SAN ANGELO, Texas — When I graduated, I had the opportunity to work for an auditing firm in Midland. However, after much deliberation, I decided to stay and give my business career a chance and work with students in higher education.
Oh, boy it sure was an experience! I enjoyed working with them, learning about the ideas they have that change by the minute, and also the passion many possess to become business owners. This is why I would like to dedicate this article to the young entrepreneurs, those who are eager to see beyond what is available, who know that a new idea by itself doesn’t mean success but won’t give up until they accomplish success, and who will shape the future.
Many young entrepreneurs start with the idea of having their own business because they want something different, something owned. Therefore, here are five pieces of advice that I hope will help them:
Passion equals do what you know and love
Profits are always a driving point for many pre-venture business owners, but most successful businesses are built around owner’s strengths and talents. It’s not only important to create a profitable business. It is also important you are happy managing and growing it every day.
Having a rehearsed 15-second speech of what your business is about can be the key to gaining interest from potential customers and investors. Make your business statement clear and easy to remember. Endorse your business enthusiastically, yet tastefully.
Get help equals seek a mentor/adviser
No one knows everything, so surround yourself with advisers and mentors who will help you avoid some mistakes and become a better business person. Take advantage of the free and confidential Small Business Development Center services.
Startup equals frugal
Every penny you earn is the penny you will have to save, pay bills or reinvest to grow your business. Therefore, forget about fancy offices, new cars and high income in your first few years of business. Practice and perfect the art of being frugal.
Be realistic equals embrace new direction
It is not about giving up, it’s about reality. Contrary to popular belief, a smart captain does not go down with the ship. Know when it is time to walk away from your dream and stop worrying about what your family or friends might think. You are already successful for starting the venture, and now it’s time to recap and learn.
As for me, I applaud those young minds because they want to take the challenge and follow their dreams. A new venture requires dedication, long hours of work, paperwork, and most important, patience — lots of patience.
Like anything new it will require time to be at the point you dreamed. Disappointment will be inevitable, but a true entrepreneur will overcome adversity.
“Business Tips” was written by Adriana Balcorta Havins, Business Development Specialist of Angelo State University’s Small Business Development Center. Contact her at firstname.lastname@example.org.