Advice for a 20-year old entrepreneur

[Rayaan]

Advice for a 20-year-old entrepreneur in his early years of business?

[Felicia]

Done is better than perfect.

Spend less time wondering and pondering and just put your business out there so you can get the right data to better serve your prospects.

[Ennis]

Just few points I have here:

Location, location, location.
Know the history of the businesses that occupied your location before you. If they didn’t make it, then the rent is too high.

Don’t expect customers to come to you. Do something to go get them or bring them to you.

Word of mouth gains more customers than anything else. Most advertising is more expensive than can be justified by increases in sales.

Know where to acquire product for the best price… including shipping or other expenses.

Find something you can get cheap, but doesn’t seem cheap, that you can give away. Never let a customer walk out of your store empty handed, even if you have to give them something.

Never guarantee what you won’t provide. Be honest.

Don’t be afraid to give discounts to people to cement a relationship.

Special orders make people feel special.

Don’t expect to make up a loss by selling something in volume for less than it costs you.

[Annie]

There were two Co-founders.

One day, one of the employee failed to finish assigned work at the scheduled deadline.

So one of the co-founders insulted that employee.

The second co-founder got to know about this and told his partner that employees does not deserve to and should not be insulted, but instead to react with them professionally.

His partner replied him “don't worry he will not leave. He don't have any option now.”

The second partner replied, "but he can have an option in future. " If you will focus on the present then you will never make a big company in future."

The bolded is my first advice to you.

My second advice is, treat employees with respect even if they get on your nerves.
You never know what tomorrow will bring.

[David]

Resilience differentiates the entrepreneurs from the wantrepreneurs: Yes, building a business is exciting. Maintaining and growing a business, on the other hand, is much less so. It requires a lot of process iteration - lengthy and sometimes even boring tasks.

Only truly resilient people make great entrepreneurs.

Entrepreneurship does not necessarily equate money: If you’re doing it for the $$$, my advice to you is stop right now and go seek a corporate job. Your chances of securing your financial future are much higher there.

Really.

[AlutaChampion]

I wonder how come I cannot click on the authors profile

[Annie]

I wonder how come I cannot click on the authors profile

He is a visitor. Not registered

[admin]

I wonder how come I cannot click on the authors profile

It's Anonymous posting