It is not easy to kick-start your business as a young entrepreneur building it from scratch in this age of stiff global competition. When you are young, it brings a host of complex problems that your elder counterparts did not need to cope with during their time.
According to an article published on https://www.huffpost.com, some entrepreneurs are kick-starting their venture only after testing the waters and after a professional run of about 5-7 years, and many a time decades.
Today, students who are just out of college aspire to become budding entrepreneurs, and all of them face the new-age challenges, but then Millennials face unique and intricate issues because of their immaturity, age, and of course position. Fret not. You can get some useful insights at https://www.askpreeto.com/tips-by-eric-j-dalius-on-small-business-marketing-with-minimum-budget/, and learn how to set up your business successfully even with budget constraints. Here are some of the lofty challenges faced by young entrepreneurs and their solutions:
Eric J Dalius discusses funding issues
When it comes to older entrepreneurs, they had the benefit of healthy credit history and several years of connections and networking, thus making it simpler to find the right investors, opting for business loans, and agreements.
Today, with the competition growing stronger by the day and economic slumps, young business owners cannot make the most of the resources. You are repaying your education loan, thus minimizing your liquid capital and you do not have a strong network either, thus making it even more challenging to find investors to fund your new business.
Owing to the inadequate fund availability, the possibility of mistakes is less. Make certain you put some money to the side so that you can brave the worst entrepreneurial challenges. Do not jump to assumptions that you will start making profits soon. On the contrary, it might take up to 2-3 years before your organization starts making some money consistently.
The solution: Then, that does not mean that you cannot set up and grow your business during challenging times. First things first, you need to create a foolproof and time-honored business plan as well as an elevator pitch to get your business off the ground. Brainstorm ideas with your marketing and finance head to kick-start your business on a positive note.
A negative response from your family
When you pass out of college and busy setting up your business from scratch, you will not find your friends to discuss things. That is because they are busy with their job or business too, or pursuing higher studies. When it comes to your family, they may not appreciate or be aware of your unconventional methods to set up your company. Again, you are too busy finding investors and therefore, do not have the time to meet new people, make connections, and maintain relationships with those you are already familiar with for some years.
The solution: Fortunately, you will find young entrepreneurs like you who are plagued with the same business challenges. EJ Dalius has a way out for you. Try to attend meetings where you can discuss each other’s problems, support each other’s business goals and vision, and brainstorm possible solutions. Did you know that coworking spaces are one of the best places to build connections these days without hampering your work simultaneously?
You need to set aside a specific slot in your timetable so that you can spend some moments with supportive entrepreneurs like you. It makes a huge impact when others like you help you kick-start your venture by offering ideas instead of those who try to pull you down. Therefore, connect with the right people you know so that you can put your best foot forward.
Coping with self-hesitation and constant worry
Being an entrepreneur is not easy because unlike a regular employee, you take the onus of your business on your shoulders, need to make profits, grow your business alone, and only then you can pay your staff their monthly paychecks. You are in 2020 when the competition is extremely stiff and due to the lack of an apt business structure, there is no cushion to support you when the weather is rough. All of this leads to self-hesitation, stress, and constant worry.
Then, you need to take things positively and look for resolutions. You are stressed, no doubt, but higher stakes do not essentially translate to higher stress provided you know how to prioritize and strategize.
The solution: When you feel stressed out and under constant worry, you need to take some time off your busy schedule and find time for meditation and exercise. Successful entrepreneurs do and so can you. When it comes to meditation, it helps you in keeping your mind calm, composed and it’s healthy for your physical wellbeing, as well. You are your boss, and therefore, you can always take a quick workout break no matter where you are, and adjust your work environment to ensure relaxation.
There are times when you will feel a little de-motivated. At such times, you can use some inspirational tools to look at your goals list and tasks to perform. Understand how the tasks that you need to complete today would have a direct impact on your future business goals.
Dealing with negative feedback and criticism
There are people around you, who will always remind you how your business can fail in so many ways. These are naysayers. Many of your peers might think that a nine-to-five job is much better than building your business. Then, sometimes, people become personal and feel envious of your spirit and independence; they will blow up all negative things and never talk positively. They might go to the extent of imposing their apprehensions and insecurities on you.
The solution: Dealing with criticism is separating the bad from the good. Elder entrepreneurs can teach you valuable lessons; embrace the good business ideas, while rejecting the unsupportive ones, especially, meaningless comments and self-elevating counsel. Make sure you implement positive and constructive criticism and not stress yourself with the negative people around you. Avoid them, simple.
Final thoughts
Now that you have the challenges and their solutions handy, focus on them to kick-start your business. Take the right steps and implement infallible strategies to succeed.
