5 Tips for Making 2012 Your Entrepreneurial Year

If you’ve been thinking about starting a business, 2012 is a great year to make it happen. And if you’re already in business for yourself, you can make 2012 the year you take it to the next level. You might think that the economy being in the dumps will be an obstacle and could make starting a business more risky, but when you compare the risk of entrepreneurship with the risks of finding or staying in a job these days, you’ll find that you have more control over your future as an entrepreneur.

So, how can you make sure your entrepreneurial plans pay off? There are five important things we think you need to do to find success as an entrepreneur:

1. Do what you love.

If you take just one piece of advice about starting a business, this should be it: If you’re doing something you love—something you’re passionate about—nothing can stop you. Challenges that all entrepreneurs face (like poor economic conditions and unexpected changes in the market) will be small speed bumps rather than brick walls if you’re doing what you love to do and making a living at it.

2. Only listen to those with experience.

When you decide to become an entrepreneur, you’re likely to run into some opposition. Unfortunately, the push-back often comes from those whose opinions matter most to you—your family and friends. This first big hurdle keeps a lot of would-be business owners from ever taking the dive into entrepreneurship. It will help if you remember to only listen to people who have done what you want to do.

If someone’s finances are in shambles, don’t listen to them about how to manage your money. Don’t pay attention to the person who worked for a single company his or her entire life when he or she tells you that starting a business is “too risky.” And when you’re struggling to build your startup, only take advice from seasoned, successful entrepreneurs—not those who are advising you to quit and “get a real job.”

3. Don’t give up.

We’re all familiar with the failure rates of new businesses. Depending on whom you read or listen to, it ranges from about 45 to 70 percent of new businesses failing within the first year. First, I think the way they calculate those statistics makes the picture seem a lot more dismal than it really is. But there’s no doubt that making it through your first year of business can be tough.

From our experience in working to mentor young entrepreneurs in a wide range of industries, the most common reason for first-year business failure is simply giving up too soon. And a lot of that has to do with flexibility. When your business runs into an obstacle, don’t quit, however large the roadblock might seem. Face it from the point of view that “there is a solution, and I just need to find it.” That might mean a small change in the way you’re doing things, or it could mean completely changing your business model. But if you can quickly adapt and make the most of challenges, it can mean the difference between success and failure.

4. Get a mentor

Nothing beats a mentor who has been where you are and arrived at where you want to be. Having the right mentor in your life can reduce mistakes and cut your learning curve by years. Every entrepreneur will face challenges throughout his or her business life—that’s a given. So why not face those challenges with the help of someone who has overcome them in his or her own business? Having the right mentor can make all the difference.

5. Go for it!

Our most important piece of advice is Go for it! There has never been a better time to be an entrepreneur. The world is facing a lot of problems right now—social, environmental, political, and economic—and we have a choice to make. We can sit in front of the TV and complain or be scared, or we can see problems as opportunities for solutions. There’s no doubt in our minds that entrepreneurs are the ones who will pull us out of the various messes we’re in, and that’s very exciting!