• July 2018
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What are some of the most important things for young, first time entrepreneurs to know?

Hey, really good question, and all of these answers are great. As a young entrepreneur, you want to soak up as much knowledge as you can. There are so many things to learn and so many sources from which to learn them.

Here is my extremely over-simplified advice: be aware of your strengths and weaknesses. So, yeah, that seems obvious. But, as you move forward, if you have a good grip on your strengths and weaknesses, you can really understand what decisions and strategies will put you in the best position to succeed.

Strengths:

Your strengths are what will set you apart in two ways. First, you need to be aware of what you are good at as an entrepreneur. Maybe you have good people skills and can make sales. Maybe you have a really specialized expertise in a certain area or maybe you have a specialized skill. There are a number of ways to set yourself apart based on your strengths. The trick is to find that thing that will set you apart and use it to your advantage. The other way your strengths will set you apart is in your actual business. Your product or service needs something that makes it better and sets it apart from other similar products or services. Again, when you find what it is that sets your product apart, you should focus on building around that.

Weaknesses:

So, while you want to build on your strengths to set yourself apart, you also need to be aware of your weaknesses. Think of your weaknesses as your opponent. Of course, you need to understand who (in this case what) your opponent is to beat him (or it). Once you have an idea of your weak areas, there are two things you can do to protect yourself from them. The first is to work on your weaknesses and try to change it into a strength. Practice makes perfect like they always say. The second thing you can do about your weaknesses is to ask for help. So, when you are building your team, you should look for people that can do the things that you cannot. This also applies to asking for outside help. If there are things that you or your team don’t feel comfortable with, ask for outside help. This issue comes up often for entrepreneurs when they are trying to save money on legal costs by attempting to handle legal documents on their own.

An experienced attorney can be a valuable asset to an entrepreneur. Traditionally, though, using an experienced attorney would cost an entrepreneur a lot more than he would be willing to pay. At LawTrades we trim costs by using technology and doing the searching and matching for you. We match entrepreneurs with experienced attorneys for a free initial consultation. You should check us out if you have any questions. Feel free to message me as well!

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