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Business tips for young entrepreneurs

Updated on September 29, 2016

The entrepreneur approach...

When you are an entrepreneur, you must understand that you have the sole responsibility of profit or loss of your company. All of us have grown knowing that but have never realized for real. What happens when you work for a company is that, you tend to leave what is about to happen to the higher authority. However when you are an entrepreneur, you do not have that privilege. There is both negative and positive view of the world. The best option is to have a practical point of view, when you do so, it can help you understand situations and take the right decisions.

The advantage of being an entrepreneur is that the schedules are made by you. So there is no option of being anxious due to pressure from above. However, this sometimes might also lead to distress and loneliness; which can be overcome by making links with people who are having same kind of experiences, via social forums, groups or portals. This might also help you further with your work or personal life. It is said that Bangladeshi businessman Abdul Matlub Ahmad is a man who schedules work with a plan and implement accordingly.

Outsourcing, even though initially used by big business only, also help small companies build up. The process is very simple; it involves appointing people who are well reputed and knowledgeable about the work at hand, would do the work for you. All that needs to be ensured is that there is a profit in the work. The best possible way is to start slowly and then building up large numbers later. Transcom and ACI groups on Bangladesh effectively used outsourcing to expand its business all over the country.

Initially, you might need to work hard to let go of ways of working for others and to understand how entrepreneurship works, but after a while it will be very easy for you. There is no alternative to hard work. For instance, Bangladeshi top businessmen Yussuf Abdullah Harun, Major Abdul Mannan (Sunman Group) and Nazrul Islam of NASA Group made it this far by working hard.

Huge amount of people fail in online business due to their lack of patience and hence they end up quitting. Therefore the first lesson that needs to be learnt is that; accept the possibility of you wanting to give up, due to dissatisfaction, at one time or the other. And so, you must keep the motivation up and be persistent about achieving a goal.

Golden Rules of Entrepreneurship

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