Challenges faced by young entrepreneurs and how to over come them.
As a young entrepreneur, you start a venture that can set you on course to for a lifetime of fulfilment. Unfortunately, age can be liability rather than a asset. While dealing with age-related resistance you also have to face have to face all other pressures faced by anyone who is into entrepreneurship.
The way you will navigate through these challenges will determine if you are going to be a success or failure as an entrepreneur. Rather than lettings people discourage you from reaching your dreams, you should show mental strength. You should start by preparing yourself for these challenges.
“I’m convinced that about half of what separates the successful entrepreneur from the nonsuccessful ones is pure perseverance.”–Steve Jobs .
1.Age related Rejection
This one you cannot run away from it and it is the main cause of failure in young entrepreneurs. Older people, relatives and friends might think that you are lazy and your are trying to run away from school thereby having negative energy or negative image of you. Other entrepreneurs might doubt your ability to handle the pressure and to persist with your business over time especially if you don’t have college degree or related college degree.
You can counter age-related rejection by maintaining a professional conduct and being transparent on everything especially with other entrepreneurs.
Believe in yourself and stand firm when others mistreat you because of your age. Hold yourself, not others responsible for your success.
Most people not only young but of all age groups, when they want to start a business and they list down all the expenses they usually get discourage by the amount of money needed. For those few people with mental strength will see this funding issues as a challenge or motivation to work hard in whatever they were doing to fund themselves. Also due to your age and inexperience most banks and money lenders will refuse to fund your business because its risky on their part.
This does not mean that all you should give up, there are many ways to fund your business. You can write a business proposal and a convincing business plan and submit it to local big companies to try out your luck. You can also enter competitions like Dragon’s Den and Lion’s Den etc. These are competitions where you present your business idea and there will be a lot of investors looking to multiply their money. You can also submit your business at Incubation hubs and you can also ask for a small loan from your parents (like what Donald Trump did).
As a young business owner you are going to experience a lot of stress and self-doubt because you are going to have trouble paying bills due to not having a steady income. IF you are in a similar situation tell yourself “; didn’t swim the whole ocean so that l can drown on the beach”, also interact with successful entrepreneurs it will motivate you and remove the self-doubt in you.
These are the main challenges you will face and if you manage to navigate through these challenges then the reset of the challenges will be solved by the solutions of these main challenges like marketing, hiring employees and building a brand image(solved by having finance).
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