5 Lessons I Learned as a Young Entrepreneur

5 Lessons I Learned as a Young Entrepreneur

I started my business at 19 as a student and I didn’t have prior knowledge or experience with the business. I just had a few ideas I got, watching my dad run his business. 

 3 years down the line, I have learned a few tips that have helped me successfully build my business to the level it is now. I also created a list of tools entrepreneurs can leverage to advance their businesses. These are personal experiences that I think could help young entrepreneurs. I made a short video on my YouTube, don’t forget to subscribe!!

Just Start

There will never be a perfect time to start your business. If you keep waiting till the perfect time or till you have it all figured out, you may never get to start so. If you have an idea you believe will work out, just start.  Start with what you have and where you are. Don’t compare yourself to other people. Believe in yourself and start! 

Perseverance and Knowing When to Iterate:

Perseverance is an important trait you need to possess in business due to the challenges involved. At the same time, you need to know when to take a step back and look through what you have done to trace where you are getting it wrong. If  you notice that your business plan or strategy is not working out for you, change direction and try something else because it doesn’t make sense to expect a different result from the same pattern. Be experimental with your business till you find the strategy that works.

Build Networks and Relationships

My first set of customers were people I knew from work and every other connection.  They were people I knew personally and that gave me a platform to market my business.  It is important to build a network and relationship in business. Don’t be afraid to introduce your business to your immediate network because there is a high chance of them patronizing and referring your business to others. Also, treat every customer with value irrespective of your previous relationship.

Find a Niche and Unique Selling Point

Another thing that helped me was my unique selling point. I discovered the challenge African women faced in finding a pair of Jeans that fit at the hip and waist. So, I provided a solution to that problem by asking my customers for their waist and hip measurement then adjusting the Jeans to their size. By doing this, I provided a unique solution to a problem and carved a niche for myself in a saturated market.

Put in The Work

Most people are looking for the result but aren’t ready to put in the work. When I started my business, it wasn’t so easy for me because I had to juggle between my 9-5 and my business. Sometimes I will stay up late at night to complete the task I had at work then meet up with my customers’ inquiries very early in the morning. In business, you have to be ready to put in the work. Most people in business think, you don’t have to do so much to make your business work, but that is false, you need to be intentional about your business.  Make research, learn and unlearn business strategies, manage your time properly and put in 100% to make your business work.

Waiting on results without doing anything towards getting those results is a waste of time. Check out these 5 lessons young entrepreneurs in Nigeria should know Click To Tweet

 Extra Tips

  • You can do anything you put your mind to, don’t be afraid to ask for the support of people around you. I had a friend that I would always ask for ideas or her opinion on what I was thinking and that helped me make better decisions for my business. 
  • Importance of structures and systems – Have structures in place to achieve a particular task so that when there is a new task, you can modify those steps you already have, to fit into the new task. But this doesn’t mean you should be rigid in business, be open to change that fits into your business style.
  • Know what should be done at a particular season– Focusing on what should be focused on per time and try to make your business exist outside of you so that it can function without you being actively involved. 

Feel free to comment and share tips that have helped you in business.

Love and light,

Valerie.

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