Are you a young entrepreneur just starting out in business after graduation? If so, here are 4 critical business mistakes new founders make, and how to avoid them.
Generation Z (children born in 1995-2005) are entering the job market and have self-confidence, are strong, and ready to make significant changes in the world.
Although building a business at a young age is exciting, we see some common mistakes that can be prevented. Here are four of them:
You can not define your business
Many startups face this problem because they can never define themselves and what they can offer. You need to try to focus on one much needed product that you know will sell. When you move a lot and change business goals often, you are not yet in the mentality of a startup, but in the mentality of gathering ideas. Don’t build a business hoping something will work. Study the needs of the market and think about how you can address those needs.
I do not know your audience
I do not know who your audience is and I do not know if they exist. If you have not done any market research or you are not sure if your product or service solves a problem, you will get back to the starting point. You have to do the research. Going out and talking to people in order to better understand what they would buy and what not. Take time, submit surveys, and share your ideas with others.
Your digital footprint needs “spring cleaning”
If you grew up online, chances are you are not using social media for business purposes only. If you are a new business owner, there is a possibility that you spend a lot of time online using social networks for communication, personal marketing, photo posting, etc. However, using all of these applications does not mean that you know how to use them for business. Strategic use of social networks for business is different than using it for personal communication. Your digital footprint can have a huge impact on you and your business. Maintain your professional online presence, remove inappropriate photos, and start building your business profile through platforms like LinkedIn.
You do not have a mentor
Having a mentor in the business world is one of the most important things for a startup. A successful business mentor can guide, teach and support you. This person can also help you learn when and how to take risks, provide helpful business guidance, and enable you to have a strong support system.