3 realities of young entrepreneurship

The allure of big wallets and fast cars is seldom a reality for most entrepreneurs. (Source: Getty)

From flashy cars to designer clothes and the jet-set lifestyle, entrepreneurship has been touted by social media as glamorous.

That may be true for the 1%, but for the rest, it is worth understanding the harsh realities of starting a business when you are young.

True entrepreneurs face challenges with enthusiasm and seek to persevere through difficult times, all with an eye on the price.

Here are three tips to help you complete your project.

Understand the importance of failure

Failure is one of the greatest lessons an entrepreneur can learn. While there are always examples of holes in one, most of us aren’t Happy Gilmore.

The reality is that success is more often than not built on a high tower of previous defeats.

My approach has always been to embrace it rather than fear it because I know the lessons learned will always make the next project or campaign stronger.

After each project, I like to review and evaluate what went well, what went wrong and what I would do differently. It gives me the opportunity to recognize where things could have been done better and to identify what new actions or approaches could be taken in the future.

Business professional analyzing packaging seated at the table.

Learning from failures is crucial to creating success. (Getty Images)

One thing I don’t do is wallow in chess.

The term I like to use loosely is “delusional optimism.” Not to the point of ignoring all the issues. Just enough that you are able to take risks but have the optimism that there are solutions to most problems.

Being comfortable with a lack of support

“What if it doesn’t work?” This is a question that young entrepreneurs know all too well.

When the odds are stacked against you, pessimism can be the difference between committing fully to your business or not taking action on what might be a great idea.

Everyone wants the support of family and friends, but you can’t always count on that. You have to trust your instincts.

Long days and weekends can sometimes disappoint your loved ones. It’s important to accept that they don’t agree or understand your entrepreneurial vision.

Many struggle not to let it wear them down.

When you don’t have the money

Most young entrepreneurs don’t have deep pockets.

If you were a college entrepreneur like me, you might find yourself in the same boat.

There are many advantages to starting a business enterprise, in fact, as it forces you to think creatively and use the resources you have.

Need an application created? Learn to code. Need a built product? Prototype it yourself. Need to do marketing? Learn how to navigate social media.

Young entrepreneurs also need to establish discipline around unnecessary spending. A takeaway night could potentially foot the bill for next month’s website.

Even when your business begins to generate a decent income, it can be vital to build resilience to reinvest, rather than earning a higher salary. I’m not saying don’t have fun but be frugal.

The road to entrepreneurial freedom may not be paved with gold, but pay your dues and understand the lessons, because the beauty is in the journey.

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