This can be a great opportunity for budding entrepreneurs but try and keep the following in mind:
1: Don’t ignore what your parents did in the past
The way that we do business today may be different from when your parents started out. They may have difficulty understanding your methods but remember that they have valuable insights, they have experienced and overcome the pitfalls and challenges in growing the business. It may be that their methods are not aligned with the digital age we live in but don’t discount their experience.
2: Ensure you know how to do every job in your business
Before you make decisions on hiring staff, make sure you understand the basics of the job you are hiring for. Many business owners get into trouble because they blindly trusted that a role was being performed correctly. Before you hire, you need to know the basics.
3: Find a Mentor
Begin with the end in mind and find someone that can take you and ultimately your business to where you want to be. Hire them to lead you to success. You will use them to accelerate your knowledge by learning from their mistakes, successes, and experience. They will open many doors of awareness and business opportunities for you.
4: Don’t ask inexperienced people for advice
In contrast to No.3 above, note that everyone has an opinion but be wary about who you listen to. Your friends and associates will always be willing to offer suggestions but without the required experience this advice can lead you to ill-informed decisions.
5: Stay focussed on the core business
Initially you may be tempted to diversify into new unchartered business opportunities. Resist this urge until the core business is running and growing successfully. These other “opportunities” can become a costly distraction if your core business needs your attention.
6: Don’t let your age be a negative factor
Remember that your youth, energy and knowledge of today’s tech environment are your strengths. Use them to harness the potential of the business. Be confident in your own ability so that age will no longer be a limiting or negative factor ( Don’t compare yourself to others, “comparison is the thief of joy” )