Advice For Young Entrepreneurs

When we are young or first starting out as an entrepreneur we tend to rush the process and take a lot more risk than we ever should. When we first get the idea for a business, we just want to rush into it because we get this surge of energy around the idea. I know the feeling and I think this feeling is the cause of most startup demise.

For a start-up to succeed past the odds of failure, we must strategically plan our attack on any market that we enter so that we can minimize the risk and downside. Being able to clearly and accurately look at a market, and figure out if you can enter it is one of the hard parts of being an entrepreneur and starting a business. Especially in the beginning.

As a young entrepreneur, you are going to face a lot of resistance from every single person, period. The resistance might break you down, or it will push you to new heights and you will use it as motivation to propel your success. The closest people to you will be the first people to hate on you or get jealous of what you are trying to do because you actually have the courage to follow your dreams. Do not take this negative energy seriously, but do be careful of bring blinded but the amazement of starting a business in the first place. Make sure you have everything planned and mapped out so that you can take on a market without any resistance or risk. There will always be a risk, but you can minimize the downside by being strategic.

Below, we have compiled a list of 15 things we wish we knew when we started on the road of entrepreneurship!

15 Things We Wish We Knew When We Started As Entrepreneurs:

  • You are going to fail if you don’t know what you truly want or have the right resources
  • Find a mentor or be resourceful
  • If you are young then you are like me. I started at 14 and have started well over 15 companies; some of which have failed. When you are young you feel powerful and unstoppable and this really can hurt you in the end. You must be careful and diligent in starting your first company.
  • You must fail fast and pick yourself back up quickly – don’t let it discourage you
  • If you are committed to becoming an entrepreneur for a reasoner bigger than yourself, this will push you when things get hard.
  • Life does not get easier once you are successful as an entrepreneur. You usually are just more equipped.
  • The journey makes you who you are – make the best of it.
  • People will break your trust.
  • Trust your heart and intuition for somethings, for others be diligent.
  • Lastly, being an entrepreneur and straying from the path is hard. Always remember this. You are going to face many setbacks, but it is about not giving up which makes you successful. Those who give up you never hear about!
  • Create something small at first to test your idea in the marketplace before launching.
  • Create a habit around when you work on your startup.
  • Develop skills, and deliver value to the marketplace or you won’t get paid
  • Follow a few things closely – try not to have shiny object syndrome.
  • Read more books and absorb more knowledge in your area of expertise.

Dominick Barbato - Partner @ Enhanced Entrepreneurs

Dominick Barbato is a 22-year-old serial entrepreneur of many companies who graduated college at 20 and got his MBA in Organizational Leadership at 21. Having started 18 companies, 12 of which "failed", he continually looked at what he was doing wrong. Dominick is an avid reader and writer, runner and world traveler. He loves sharing what he knows to anyone eager to learn. The biggest thing Dominick realized was how powerful of an impact your mindset can have on your life. Currently residing in New York, Dominick believes you are as powerful as you believe you are.
Dominick Barbato - Partner @ Enhanced Entrepreneurs