Before I decided to leave college to start my first business, I went to my Uncle Todd for advice. He wasn’t an entrepreneur, but he played tight end for the Oakland Raiders and was the most successful person I knew.
He asked me how much money I thought I’d earn in my first year. I gave him an estimate. He then asked what I’d do if my business failed, and how long it would it would take me to know that it was a losing proposition. I told him I figured that I’d know within a year or two at most, and that I’d just go back to school if it happened. Then he said, ”Why in the heck wouldn’t you do it, then? You’re in your early 20s. This is the only period in your life that you have time to lose.”
Turns out he was right. If you’re a young entrepreneur on the verge of stepping into the great unknown, are five quick tips to help guide your path:
1. Think it through.
I left school to start my first company repairing and manufacturing electric signs, but it wasn’t a spur-of-the-moment decision. I knew the industry because I was already working in it, and I was encouraged to strike out on my own by my boss, a man I looked up to.
If you believe you’ve got a good idea and are raring to go, I’m happy for you. Realize, though, that there will never be a shortage of good ideas. Seek out the advice of smart people who you know will be straight with you. You need honesty at this point, not flattery.
Finally, put this good idea of yours on low heat, and let it simmer for a while. Take some time to think and plan. If it tastes just as good when you return to it as when you first cooked it up, you might be onto something. If it doesn’t, well, that’s what disposals are for.
2. Get all the education you can.
If you’re in school, devour as many business courses as possible. You know that second-year accounting class that your business management degree doesn’t require you to take? Take it it anyway. Same thing goes for that extra class in finance. And for the one…