Here’s what I wish someone had told me when I was 14.
1 – Start now. Right now. Just about every self-made billionaire actually started selling something while they were still in high school. I’m no billionaire yet, but I had 2 business when I was 17. Learning how to sell, how to communicate value, how to handle disgruntled customers is a skill that remains useful throughout life.
2 – Learn to code. Just about everything these days involves technology and computers to a certain extent. Now, at the age of 25, I’m having to go back and learn, and it’s painful. I really wish it done it at an earlier age.
3 – Don’t buy into the whole “entrepreneurs never give up” thing. Smart entrepreneurs test before they commit. My first business I spent $6K on stock before I’d even proven that people wanted my product – turned out to be a complete waste of money. Now my rule is to spend $1000 and 3 months MAX testing an idea – if no one wants to buy it, it’s time to move on.
4 – You don’t need to be good at maths to succeed. However, there is one equation you need to understand. Lifetime Customer Value (LCV) MUST BE GREATER THAN the Cost of Acquiring that customer (CAC). For example, say you sell a subscription service for $10 per month and the average user stays active for 6 months. If it costs you more than $60 to acquire a customer, there is no way your business will be viable.
5 – Get yourself a mentor. This is surprisingly easy. There are lots of smart, experienced people out there and if you send them a polite email telling them you’re a young entrepreneur, you admire what they’ve achieved, and you’d like to buy them a coffee and ask them some questions you’ll be surprised just how receptive people are. I’ve approached more than 100 people this way, although I really clicked with only 3 or 4 of them who I would consider close mentors. I’ve never had anyone say no. I’ve had a few “I’m busy – email me again in a few weeks” but never a flat out no.
6 – Understand strategic partnerships. Find another more established business that already has a list of customers/users that might also be interested in your product or service. Do a deal with that company – get them to send an email out to their customers or put your business card in with their products. That way their customers also become your customers. The key is to add value to what they are currently offering. This is the single fastest and cheapest way to acquire customers.
Best of Quora 