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What are trends? They are created by humans rethinking the known ways of doing things. Young entrepreneurs are the force behind new business trends. Most businesses believe that following the latest trends is a sure-fire way to success. This is a misconception. Entrepreneurs must choose those trends which is best suitable for their business and must at times not even follow certain trends.
Here are some trends that young businesses should not follow:
1. Growing the first business too fast
The eternal entrepreneurial dilemma is the decision of recruiting investors or not. While investors inject immediate cash into the business, they also demand quicker results and control. On the other hand, growing organically can work but take years.
So the solution is to grow your first business yourself, learn from that slow experience and then launch another business faster the next time. Learn your mistakes from the first business and invest more time and money into the second one.
2. Obsessing about a personal brand
Many entrepreneurs believe that creating a personal brand will advance their business. But a reputation, or personal brand, is something you cannot fully control. A reputation is a by-product of work. If you work hard and treat people well, you can naturally influence your reputation. So instead of focusing all your attention on developing a personal brand, focus on advancing your business. Once you make money, the persona will grow organically.
3. Excessive networking
Networking is a means, not an end. Networking is used to meet potential customers, suppliers, affiliates and partners. Sadly, many young entrepreneurs over-network because it becomes their social life. Instead of working on your social presence or going to meaningless networking events, focus on doing actual work. Excessive networking can also drain your energy. So young entrepreneurs must be willing to sacrifice their social life and use their energy on advancing their businesses.
It might be tempting to follow the current trends but young entrepreneurs must understand the follies of blindly adopting a new trend. Every business is build up slowly and gradually with hard work and patience. There is no shortcut to success.