Masrenny Masri - Entrepreneurs: How Strong Is Your Business Foundation

With the cost of higher education increasing every year, college students are finding it difficult to make ends meet. Between inflation, the recession and high unemployment many "new millennials" are choosing a home based business opportunity over work-study or the more traditional restaurant and service industry jobs offered on campus.

 

Owning their own home based business allows the young entrepreneur to work right out of their home or dorm room any time during the day or night. (Remember how Facebook and Papa John's got their start?) A home based business can give an unlimited earning potential for college students without the entrapment of a forty hour work week.

 

But somehow, between the start-up phase and graduation, one of three things happens to derail success. Top business coaches show the three most dangerous activities that lead to home based business closure for young entrepreneurs along with tips on how to proactively avoid them.

 

Dangerous Business Activity #1: Choosing The Wrong Business Opportunity

 

Choosing a home based business opportunity is a big decision. It should NOT be entered into lightly. College students are natural risk takers. Even more leap before they look.

 

Top Business coaches say: Avoid signing on the dotted line and handing over a check until you are certain the company, industry or business opportunity has earned your trust. Do they hand you a kit and tell you its "all in the numbers...just go out and talk to people" or does the home based business opportunity invest in training and support for you, the new young entrepreneur? If consistent education and a sincere interest in your business success is not part of the prospective company's mission, you will be better served exploring other options.

 

Dangerous Business Activity #2: Staying In Your Comfort Zone

 

Everyone wants the congratulatory remarks, benefits and wealth that accompanies home based business success; yet when it's time for the young entrepreneur to go full throttle to earn them, something not so pleasant occurs. 95% of young entrepreneurs fall into old habits or freeze and literally revert back into their comfort zone.

 

Top Business coaches say: When starting a home based business, engage the help of a mentor, accountability partner or master minds group. Actively seek these people out to act as an informal advisory board and meet with them regularly. We suggest 1-2 times per month. DO NOT chose well-meaning friends or relatives, instead look for people who are running their own businesses how you see yours in 2-5 years. Aspire to gather people around you who are successful entrepreneurs, then watch, learn, and most importantly put their advice to good use. A good business mentor will ask the tough questions, hold you accountable, and push the young entrepreneur toward greatness.

 

Dangerous Business Activity #3: Doing It All Yourself

 

The complete opposite of dangerous business activity #1 for the young entrepreneur is doing everything all by themselves. Way too many fall into the trap of trying to do it all themselves and have crashed and burned because of the extreme stress. These young entrepreneurs are so busy being technicians in their business that they neglect to work on their business. This activity will get you nowhere.

 

Top Business coaches say: We highly recommend reading the book E-Myth Revisited by Michael Gerber, then promptly engage the services of a virtual assistant. These powerhouse freelancers do the "busy work" for you. Removing the clutter from the workday allows a young entrepreneur to focus their efforts on the strategic growth of their home based business.

 

Being proactive in avoiding the three most dangerous activities that cause young entrepreneurs to lose focus will yield a return on your investment in both profits and peace of mind.