When you are in your twenties, you should be exploring your interests and starting to lay a foundation for what’s to come in your entrepreneurial career. The most successful people are those who purposefully create and cultivate their vision for success, instead of waiting for success to simply fall into their laps!Â
Millennials and Gen Z-ers have a whole myriad of opportunities at their fingertips – ones that previous generations did not have. Instead of building a company from the ground up, or working their way up the corporate ladder, this new generation has a quicker (and more fun!) alternative; they can build brands that rely on digital marketing. We grew up with technology, so we can use this to our advantage!
The 20s are actually a great time to use your spark to light a match and get things in place to follow your entrepreneurial dreams – use it as a time to get all cylinders firing. Here are some things to keep in mind as you navigate the beginning of your journey:
Start to Build Business Credit
It’s important that business credit building starts as soon as possible. You don’t have to start big, rather get a credit card using your business EIN with a small credit limit. Then, assign one recurring business expense and pay it off in full each month. Building a strong business credit foundation will give you more opportunities in the future to access credit.
Put A Lot Of Thought Into It
Yes, there’s beauty in spontaneity and just going for it. However, when it comes to business, preparation and careful thought are vital! Spur-of-the-moment decisions will not be helpful for entrepreneurs, especially if they’re entering a niche or industry they don’t at the very least have a working knowledge of.
A good rule of thumb is to consult with others. Find people whose opinions you value and that will be honest with you. Make sure to think things through and plan. There’s no such thing as planning too much, mind you! It’s ideal to be “overprepared” instead of not being prepared enough in the least.
Learn Where Able and Invest in Education
Are you in school? Great! Take on all the business courses you can. Maybe there’s a class that isn’t required by your degree that could be helpful, like accounting: take it! An extra finance class, too, will go a long way. No plans of turning into a manufacturer? Learn about supply chain management anyway!
Bear in mind that you will likely be a “jack of all trades” from the very beginning of your entrepreneurial journey. No matter how passionate you are about the service or product you’re looking to provide, it’s vital to be knowledgeable in all aspects of business operations.
This includes, but is not limited to:
- Customer serviceÂ
- Getting a mastery of accounting’s basic functions
- Human resources
- Marketing
- Learning to calculate overhead
- Sales
- Communications
You will be the sales team, the website developer, the social media manager and so much more.
If you’re not in school don’t worry! There are plenty of business books, youtube channels, individual courses and more out there to help you continue cultivating your knowledge. A great step to take (that many in their 20’s do not) is finding a business coach that will be able to help you.
ConclusionÂ
Taking on entrepreneurship and starting a business is always a good idea. However, it’s important not to take the plunge without being everything you can from the get go.
Need a business coach for women entrepreneurs? Reach out to Bri Seeley today! THE Entrepreneur Coach can help through guidance, mentorship, and teaching.
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