Rich Kid's Campus|A Community for High School and College Entrepreneurs

I’ve worked with dozens of potential entrepreneurs over the last 10 years and it’s always the same old song and dance. They continuously think about an idea and research it to death! Now, I am no stranger to this myself. I have been a victim of such fear. When I started my online sports store I spent a year and a half researching it and making sure I knew all that I could know.

Well, guess what? It was one of my biggest mistakes. I should have just jumped right in and got at it. As a result of my inaction I wasted a lot of time because the majority (90%) of the research I did was never used. It meant absolutely NOTHING. Experience is the best learning tool you could ever have. That is why I constantly tell entrepreneurs to dive in head first and learn to swim.

Failure

People get immobilized when they think about failing. Some people cannot face failure head on, but successful entrepreneur’s can! Failing is a part of life. It’s a huge part of finding out what works and what does not work. That is why I tell entrepreneurs to fail as fast as possible so they can find out what is working. The more times you fail the faster you find out what works!

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If you have been thinking about becoming an entrepreneur you have to understand what it takes to be one. There are a lot of overnight success stories (as we’ve mentioned previously) but these are few and far between. It really does take a lot of hard work to be successful. Starting a business can be really daunting in any economic environment. You need to have vision, goals, good leadership skills, excellent delegation skills, lots of courage, be resourceful, confident and most importantly, you need capital. There are many, many traps that young entrepreneur’s can get caught up in. These are just a few of many.

Build It and They Will Come

Well, a long time ago this was the case. All you had to do was build a nice site, throw up some good content or products (for eCommerce) and you could easily get traffic to your site. Now there are thousands of websites and blogs created DAILY. It’s hard to just build a site and expect people to just show up. So be prepared to do some serious marketing if you want your project to be successful.

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