10 powerful important lessons to learn as a young entrepreneur

Recent studies have revealed that the number of people under the age of 35 who are starting their own businesses has increased by over 70 per cent worldwide since 2006.

Young people are getting more entrepreneurial than any of the generations that preceded them, and a lot of them are achieving success at a very early age.

Here are the 10 most important lessons you can learn as a budding or young entrepreneur, according to several other young emerging entrepreneurs:

1. Chance favors the prepared mind.

Success is not subject in any way to luck, even though luck playing a part in success is a very common misconception. On the contrary, persistent actions, a dedicated mindset, and proper preparation will serve you much better than luck ever will.

2. Fake it till you make it.

Because you’re a young entrepreneur, you will have to do a lot of things for the first time as you move up in the business world, and as such you will face a lot of skeptics. Never act like it’s your first time. Scare away the skeptics and your critics with confidence.

READ: 5 millionaire habits you wouldn't believe

3. Choose something you don’t mind dreaming about.

When you start thinking of a viable business to go into, find a problem to solve first, then consider if you can spend at least 80-100 hours a week working and thinking about the business. If you still feel charged up afterwards, then you should go for it.

4. Know you industry better than every other person.

Information, they say, is power. Most people are not willing to put in the time and that’s why they fail. The easiest way to stand out from the crowd and have edge over your competitors is by knowing.

5. Work, work hard, then work harder.

You have to be willing to put in the long hours. Most people don’t play with their weekends and holidays, but if you really want to be successful in that hustle, you shouldn’t even think about it. Successful entrepreneurs understand that starting a business that will be successful involves round the clock commitment.

6. Energy and passion do a lot.

People love the zest that comes with being a young entrepreneur trying to change the world. Enough optimism and energy will be contagious and make people believe in you and your business.

7. After deciding, believe you can achieve it.

Our thoughts shape the person we are. That’s why if you don’t believe in your business, no one else will.

8. Calculate the risks and jump in with both feet.

Don’t go into something without understanding the risks. Inform yourself of riks and then dive in without any inhibitions.

READ: 3 steps that are crucial to success

9. Be sure to take action today. Don’t wait!

Getting started is only the first step. Your business will change several times between when you conceive the initial idea and when you launch. That’s why you have to take those steps without waiting any further.

10. Be patient and celebrate the small victories.

Running a business is a marathon not a sprint. You should set both short and long term goals so you can celebrate the little victories along the way.

As you take on the challenge of being an entrepreneur, keep these tips close to your heart and conquer the world!

10 powerful important lessons to learn as a young entrepreneur

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