7 Amazing Life Tips for Young Entrepreneurs from a 3x Founder

One of the most important needs of a young entrepreneur in the initial days of the entrepreneurial odyssey is the right guidance; as the path is ambiguous, and right guidance from an experienced person can do wonders. With this in mind, I would like to share some life tips for young entrepreneurs.

Thus, here are seven must-read tips for aspiring and young entrepreneurs to help them kickstart their journey on a brighter note.

1. A well-defined purpose helps you to overcome obstacles

Whether you are starting your business or getting into a new job, it’s very important to clearly define your purpose behind any such major decision. During the initial struggle of your entrepreneurial journey, motivation and will power won’t last long, but having a clearly defined purpose helps you to see past hindrances and inoculates you against negative moods. The more clarity you have, the more likely you are to get things done even on the days you feel exhausted, lazy or off track!

Now the question is how to define purpose?

The easiest way to define your purpose or to create a great product/service is to make something you want to use. If you copy someone else purpose, or if you are trying to solve someone else problem, you are constantly stabbing in the dark. Also, there are lots of bumps and bruises along the way of building a business, if you’re only doing it for the money, it’s too easy to bail out when the road gets rocky.

2. Rejection is an opportunity to improve

Honestly, rejections are tough to handle. But the truth is that you or your product/services cannot make everyone happy. Accept this fact, and don’t take it personally.

Having said that, these days, most of the young entrepreneurs are stubborn and have high resistance towards constructive feedback. Every entrepreneur can take benefit from ‘rejections’ by having a ‘learning mindset’. If he or she ask the right set of feedback questions, then it can drastically improve the product or services.

3. Focus more on customers and solving their problems, cash flow is bound to follow

I am concerned about the culture of celebrating the fundraise. I have been in this so-called start-up world for more than half a decade, it’s sad there are fewer entrepreneurs, and more wantrepreneurs these days. Because people are starting a business as if it’s a get rich quick scheme. I feel this is one of the biggest psychological barriers which can hamper the growth of an entrepreneur.

Being a serial entrepreneur, I have raised funds in my previous ventures. But I am a bit reluctant to raise funds in the beginning. Because at the end of the day, I treat it like a business, and not a start-up. Don’t start a business just to make money, but to solve a real-life problem. Do not rush for funding; initially focus on customers.

4. Have your purpose right in front of you

When someone’s motivation is dripping; the issue is not of lack of sincerity or enthusiasm. Many times we start something with a lot of passion, but when our purpose is not clear, we falter.

So, why don’t you just grab a pen, paper, and jot down a few reasons why you want to start a business or ‘X’ (Note: X could be anything like further studies, a certain job, vacation, anything you want to do), and what you will miss out, or what will you lose; if you don’t start your business or do ‘X’. Give that a thought.

What I want all the readers to do is to take a print out of this, and put it to the place, where you spent most of the time. And each time, when your motivation fluctuates I want you to look at this list of, why you want to be an entrepreneur or do X, and what you will miss out if you do not. Believe me, this will motivate you to stay on track.

The idea here is when your purpose is clear, you will figure out how to do things. A lot of people start something without having a 100% clarity of why they are doing something.

5. Don’t forget your physical wellness

No matter how hard you work or build a successful company, if you are ignoring your health, you won’t be able to sustain your success. Good health is the foundation of a good life. Proper sleep of six to seven hours, meditation for at least 15 minutes, and daily 30-minute intense exercise (generally cardio) played a pivotal role in my entrepreneurial journey. These three simple tweaks in your daily routine can create a huge impact and increase your productivity by 10X.

6. Perseverance is the key to success

Persistence is the most important habit that can help an entrepreneur to have a positive approach towards any problem they are trying to solve. If you are building a company or a great product, it always takes longer than expected. In my entrepreneurial journey, I have seen many intelligent people fail miserably; as compared to their not so intelligent, but street smart counterparts, because of their willingness to persevere longer than anyone else. Your persistence is a true barometer, which measures your belief in your start-up.

7. Work on your inner strength and accept who you are 

Simply, don’t waste your time trying stuff. First, make a living by doing something which you are already good at. Your time is limited, so spend your time working on your core strength. Accept who you are, unlock your inner beast, and create the relentless drive to dominate your marketplace, your industry, and anyone who dares to consider themselves your competitor.

So which tips will you try to implement? Share your words below.

Anirban Chatterjee

An Indian Institue of Management – Calcutta Alumnus, he has 5+ years of experience in building and sustaining a scalable business. An entrepreneur at heart & educationalist by demeanour, he ventured into the prop-tech space and started Buzzbricks.com, with a vision to bring trust and transparency in the unorganized real estate sector.

He is also known as a RERA Expert in the Real Estate Industry for his in-depth knowledge of the sector. He is also a board advisor of various companies, an experience that has given him significant insights into the best global practices on corporate strategy, governance, asset management, and value creation.