Starting a business is challenging, brutal and can make you want to pull your hair out.
But starting a business is only the first step to becoming successful. The rest lies on a journey filled with perilous and demanding challenges. Here are 5 tips for starting a company as a teenager.
1. Work on your patience.
Patience is a virtue that cannot be overlooked. You must have patience in order to succeed in entrepreneurship. I spent at least 5 hours a day emailing and posting advertisements on various different forums and chat sites to create a team to start my online business.
It was hard work. What you have to do when you feel like giving up is take a step back, envision your goals and get back to work. Also, do not accept everybody who likes your idea. At least try to vet potential candidates before you start working with them.
2. Create business plan immediately.
The biggest mistake I made when I put together a team to create online store was that I didn’t business plan. No one on the team knew what to do for months. People would work on fixing problems only to find out that those same problems already had been fixed.
It is absolutely necessary to put guidelines in place so that everyone knows what they are doing. Without these guidelines, everything will turn into a mess… trust me.
3. Get to know your teammates.
Don’t think of the people working with, or for you, as employees. Instead, think of them as partners or teammates.This will help prevent you from acting like you are above them, which just makes team management a bigger problem.
Spend time with each person on your team. Go out to lunch with them. See a movie. Whatever you can think of that will help you to get to know your team better. If you are running an international team, it is especially important to Skype them. Keeping tabs with people you don’t see everyday is crucial. Learn as much as you can from your teammates.
4. Don’t be a press hog.
The second biggest mistake is to reach out to press before business had even started real production. You want to stay as small as possible until you are forced to become big. If you break out of the gate too fast, you’ll only get too tired and end up last in the race.
5. Learn as much as you can.
A lot of people think that running a (online) business means knowing everything and knowing how to solve every problem. That is one hundred percent not true.
You will learn from your mistakes as from your successes. You’ll probably learn even more from your mistakes. Treat everything as a learning experience and you will be fine. Just remember, never say you know something if you don’t. It will hurt you later on.