Top 6 Lessons to Learn about Entrepreneurship Before You Hit 30

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How old were you when you started your first business? If you’re like most people, the answer to that question is a little too young – and we all know how that goes. Starting a business takes dedication, drive, and an overwhelming amount of perseverance, and it’s best to take the time to learn from other people’s mistakes rather than make them yourself. So what are some of the lessons that every entrepreneur should learn before hitting 30? Here are the top six.

1. Self

A human being is part of a whole, called by us ‘universe’, a part limited in time and space. He experiences himself, his thoughts and feelings as something separated from the rest – a kind of optical delusion of his consciousness. This delusion is a kind of prison for us, restricting us to our personal desires and affection for a few persons nearest to us. Our task must be to free ourselves from our prison by widening our circle of compassion to embrace all living creatures and the whole of nature in its beauty. We shall require a substantially new manner of thinking if humanity is to survive. – Albert Einstein

2. Ethics

Believe it or not, there is an ethical way to do business. Ethics aren’t just for your non-profit job or when consulting with a friend on a project. You should be thinking about how your ethics fit into every single business interaction you have per CoRepo. If you don’t know how ethics can affect your business interactions, read up on them ASAP and start incorporating them into everything from sales calls and presentations to negotiations and day-to-day operations. Ethics will help strengthen your company in so many ways and can even open doors that otherwise wouldn’t exist (i.e., customers, employees, investors).

3. Recruiting

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It’s true that at early-stage startups you will likely be hiring your friends, but it is also true that if they are bad hires then you can kiss your business goodbye. If there is one skill an entrepreneur needs to develop when starting out, it is recruiting. Build a professional network of talented people in various fields (i.e., designers, developers, entrepreneurs) and always keep an eye out for new opportunities. You never know when someone will leave their job or decide to start their own company; when they do, make sure they know about yours! And don’t forget about internships – the best way to build a team is through summer interns who like what they see in your office culture and want in on it.

4. Mentorship

One of my biggest business regrets is not having a mentor. Early on, I didn’t think I needed one – I was sure that I could figure things out all by myself. It wasn’t until later that I realized how much value a good mentor can provide. One of the top things I wish someone had taught me earlier in my career is what sorts of questions to ask and whom to ask them; mentors can play an invaluable role in guiding young entrepreneurs. And remember: For every time you might want a sounding board for your own ideas, there will be times when it’s helpful for an entrepreneur coming up behind you to talk through theirs. Treat mentorship as a two-way street – you may need help someday too!

5. Vision and Forecasting

The best entrepreneurs are able to imagine an exciting future – but they don’t stop there. They can clearly see their companies in action, knowing exactly how things will look when they reach each milestone. Of course, nothing is certain; it’s important to make sure your vision isn’t too rigid. A good rule of thumb is that every assumption in your plan should be supported by three sources of evidence. If your vision is too vague or you haven’t considered all possible outcomes, potential investors and employees won’t be enticed to jump on board. By projecting confidence but always having a contingency plan for failure, you send a message that shows not only is your vision strong but so are you as an entrepreneur.

6. Balance

The most difficult thing about entrepreneurship is managing your time. When your days are filled with client meetings, business development pitches, and team management, it’s hard to find time for yourself – and it can be easy to lose sight of what matters. How many times have you heard someone say they’ll treat themselves when they make X amount of money? (Spoiler: they never do.) Balancing your professional and personal lives is key; try scheduling one-on-one lunches with friends or blocking out an hour on Sundays for meditation. By setting aside time that’s truly yours, not just free time, it will feel like more of a priority.