Young Americans today are armed with creativity, passion and a desire to change the world. As a result, it’s no wonder they are one of the fastest growing groups becoming entrepreneurs.
Despite their drive and enthusiasm, many of these young business men and women fall victim to high rates of business failures due to their lack of experience and an attitude of indestructible naivety. Young entrepreneurs inherently face a double whammy of their age coupled with a lack of business experience.
Although a challenge, following these steps will help you to overcome these liabilities to not only survive the launch of your business, but also thrive until retirement.
Build your social network. An entrepreneur’s social network is often their most valuable resource, since it provides expertise and experience beyond what you and your startup team has to offer. You must look beyond your peers and instead focus on individuals who have skills that you and your friends have not developed yet.