Success Tips from Dr. Jack Kavanaugh for Young Entrepreneurs

Being a successful entrepreneur is easier than ever before in the digital age. If you play your cards right and have the composure and savvy to work the system, anyone with a few dollars and an internet connection can become an Internet mogul. That doesn't make it any easier, and in fact, it's quite the opposite. So, to get you started, here are success tips from Dr. Jack Kavanaugh.

Strategic Planning

There is no substitute for a well-thought-out business plan. If you have adequately planned your market and business strategy, you may be 02 It is imperative to research your target mistaken. demographic and competitors. Also, be prepared for any eventuality. Analyze any potential flaws in your game 03 plan and then plan an appropriate response. That way, if something does happen, you'll be prepared. Keep track of your strengths and weaknesses, what you offer, how unique that product04or service is, and how you intend to expand your offering once you've entered the market.

Find a Mentor

You don't have to be Obi-Wan or Gandalf, but going into business on your own is a Death wish. Having somebody to learn from and bounce ideas off of, whether a community of like-minded entrepreneurs and investors or a close friend or former business partner who is more experienced in the market, is critical to success. Learn from their mistakes and successes to minimize the former and maximize the latter in your own endeavors.

Having said that, always trust your instincts. If you spend your entire career following a shadow, you'll never really break out and make it big.

Build a Strong Team Don't get the wrong idea: we're not talking about hiring a bunch of overpaid "experts." Surround yourself with individuals who share your vision and with whom you connect. Everyone knows that beginning a business with your friends usually ends in disaster, but you want to have something in common with the people you work with, at least in terms of outlook. Also, be open to new ideas and perspectives. You don't want a bunch of mindless drones; you want a team of individuals who can think critically.

Take Risks Humans are generally risk averse, but being an entrepreneur requires being willing to take risks (as well as knowing which risks are feasible and which aren't). Learn which risks will benefit your organization and which will not, and how to take them. Entrepreneurship isn't like solving calculus equations, and there is no single correct answer. You must sometimes analyze the market and take a leap of faith. Everyone who has ever achieved true success, and we mean EVERYONE, has taken a risk.

The Takeaway Follow these tips from Dr. Jack Kavanaugh, as they are especially beneficial for young and aspiring entrepreneurs.