6 Success Tips for Young and Aspiring Entrepreneurs from Hiruy Amanuel

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Being young means being energetic and full of opportunities. It is a time for you to face different challenges and turn them into opportunities.

However, it can also be a challenging stage for many. This is because you will be receiving advice across the board, on what and what not to do.

But do you know what? You don’t have to follow every advice that you hear or do everything you are being told.

No doubt that the people give advice with the right intentions but it can also work against your goals and ambitions, in the long run. Sometimes you need to step up and take charge of your own destiny.

Below are 6 success tips for young and aspiring entrepreneurs from Hiruy Amanuel:

1. Know your market

Ambition is the driving force for most millennials. If ambition is combined with proper knowledge and applied correctly, then there’s no limit as to what young entrepreneurs can achieve. The first step towards achieving this is extensive research towards understanding your market or niche.

It is important to narrow down on a specific market. Understanding your market is the first step towards growing any business. It will not only help in creating an effective marketing strategy but also provide insights on what direction your business should take.

2. Network with experienced entrepreneurs

No one was born an entrepreneur. When getting started, you need to link up with experienced folks, within your line of business. Understand that your network is your net worth. The type of people you hand around will definitely have a bearing on your business.

Networking is a great business practice because it provides an opportunity where people can interact and share experiences, ideas, challenges, and successes, with fellow entrepreneurs.

Grab every opportunity you find to connect with people who have excelled in your area of business. It can be a family member, a friend or a former colleague. Who knows? The person could be having answers to some of the questions you have about your business.

3. Learn how to delegate

As much as you would like to achieve a lot of things in a single while, remember that you are not superhuman. Millennials are known for expecting things to happen at the snap of a finger. As such, they will try to take as many tasks as possible to accomplish their goals.

As an aspiring entrepreneur, you need to start learning how to delegate early. Assemble a solid team with appropriate skills and talent, to handle your business. You don’t have to do everything from A to Z.

Whether you are a CEO or entrepreneur, delegation is important, to keep you sane and maximize your productivity levels.

4. Harness the power of technology

Millennials are lucky to have been born at the peak of technological advancement. They have all types of technology at their disposal.

Young and aspiring entrepreneurs should take advantage of technology to promote and grow their businesses.

Digital marketing is a good place to start. Gone are the days when advertising was largely dependent on print and electronic media.

Social media has presented a great opportunity for businesses – to market and promote their goods and services through the internet.

There are several other forms of technology that you can take advantage of. All you have to do is identify a technology that will bring the best out of your business.

5. Be a risk-taker

Being an entrepreneur means being a risk-taker. You can’t go far if you are afraid to take bold steps and great risks.

Look at all the people who have made it in the business word – Bill Gates, Henry Ford, Richard Branson, Elon Musk, and many more. Some of them took unimaginable risks but later came out successful.

Success doesn’t come on a silver platter. It requires people who are willing to take risks that no one else is willing to. Richard Branson for instance attributes his success to the habit of risk-taking.

6. Manage your finances properly

One of the reasons why most businesses fail is due to a lack of financial management skills. If you can’t take control of your finances at the beginning, your chances of succeeding are very slim. Do everything possible to ensure that your finances are always in order.