20 Lessons in 2020: What I Learned About Starting A Business in my 20s

Starting a business in my early 20s was never part of my plan.

Instead, my plan has always been to start my career in the corporate world. Gain as much work experience as possible. Make as many connections as possible. Plus, enjoy the corporate benefits first (you know you want it too.)

Starting a business will only happen when I feel my experience is "enough". When I have "the idea". When I am confident enough to leave and start something on my own.

Yet, life has a way of working out the way it's meant to.

Somewhere along my career plan, I ended up as a social media freelancer — helping clients to tell their best stories on social media so they can stand out online.

Being a freelancer was one of the most risky — and at the same time — the BEST decision I've made because this career has given me the confidence I needed to start my own business.

So on Feb 7th 2020, I got my first business registered! The business you now know as Our Stories Lab.

A storytelling agency with a mission to help individuals and brands craft stories worth telling online.

To date, we have empowered over 500 individuals in building a solid personal brand on LinkedIn - transforming them into professionals who are now able to create influence and attract opportunities online.

I knew I was young. I knew I was inexperienced. But I was determined. Determined to turn this dream into something bigger. A business that would not just be profitable, but one that can create a positive impact in the lives of individuals whom I serve.

Here are 20 lessons I've learned throughout my experience of running a business at the age of 24.

1. Fall in love with the problem MORE than your solutions. It's easy to get obsessed with the ideas that you've been working really hard on, but if it doesn't solve the pain, it wouldn't create any impact for your business.
2. Doing something better is also an innovation. Don’t be discouraged if your idea has been “taken”. 
3. Don't just work hard — work smart. Hard work is necessary for success for sure, but it’s not sufficient. Frameworks, processes and strategies are crucial to help you concentrate most of your time and effort on the activities that will bring in the most money.
4. Pursue excellence, not perfection. Nobody’s perfect, no technology’s perfect, and no launch is perfect. Remember, too, your users aren’t perfect. Just focus on pursuing excellence and improve your product as much as you can.
5. Celebrate your small wins. At the start, your success may not be as big as you wished. But remember, it's the little things that make a big difference.
6. Learning never stops. Stay curious. Don't stop learning, even if you're the expert in the field already. Try to learn something new every day.
7. Trust your gut, but not all the time. Knowing WHEN to trust your gut will help you avoid taking actions you'll regret later. Make sure to have a solid plan or idea in place before you "just do it."
8. Your people are your utmost important asset in the business. Make sure to invest in them, and they will invest back in you.

9. Your numbers are important too! No, it's not just the job of the accountant. You are responsible to manage your cash flow, accounts and numbers if you truly want to run this as a business.

10. Be wise with your spending. Don't invest on things simply because that's what everyone else is spending on. Find less expensive ways of doing things without compromising quality or results.

11. You have to wear many hats. Being an entrepreneur goes way beyond just being “good“ at what you do, especially at the start. You are also the accountant, the admin, the human resource manager and so forth.

12. You don't have to be good at everything. And that's totally fine! Delegate or outsource those tasks to experts who can fill in the gap. Don't save on this money.

13. Don't take things too personally. Yes, entrepreneurship can be incredibly personal — but in the world of business, you have to learn to separate work and personal. After all, it’s not personal. It's strictly business.

14. It's okay to rest sometimes. Yes, your business may not be able to survive without you yet — but it will definitely fall if you fall.

15. Surround yourself with the right community. Entrepreneurship can be incredibly lonely. Seek out a support system to turn to for advice and help. Consider finding mentors to embark on your journey with you.

16. The world is social, you should be too. Meet people endlessly and stay in touch with them. Connections matter.

17. It's never too early to start. Think of your youth as an advantage, not an obstacle. It only becomes an obstacle when you think it is.

18. Stop comparing your success to others. It may seem like others are smarter, faster and more innovative compared to you (which might be true too!). But remember this — everyone has their own journey. Entrepreneurship is a competition — but the biggest competition is with yourself.

19. Stay focused on your WHY. As you journey through your business, you will get a lot of distractions. Remember your WHY and use this as a motivation to keep you focused on your goals.

20. Believe in yourself. Being a young entrepreneur, people will inevitably underestimate you, even if by accident. The only person who will be your biggest supporter is none other than yourself.

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There you go. 20 lessons in 2020! The entrepreneurial journey is one of the most rewarding experiences for me in 2020 and I'm sure it has been for my fellow entrepreneurs who are reading this.

If you are a young entrepreneur yourself, remember that success doesn't happen overnight. Your twenties are the time of experimentation, risk, and learning. So enjoy the process, keep your eyes focused and embrace the journey!