Top 6 Challenges Young Entrepreneurs Encounter

Quitting your day job and choosing to start your own business is a big decision. This move will completely change your life, and it’s up to you to make good things happen. In order to become a successful entrepreneur, you’ll need to learn a lot. While entrepreneurship has plenty of upsides, there are more than few challenges that need to be addressed. Enter the world of business prepared and take a look at most common difficulties young entrepreneurs can stumble upon during the ride.

Two words: Young Entrepreneur

For the most people, words „young“ and „entrepreneur“ shouldn’t stand together. Be prepared to be judged by older people. Don’t get mad, just try to understand that they will do it instinctively. They might think you are irresponsible and lazy just because you’re young. It can be hard to get their respect so you’ll need to be very confident and motivated. Your fellow entrepreneurs might think you don’t have what it takes to succeed. Your persistence and dedication will prove them wrong, so feel free to continue doing what you started.

Lack of understanding

Another wave of unpleasant experiences may come from your close ones. Members of your family can be afraid about your future so they won’t be able to see why you chose to go this way. The same issue might come up from your friends. Get used to that since most of the people won’t share your ideas and passion, and you might end up without support. This can be very hard for a young businessman, but it’s a great practice for the future. You can find yourself in a position to make a big business decision one day, and you’ll need to make it without the support of others.

Criticism all around

As you can see, a lot of people can stand in your way toward success, and some of them can be those you love the most. Be prepared to get criticized a lot about everything. Some people will laugh at your plans and doubt your ideas, but some will go step further and start criticizing your personality. This kind of critic can be very discouraging for the young entrepreneur.

Keep in mind that critic will increase if your business gets into financial problems. The most common sentence you’ll be hearing those days will be: „You should try looking for another job“. Don’t lose too much time on those words. Keep up with a good job, stay motivated and those criticizers will be left behind you.

Money problems

Another challenge which is very common among young entrepreneurs is their lack of capital. Most of the young businessman still have unpaid student loans and other education related expenses. Because of that, you may find a lot of difficulties when it comes to funding. The best way to overcome this issue is to write a great business plan and generate some sales so you can prove yourself before pitching your idea to potential investors.

Keep in mind that everything can start perfectly and after a while, sales can stop so you may face insolvency. Dean Willcocks Insolvency Firm Sydney advises hiring professionals in your area to assist you and get you out of the trouble in the most convenient way.

Building a team

Let’s say you started your business, generated leads, sales increased but you don’t have enough time. Start thinking about hiring a few employees. Get ready to be frustrated and spend a lot of time while identifying, recruiting and training your potential workers. You should make the company culture and stick to it all the time. That way, your employees will know what, when and how something needs to be done.

If your budget doesn’t allow you big office space, or if there aren’t qualified people in your town, go ahead and try to hire some remote workers. There are plenty of online tools that will ease up the communication and organization so your business won’t suffer a bit.

Finding clients

As a small business, you’ll have a hard time to find and retain new costumers. The competition is fierce and most of them are big multinational companies. You should try to bring something new and offer people high-quality product or service. Make sure to start locally and expand from there. Do some market research and see who is your ideal client. Next, go online. Make a website and Facebook page and start reaching your target audience. If you are persistent enough, a chunk of the whole market will come your way.

Final thoughts

There are plenty of issues that can come your way if you are a young entrepreneur, and those mentioned above are just the most common ones. Open your eyes very wide and get fully focused on your business. If you plan to be successful, you should be ready to accept responsibility for every bad move or outcome. Keep both of your feet on the ground after big sale or valuable contract. Always remember where you started so your entrepreneur days will last longer, and your business will keep growing.

About the author

Leila Dorari is a Sydney-based freelance writer who is passionate about the ways small businesses can advance implementing even only the small changes. Currently, she is spreading the word about how they can benefit from using quality video conferencing solutions.


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