Bill Gates. Mark Zuckerburg. These famous names are examples of young people who found great success in their twenties, and without completing their formal education. Americans love success stories like these, but they are very, very few. If you’re a young woman with a great idea and are determined to go for it, I applaud you!! But heed my advise so you don’t stumble out of the gate:

1. Don’t assume you know and can do it all: A good leader will recognize their weaknesses. You may know IT, but do you really know accounting or how to market your idea? Outsource a talented team ASAP, especially your legal team.
2. Learn from your mistakes: Not only are you going to make some, mistakes can be the greatest teachers. Many in my generation believe generation Y has been coddled (personally I think you’re hip!) and know very little about the school of hard knocks. There is nothing wrong with tough times or failure. It’s from these experiences some of the greatest leaders were created.
3. Money is great, but it isn’t everything: When I mentored female business students at the University of Miami, I always told them not to chase the dollar but to do what they loved and the money would follow. Generation Y generally does a good job of balancing their life. But if you realize you’re heading down a path where you spend too little time with family and friends, re-evaluate your priorities.
4. Don’t under estimate the value of an education: OK, perhaps you don’t want to spend the next four years in college while your idea lays dormant. I’m all for risk and adventure. But do consider at least continuing your education by taking a few classes periodically. What I enjoyed most about my MBA experience was not so much what I learned from the case studies or the wonderful professors, but what my fellow students had to teach me. They were worldly and had a variety of great experiences. They were probably my greatest teachers.
5. Make sure you not only have a great business plan, but an even better contingency plan before you get started. Don’t consider this as planning to fail. The exercise forces you to think of every possible negative outcome and plan around it. And if your plans do fail (let’s hope they don’t), working for corporate America could be time well spent planning the next entrepreneurial venture!

For more information on how I can help you start that business venture, email me at ttafur@thomasinatafur.com