25 Things I learned as a 25 Yr Old Entrepreneur
Re-post from 2010: From age 15 to 25, I was fortunate to have started and run a successful lawn maintenance company, furniture business and a small home building company in the Dallas/Fort Worth area (along with a real estate business and several other ventures). I’m 32 now, and I’ve made a ton of mistakes! Still, I’ve managed to find success and learn along the way. Here are 25 Things I Learned as a 25 Yr Old Entrepreneur:
1. There is always a need that has been overlooked. Meet it!
2. There are always things you can always do better than someone else.
3. You can do the same thing as someone else and set yourself apart by doing it a lot better!
4. If there’s no competition, it could be an indicator that there’s no market.
5. If there’s no competition, it could be indicator that it’s an untapped market (less likely, but possible).
6. You can always find resources. You just have to be creative!
7. You can’t be an expert at everything. The degree to which you specialize is the degree to which you succeed.
8. Don’t put all your eggs in one basket. Spread your risk and stay in business longer.
9. Be ready to pay your bills on time. This is simple, but a lot of entrepreneurs forget how important it is.
10. You can do more partnering with others, but be careful who you partner with.
11. Look for ways to have Win/Win scenarios, not Win/Lose.
12. The customer is always right.
13. A lot of times the customer is wrong. Pretend that they are right, but don’t be a door mat that people walk over.
14. The marketplace contains some of the greatest untapped ministry opportunities in the world.
15. Working for yourself can be twice as time-consuming is working for someone else.
16. An excess of respect will make up for a lack of age.
17. There are usually people that can do certain things better than you. Find out who these people are and get them on your team.
18. Be faithful with a little and you’ll have an opportunity to be faithful with more.
19. Don’t sulk from your mistakes. Learn from them. Embrace them and get better the next time.
20. You can’t steal second with your foot on first base. You’ve got to take risks! Go for it. Life is too short to play it safe! Just make sure your risks are well thought out, educated risks.
21. Trust is fundamental. Most business relationships with vendors, customers and investors either sink or swim due to one main factor: trust.
22. Believe in yourself and your dreams, but make sure you have a realistic view of yourself.
23. Ask for feedback frequently from those you trust.
24. Cash is still king. This means that having access to cash is fundamental for starting and building a successful business.
25. Base hits are better than home runs! Create one small success at a time, and you may eventually build momentum and a reputable business that will thrive!
Have you seen any of these hold true in your life? What would you add to the list?