Malcolm Gladwell in “Outliers“, the 10, 000 hour rule states that the path to greatness often requires a minimum of 10, 000 hours of effort. Now that sounds like a massive and overwhelming number, and in many ways it is. The secret is to break it all down. Just aim to get a little better every day and you’ll surprise yourself at the end of each year.

 

4. Get Physical

There is something very wrong with modern society. It’s as if we have forgotten that we are physical creatures. We are designed to move with speed and grace and strength. Instead, over 50% of the population are glued to their screens and the results are obvious. By 2020 cardiovascular disease will be the biggest health problem on the planet with depression being second. What do both of these conditions have in common? A lack of movement is often a cause of both. The reality is, your journey is a marathon, not a sprint, and so you will need to challenge yourself physically as well. An exercise session of 30 minutes every second day is the bare minimum and you should be walking and moving whenever the opportunity arises.

 

5. The Magic Mirror

Who are you? If you want to be an entrepreneur, than be an entrepreneur! Take ownership of that title and that role. It doesn’t matter if you are just starting out and don’t have a penny to your name. You are what you say you are. Every day when you look in the mirror, remind yourself of who you are and the great places you are going. And don’t let people criticize you or make you feel like you are anything less than what you need to be. If you need help in how to deal with negative people, check out my article: 7 “Stay Classy” Young Entrepreneur Comebacks against Entrepreneurial Cynics: The Ron Burgundy Philosophy.

 

6. Do the thing you love most daily (or at least weekly) even if it is unprofitable

Money makes the world go round but it does not stir the heart. You are not an economic machine. Sure, it is wise to work on the most profitable opportunities most of the time, but if you are not adding to your day or at least your week, a little of your favorite activity, done primarily because you love doing it, you will burn out. I found this to be the case with my radio show. I knew I could have streamlined the show to it’s bare essentials and that would have been a more efficient use of my time, but I wanted to create a fun and more holistic experience that was about more than just my entrepreneurial guests.

 

 7. Look for the Little Things that Give the Biggest Results – The 80/20 Principle

In simple terms, the 80/20 principle suggests 80% of results come from 20% of causes. Therefore, if you can find and harness that top 20%, you are going to be much more efficient and a hell of a lot happier. The way to find it is pay attention. For example, as a Psychologist, my livelihood depends on referrals, mostly from General Practitioners. Early on I noticed something very interesting, over 80% of my referrals would come from one doctor in each particular practice. I have found this to be true across all the numerous locations I have worked. So do you think I would make an additional effort to make sure those particular doctors were satisfied with my service?

 

8. Find Your Story

You need to have an origin story. It needs to be interesting, meaningful and something your intended audience can relate to. My story is about how I became an ‘accidental entrepreneur’ and I will reveal it in detail when the new entrepreneurial book of mine is released soon. My story involves a happiness monk that terrified me and a dying woman in hospital who led me towards my strange and unplanned leap of faith into entrepreneurship which is based on my desire to find freedom, growth and make the world a better place. Themes that most entrepreneurs can relate to.

 

9. Be Selective

I get it, your an ideas person. Congratulations! You also better learn how to be a merciless culler. The reality is, there are many great ideas out there and inside of you, but only one or two are ever worth pursuing at any point in time. Your job is to be ruthless. Consider running your ideas past trusted friends and colleagues and examine for workability. Consider each idea in terms of financial potential and passionate sustainability. Some ideas could make you a lot of money but would bore you to death and other ideas are perfect in terms of cultivating your passions but are completely unprofitable. You need to find what caters best to both.

 

10. Never Give Up 

Never give up your dream to be an entrepreneur (or anything else for that matter). Sometimes, you may have to change tracks and let go of some ideas to make room for others, but never let go of the new identity you have formed and are developing. Because if you do, you will die. You will become just another hollow woulda, coulda, shoulda shell of a person. And you should be afraid of that more than anything else. More than being broke, or having no social life, of repeated failures, nothing is more demoralising than living in-authentically. Be proud of who you are and what you do. Keep at it and you will change the world in your own special way.

 

What would you consider to be the most important key for entrepreneurial success?

 

 

 

 

Comments are closed.