When you are young, it’s easy to feel invincible, and while a hopeful spirit is wonderful to have when starting any new venture, it pays to stay cautious. Here CEO and owner of Miracle Mink Hair Wholesale and Femme Detox, Shashicka Tyre-Hill, reflects on her experience as a young entrepreneur to advise other youthful hopefuls about the three mistakes to avoid.
- Going All In
Shashicka Tyre-Hill explains that many young entrepreneurs have so much drive and passion for succeeding that they forget to prepare for the worst. She shares that having a diverse investment portfolio will only aid you and that spreading out your assets will help you recover if your new business takes a hit.
2. Letting Investors Underestimate You
Shashicka Tyre-Hill warns that your age can work against you in the eyes of your investors, who can mistakenly assume that you don’t have enough experience to succeed. She shares that there are, unfortunately, some unscrupulous investors who will try to take advantage of young entrepreneurs, so it pays to lead with a strong front and prove that you belong at the head of a business.
3. Making Comparisons
According to Shashicka Tyre-Hill, it’s easy for young entrepreneurs to lose faith in their skills by constantly comparing themselves to other people’s success stories. She advises that every business is different, and Steve Jobs amazingly started Apple from his garage—but he is the exception, not the rule. She suggests instead creating a realistic trajectory that will help you see how far your business has come.
Overall, Tyre-Hill believes that young entrepreneurs are resilient and forward-thinking and have all the tools they need to succeed if they stay aware of the three possible pitfalls.
