Entrepreneurship is not for the faint of heart. Running a business can be challenging, and it takes hard work and perseverance to achieve a high level of success. Whether you’re already in business, or looking to start a business, it pays to heed the advice of others who have walked in your shoes.
Some of the world’s most famous and profitable businesses were started by students. Microsoft began in Bill Gates’ Harvard dorm room, Google got its start on the Stanford campus as the computer science project of doctoral students Sergey Brin and Larry Page and thousands of other student companies thrive in every industry.
Even if you’re not aiming to be another Bill Gates – maybe you just want to earn some extra cash with a summer landscaping business – you’ll have to navigate some unique challenges as a young entrepreneur testing the business waters. Here is what a few self-made millionaire entrepreneurs had to say.
Stop Thinking of Your Own Wallet
Be of service; give value. Rather than thinking “how can I make a living and make money”, think ”how can I serve and truly add value to people’s lives? How can I make a difference?” This is what Oprah and Deepak Chopra say is their driving mission.
Love what you do
1) Choose something that is in line with your own personal interest and passion, then it never seems like work.
2) Don’t be afraid to fail.
3) It’s critical to spend the time early on to hire the right people. If you are disciplined in finding the best and brightest people who are also team players then management is easy.
4) There is no substitute for talking directly to customers.
Whether they are happy or upset about something, it feels great to connect with people who are using your products, because you immediately get a good sense for how to make it even better.
The Power of Connections
Network! Make connections and keep a record on each person you meet. Ask for their advice and help. Keep in touch with them along the way and build your network before you need it! Quality relationships are the keys to the kingdom.
Even when you have everything to lose, act like you don’t
I used to have nothing to lose, but now that I have a lot to lose, I have a whole new perspective on this. Even after you’ve made it to the top, you still have to act like you have nothing to lose. And beware a man who has a great deal to lose, but acts like he doesn’t. Regardless of the amount of money a person has or the size of their company, or the amount of wealth they have—those people that take action and risk without the fear of failure are the ones that will ultimately take market share.
Seek and you shall find
There are thousands of clues and even direct blueprints to how to make money if you know where to look. Find a successful company that is creating products or services that you are interested in and figure out HOW they are doing it. I use a process called reverse engineering to isolate two important factors: Their traffic and monetization. Where are they getting people to see their products? How are they converting them into buyers? If you can answer these two questions with a systematic approach, you can start to build a business around it immediately.
Stop Thinking of Your Own Wallet Part II
Approach your business from a place of service. How can I help my audience be more successful at what they’re doing. Before you write a blog, write a newsletter, shoot a video, present a proposal be still for a moment and ask for the knowledge of what your audience needs from you right now rather than to look for a way to “win someone over.” Come from a place of how to fill someone else’s cup rather than your own.
Oh yeah and build a freaking list!
Don’t let them intimidate you out of your dream
1) Work harder than everyone else—”I may not be the most formally educated, the most financially set up, or even the smartest, but I will give them a run for their money when it comes to ambition and determination”. It’s a bit cliché, but I always remember this quote: “Always go the extra mile, there’s a lot less traffic up there.”
2) Every expert was a newbie at one point—don’t let them intimidate you out of your dream. Learn as much as you can, as fast as you can.
3) Ethics do matter—I don’t care what they say about “it’s just business,” the world comes full circle. Be competitive, but stay true to your beliefs and principles. It always comes back around eventually.
Focus on quality and execution
1) Hire exceptional people, make sure they feel valued and can work as a team.
2) Work to achieve synergy (energy and alignment).
3) Practice Kaizen (Japanese for “small improvement” and “better”) everyday focusing on getting a little bit better with the belief that over time outcomes become significant.
4) Focus on expands and set outcomes that are bold, passionate, measurable, written and positive.
5) Worry less about growth and more about quality and execution. When you take care of your customers and exceed their expectations, growth and opportunity follow.
6) Remember that success often comes to those who get in front of the inevitable.
Stop Thinking of Your Own Wallet Part III
Help people. Help when you’re happy. Help when you’re tired, and even help without attachment to getting anything in return. Keep on helping people towards a better life, straight through to your marketing. If you do this, you’ll create a marketing approach that’s based on “help marketing,” and you’ll have a business that’s never short on customers.
Check your mentality.
One of the problems that can afflict young entrepreneurs is a mental block against, as Nike might say, just doing it. We’ve all been raised on stories of Internet billionaires, wealthy young actors and other tales of spectacular overnight success. Knowing how well other people have done in business and how quickly they’ve scaled the mountain is demotivating. It can make some young entrepreneurs lose confidence and feel as if they don’t want to get started on a business unless it’s going to be the next YouTube.
This is a self-defeating mentality. Combat it by reminding yourself that you’re not competing against anyone but yourself. Do whatever it is that you can do today, whether that means tutoring, designing T-shirts or building online communities. The important thing is to get your feet wet – not to take over the business world.
The bottom line is that your student days are ripe with entrepreneurship opportunities. You may never again have the energy, resources or motivation to start your business, so get to work!
Ten on Ten 
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