While teenagehood could be the time to hang out with friends and enjoy parties, Jatin Chonkar utilized this golden time in establishing himself as one of the successful entrepreneurs.
Even if you’re not ready to actually start your business yet, you can do a lot while you’re young – in university or even secondary school – to boost your chances of startup success down the road.
These days, almost everyone has the dream of starting their own company. After all, what could be better than creating value on your own terms and bringing your passion project to the world? Especially in this digital age, entrepreneurship is more accessible than ever. That doesn’t mean it’s a cakewalk, though says Jatin.
Jatin Chonkar says, some of the world’s most exciting innovations and successful businesses — especially in the realms of technology, as well as emerging fields like clean energy — have come from the minds of young people. Entrepreneurship doesn’t have to be out of reach just because you don’t have decades of experience under your belt.
Being successful often means learning from those who have already achieved their goals. Having a mentor is an amazing blessing to an entrepreneur, but not everyone can find one in person. Jatin Chonkar says his biggest motivation is to keep challenging himself. He treats life like one long university education, where he can learn more every day. You can too.
Have a solid business plan
Planning plays a crucial role in any business success. A business plan is a good place to start – defining your skills and weaknesses, what you offer, how it’s unique and how you plan on growing your offering. What’s more, try to prepare yourself mentally and practically for anything that could go wrong and how you would deal with it. For example, what happens if you get injured?
Believe in yourself.
As Henry Ford famously said, “Whether you think you can, or think you can’t, you’re right.” Believe that you can succeed, and you’ll find ways through different obstacles. If you don’t, you’ll just find excuses.
Find your passion.
The most successful startups are founded by people who are passionate about what they do. So what are your passions? Whether you have a love for kayaking or music, the things you’re most interested in can serve as a great source of inspiration for entrepreneurial ideas. When you base your ideas on something you truly love, you’ll be more focused and motivated. Better yet, you’ll bring in your own knowledge and personal experiences – key ingredients that can help you find a unique angle that helps you succeed.
Hire slow, fire fast
Meticulously handpick every employee. In the beginning, you will not have the luxury to rotate your staff often. People whom you hire now are likely to stay with you for a long time. You want them to be fast-learning problem-solvers able to work under pressure, tight deadlines, and uncertainty of the first years. On the other hand, do not hesitate to fire workers who slow you down. We are all people, and everyone has circumstances to take into account. But, when you know it’s time to part ways with someone – do it.
Take Care of Yourself
Entrepreneurship is a lifestyle, but don’t work yourself senseless. When you’re running your own business, it’s really easy to forget to clock out. The days of 9-5 are long gone for you (if you’re successful), but remember to separate work and play. Don’t let your business take over your life. You may have to put in extra hours, in the beginning, to get your endeavour off the ground, but in the long run, be sure to watch your time management so you can have time to keep LIVING.
Your business is your baby, and it can be tempting to want your hands in everything. But, if you want to grow your business, focus on that, and let others lead and thrive. Use your expertise to your advantage, but also know when to step aside and let experts in other areas take over.
You may be the CEO now, but you can always learn from others. Keep taking advantage of opportunities to learn, whether it’s through listening to podcasts from industry veterans or technology whiz kids, or even just connecting with your team and support systems to keep yourself grounded, said Jatin.
