There are innumerable tidbits of advice for young entrepreneurs trying to corner their share of the economy today. However, very few of this advice comes from a peer. Instead, it often stems from entrepreneurs who have been long established for decades with the portfolio to show for it—and while there is no better teacher than experience—it also helps to heed the advice of peers. With a fresh perspective on penetrating the market at a young age, millennial entrepreneurs can offer unique insight to their twenty-something colleagues.
That’s why this article detailing advice from Richard Lorenzen, the 24-year old PR mogul of Fifth Avenue Brands, is so valuable. It comes from the contemporary perspective of someone making their mark now, not thirty years ago. Below is some invaluable advice from an impressive entrepreneur worth hearing from:
Take it one step at a time.
In today’s economy, the mainstream media is focused on covering unicorn companies making a splash in their industry. However, the truth is the vast majority of businesses are not closing seven figure deals and nine figure funding rounds their first at bat.
It is far more important to take it one step at a time. Focus on closing smaller clients first as you build you up your business first. This way, you will be developing a professional reputation you can properly manage. As you learn the ins and outs of your business, you will hone your skills and be better prepared to sign that seven figure client later on.
Nothing happens overnight for good reason. Sign the right client at the right time.
Sales are the heart of your business.
It is easy to become so focused on securing funding that sales begin to lapse. While funding is no doubt incredibly significant, sales are the priority because without sales, there is no business. Even founders should be thinking about how to increase sales at all times. When and if funding dries up, it is sales that will sustain your business.
Prioritize your time appropriately, and pay sales the respect it deserves
Put yourself out there.
With content marketing and social media management taking on roles of increasing importance, there is no reason publicity should be relegated to the back-burner. Brand awareness is vital for credibility, and the only way to remain relevant is to consistently publish quality copy that compels customers to read and then share that content accordingly.
Take the time to write or hire someone to write the copy that your business deserves. You will invaluable benefits manifest as your customer retention rate increases and you build a loyal customer base.