The StartUp Blog at PartnerUp

Young entrepreneurs who are new at the game may have a lot of ideas about the businesses they want to start and how they are planning to get to that point, but there’s more to being an entrepreneur than can be taught in business school or from reading up on the subject. Much of what it takes to be a successful entrepreneur is learned through experience.

I recently read a blog post about some pitfalls that new entrepreneurs fall into, and I wanted to highlight the ones that I felt were the most relevant. So if you’re entering into the world of entrepreneurship for the first time, I urge you to heed these warnings.

Don’t do it just for the money. “If you read the stories of famous entrepreneurs and how they built their organizations you will find that it all comes down to the root of loving what you are doing…”

Get through year 1 and past year 2. “In year two entrepreneurs often find themselves still not making much money and the startup excitement has faded. You’ll need to work your way through the downturn and know that the money is coming if you keep at it…”

Build around the customer. “The best way to make a lot of money quickly is to find a customer who has a problem and is willing to pay you to solve it - and then you go out and build the solution. Most entrepreneurs take the opposite mentality of “if I build it, they will come” only to realize that they’ve built it and nobody is coming…”

Seek mentors. “A great way to get a business going is to find out what other people have done to achieve success and implement those strategies into your own company. Find mentors who have knowledge of your industry and will give you time out of their day to help you…”

Get involved in the small business community. “Countless opportunities are generated by connecting with other young entrepreneurs and finding out what they are up to and how you can help. You will get new business opportunities, partners, investment, media attention, ideas for productive tools to use, advice for your company and many others resources…”

Another important thing for new entrepreneurs to understand is that there is no such thing as an “overnight success.”  You’re never going to build a company and make millions in less than a few months.  The media can make it seem like startups make it big overnight, but that’s not the case.  Most businesses have been around for three or four years before they reach the “big time.” So keep plugging away and remember that being an entrepreneur takes hard work and a little bit of patience.