Age is just a number -- but, then again, so is your annual revenue.
Being a young entrepreneur is both a blessing and a curse. Unlike
corporate America, we can take risks and iterate our businesses in
real-time to figure out where profit opportunities lie. However, the
curse lies in the learning curve. As young entrepreneurs, we’re often
left to our own devices. There are no best practices or industry
standards to abide by. We usually just make them up.
Mistakes
are a right of passage for young entrepreneurs. In fact, some of the
world’s most successful business owners fail before hitting it big.
However, some missteps are obvious, glaring FAILs and may put a dent in
your newfound authority. Here are three mistakes young entrepreneurs
make that may jeopardize their credibility:
1. Oversharing
The
average internet user spends 1.72 hours on social media per day.
For young entrepreneurs, using social media to share the monotony of our
everyday lives has become the norm. Tweeting about the economics of a
new deal? Instagraming your jet-setting lifestyle? Facebooking your
vacation Speedo pics? Just remember, once it’s public it’s out there for
all to see -- including your investors, board members, employees
and clients. Similar to publicist Justine Sacco getting the boot after a
seemingly racist tweet, I once had an employee who decided to use her
personal Twitter account to tweet about how difficult our brand client
was. Needless to say, brand reps use social media too and without a
nomme de plume, this mid-level social media manager was quickly busted
and, unfortunately, fired. When in doubt, keep your private life and
thoughts just that, private.
2. Hiring friends and family
Friends
and money don’t mix. Loans become gifts, favors become chores and
friendships are often times spoiled. As young entrepreneurs,
our intuition is to hire those we know and love. We want to surround
ourselves with people we like and share in the wealth of our new
ventures. The biggest mistake you can make in growing a company is to
hire people who are underqualified to take on crucial roles
and responsibilities. Just because your friend graduated with an
accounting degree doesn’t mean he should be your CFO. It’s imperative to
the success of our companies that we hire people who compensate for our
shortcomings. For example, if creative is not your strength, find the
best creative director out there. Chances are it’s not your sister.
3. Overconfidence
As
Charles Darwin said, “Ignorance more frequently begets confidence than
knowledge.” When you find success at an early age, there’s a tendency to
develop an ego. You look around the marketplace and see competitors
twice your age doing half the business. It’s a mistake we tend to make
when sitting pretty among the competition. We throw them or their
business under the bus in order to celebrate our own success. Don’t let
your own arrogance get in the way. Remember, there will always be a
bigger, more successful company than yours. Learn from those around you;
don’t trash them. Building credibility is paramount to the success of
your business. Be conscious of easily-avoided mistakes that may tarnish
your authority. As Steve Jobs said, “Sometimes when you innovate, you
make mistakes. It is best to admit them quickly, and get on with
improving your other innovations.” Don’t let your age define your work,
let your work speak for itself.
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