Entering any type of business requires hard work and commitment. It is not enough that you are passionate about what you are doing. It is highly important that you invest time to learn everything about it and not be sorry afterwards. Successful entrepreneurs these days are young individuals with high hopes and dreams, and are not afraid to take risks. The road to business success is not easy, and a young entrepreneur must have what it takes to be on top. They should also be ready to face challenges that may come their way. They need to endure these things to finally say they have succeeded.
1. Constantly changing business environment.
The only thing constant in this world is the word change. The changing environment also affects business. It is like a hurricane that suddenly comes in when entrepreneurs are beginning to get into their groove. Some are able to manage and come to terms with these changes. It is important to accept a change and work hard to adapt to it.
Young entrepreneurs of this generation are strong enough to even start big changes. Jonathan Liebmann, a 28-year-old African real estate developer, was ambitious enough to transform what used to be neglected neighborhood housing into a colorful complex with art galleries and studios, retail shops and offices.
2. Raising capital.
To start a business, you need to have an idea and learn, but to make it feasible; you need your starting capital. This is such a challenge especially for those who have just graduated from college and do not have the resources yet.
However, a starting capital does not have to be so big. Take the case of Cameron Johnson, a young entrepreneur who started everything small. At the age of 5, he sold vegetables to the neighborhood, and at 9, he already ventured into greeting card business right at home. By 12, he was already earning $50,000.
We live in a world filled with stressful things. We might be living a fast-paced life, but not everyone keeps up to it and result to being stressed. Stress can be viewed positively. It will always tell you never to be complacent, but choose the ones you have to deal with. Do not put too much attention to something not worth your time.
Take the case of Matt Wilson who is both an entrepreneur and engineer. Back in college, he was able to endure the hardships of being a student, an apprentice and employee. If he was able to do it, so could other young entrepreneurs.
4. Searching for the right employees.
As young entrepreneurs with a little experience, this could be such a challenge. Hiring is not just about looking for impressive credentials but finding trustworthy and committed people. It is also very awkward to hire someone who is a lot older than you are. There are so many young businessmen who are now into big business ventures, and most of them agree that they should first become good employers for them to have the best employees.
5. Handling competition.
We live in a highly competitive world. With so many talents around, it is hard to stand out from the rest. This is where creativity and innovation matters. The strength of young business-minded individuals is their fresh ideas and determination, but of course, it has to be backed up by the right knowledge and skills.
Sam Altman, the young man behind Loopt, a social mapping service, was able to compete with other big mobile names such as Foursquare and Gowalia by offering innovation.
6. Finding good customers.
It is not enough that you have many customers. There is such a thing as quality customers who will repeatedly come to you, trust you and forgive you for some setbacks. This challenge requires you to build strong relationship with them. You can do these in various ways, such as using social media, implementing CRM software and many others.
Emily Olson, a 26-year old entrepreneur, believes employers should listen to customers. Business owners tend to go so fast that customers get overlooked. To her it is necessary to check their feedback consistently.
7. Unforeseen expenses.
Like changing business climate, there are also unforeseen expenses. This is not surprising especially for young and inexperienced enthusiasts. Bill Gates believes that the ability of a company to respond to an unexpected event indicates its ability to compete. Handling such challenges is important for a business to succeed. If not, it may result to negative cash flow and failure.
8. Disagreeing staff.
If you are already working with a team, there are times when the business gets affected by disagreements. It is important that the workers work as a team, helping one another. Be a fair boss and value each of their opinions but be strong enough to make a decision.
Peter S. Cohan believes that in building a winning team, it is important to establish a culture set on values, which is essential to your pioneering team
9. Keeping up with government requirements and regulations.
One of the biggest hurdles of businesses today is being able to keep up with the requirements of the government, whether it is just a paperwork, license, or standard procedures. This may even require you to hire a lawyer. The founder of Clear Fork Royalty named Joseph DeWoody says that companies are sometimes overburdened by these. However, newbies in the business should remember that these requirements are designed with a purpose, and not just to give burden to companies.
10. Staying focused.
One of the common mistakes a young businessman commits is getting out of focus.With so many ideas popping out of their head and the many things they see from competitors, they tend to forget to nail a single core market.
The young investors of The Royal Wolf, a company in New Zealand that sells and rents out spacious 20 feet shipping containers, focused on their first goals, and now, they are the largest provider of shipping containers in New Zealand.
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