Mistakes that could derail your future as an Entrepreneur

When it comes to finding success as an entrepreneur, starting strong, increases the chances of finishing strong.  Without a doubt. The unfortunate truth though is that young entrepreneurs often make bad choices, which inevitably create problems later on in life.  Problems which reduce earning power, and generally complicate the path towards stable entrepreneurship.

How to overcome problems?

Always Think About the Big Picture

Business Expert Nathan Resnick explains that “You can do a number of things when you're young to build a better business. Even if you're not ready to actually start your business yet, you can do a lot while you're young – in college or even high school – to boost your chances of startup success down the road… The most successful startups are founded by people who are passionate about what they do.”

The biggest mistakes that new business owners make as Entrepreneurs in their 20s

Here are a few examples of bad judgment that interferes with entrepreneurship:

1) Underestimating the Value of Youth

Nobody likes to think about getting old when they’re young.  Which distracts them from the fact that time is a precious commodity in life.  The more you start planning for your future at an early age, the more you’ll start to make beneficial progress towards your dreams.

2) Waiting to Network After College

When people are taught about networking, it’s always framed in the context of corporate careers or professional settings.  But networking is actually something which can start at any age.  Even your twenties.  Build relationships with people now, and you never know how those relationships will come in handy in the future.

3) Racking Up Credit Card Debt

Accumulating mountains of debt at an early age sets you up for failure later on in life.  It ruins your financial reputation, and makes it difficult to get business loans when you need them.  Nobody’s saying you should avoid debt altogether, just don’t borrow large amounts of money which you can’t pay back.

4) Thinking You Can Only Learn in School

If you’re still in school, chances are you can’t wait to get done and put school-work behind you.  But the truth about life is that more learning happens outside of school than inside of it.  Always keep an open mind about learning new skills which are necessary for entrepreneurship.

5) Wolfing Down Junk Food

If you’re going to spend the later years of your life pursuing entrepreneurship, you’re going to need a lot of strength to cope with stress and pressure.  Learn how to get comfortable with diet and fitness today.  That will make it less of a shock when a healthy lifestyle becomes a must in future.

Conclusion

Entrepreneurship requires a lot more commitment than meets the eye.  That’s why it’s so important to avoid being shortsighted if you have any dreams of being an entrepreneur.  Beyond cultivating financially responsible instincts, it’s also important to nurture your mind, body, and soul.  If you can figure out a way to keep your life organized at a young age, transitioning into entrepreneurship will unfold in a smooth way. Be strategic, be efficient, and be smart.  If you like what you just read from our blog, you’ll love the various informative courses, workshops and events listed on our websites and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Academy can help you break past your daily struggles and start soaring in success. For business development coaching by Richard Martinez, call at 626-202-2291 or follow us on Facebook and Instagram.