When starting a company in your teenage years or early twenties, your experience is next to none and you’re forced to learn quickly with the little amount of knowledge you have. Here are 5 misunderstandings entrepreneurs make at an early age.
1. Your idea is worth something.
Wrong! So many young people think that just because their idea is unique and people believe in it, that it’s worth money just sitting there unexecuted. Until you execute your idea to the end, it’s worth nothing at all.
2. Investors will steal your idea.
Wrong again. Investors have zero interest in stealing your idea. They are too busy and have way too much going on. They’ve probably already been in your position and are now stepping into a retirement career of investing to lower their stress and time at work. They don’t want another project.
3. You can’t test your idea without building it.
Nope. You can validate an idea by simply posting on forums, asking on Reddit, or running a $50 test PPC campaign on Adwords to see if you can bring on a customer. Asking friends or family is a biased way of validating your idea as many of them will want to encourage you with positive support. Asking the public will yield more of a brutally honest response.
4. You need to wait until you’re done school.
If you can’t make time for your new venture now, you never will. Stop making excuses. There’s no better day to start than now. You’re only going to lose motivation in the future and end up never making your idea come to life.
5. Business school is essential to start a business.
Entrepreneurship is not something best taught in schools. The best way you’ll learn in through experience. With the odd exception, most professors have never started their own company, and if they have, it has since failed and that’s why they are back lecturing for a $150k a year salary.
This article was written by Josh MacDonald from Business2Community and was legally licensed through the NewsCred publisher network.