11 Things Young Entrepreneurs Need To Stop Doing

February 2, 2014

Our generation is responsible for a lot of annoying trends like taking pics of every meal we eat to taking Vine videos while trying to drive. But for all you young people seeking success, there are a few trends that just need to be killed unless you want the world to think our entire generation is hopelessly conceited. Here are seven trends that young entrepreneurs need to stop doing now.

1. Sharing EVERY SINGLE personal accomplishment on social media.

As you start to come up in success, you’re going to want to share all amazing things you are achieving with your peers on social media. It feels awesome and it provides great validation. But everything in moderation is always best. Think about what you can do with half the energy you use to brag about yourself and apply it to giving back in some way.

2. Being on your phone all the time.

We get it, you have many important things to do and you constantly need to be on your phone so you miss out on important emails, tweets, texts etc. But you need to take time out of your day to recharge at some point. This will keep you sane and prevent you from getting burnt out, trust me.

3. Focusing on having a great title.

The title you hold at your startup or company may matter on the surface, but overtime, it will be your work that speaks your value. Anyone can give themselves a title of “CEO of X company”, but actually building something great is a whole different story.

4. Not taking care of yourself.

A lot of young people go by the “live fast, die young” motto or they think that just because they are young they can get away with not taking care of themselves for now. If you’re smart, then you know that being healthy is a top priority. What good is success or money if you are too beat later on in life to enjoy it? Eat right, sleep, don’t get wasted all the time. You want to live forever don’t you? In the words of Apple Co-founder Ron Wayne, you don’t want to end up being “the richest man in the cemetery.”

5. Talking so damn much.

I think almost every veteran entrepreneur has said it: STOP TALKING AND START DOING! Anyone can talk about how great they are what they are going to do to change the world, but actually executing it is a completely different story. As the old saying goes: action speaks louder than words.

6. Focusing on wanting to just build a company.

Don’t misinterpret this point! What I mean is that many young entrepreneurs I’ve come across focus on making money or creating a cool company. A true entrepreneur analyzes markets, finds problems, and picks the one he/she is most passionate in to solve.

7. Trying to fit “the image.”

I see many young aspiring entrepreneurs who will go out of their way to buy material goods that are way beyond what they can afford just to look successful. They’ll party every weekend and buy bottles so they can look like ballers. I believe the whole “fake it ‘til you make it” is incredibly bad advice. While looking presentable is beneficial, focusing too much on being someone you’re not yet will delude you from building something great that will give you real success down the road. Also, it’s just bad money management to spend on luxury items you can’t afford. If you can’t manage your own sh*t, how can anyone trust you to manage your next company?

8. Feeling that the world owes you something.

You are not that special and no one owes you anything. In this world, you work your ass off for your success. It will not get served to you in a silver platter. It doesn’t matter what your parents or ancestors did, their successes do not belong to you. Stop feeling so entitled!

9. Thinking you can become a billionaire by exiting a company that doesn’t earn any revenue.

I feel like recent acquisition offers of certain companies like Instagram and SnapChat has given some aspiring entrepreneurs unrealistic expectations of what they can achieve with their startup. While anything is possible, the core reason that a business survives in the long-run is that it makes money. No matter how good your idea is, you need to have a solid plan of how your business is going to monetize and survive long-term. In the words of Scott Gerber from YEC:

“I think that’s the stupidest way to think about business because at the end of the day, less than probably 2% of people that start a business are ever going to see a dollar of real investment money.”

10. Stop being so ADD.

In the age of new media where everything is on demand and everyone is struggling to grab everyones attention, it’s important to not let yourself get distracted all the time. While having an open-mind and trying things is important, learning to stay focused on one thing is more important. This will help you get things done and grow whatever you’re trying to grow. There are no shortcuts in life, so take it one step at a time.

11. Focusing too much on women.

This obviously applies to heterosexual male entrepreneurs, but if you’re looking to build an amazing company, that should be the only thing you’re thinking about 24/7. In a blog post on The Bulletproof Executive:

“At the recent BIL Conference, I spoke with a successful entrepreneur based in LA who runs a popular blog. He told me, “I made the most money and progressed my career the most when I was single and wasn’t getting any.

I spoke with a NY Times best selling author about this over dinner while gathering research for this biohack. He asked that I not use his name, but he described a time when he made a deal with his wife that he would not orgasm until he made $250,000, which was a very considerable sum for his family. With that kind of motivation, he achieved the goal in 30 days.”

As Mr. Landis said in “I Think I Love My Wife,” “You can lose lots of money chasing women, but you will NEVER lose women chasing money.” Focus on what your priorities are and all the pleasures of life will eventually fall into place.

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