One of the most challenging things entrepreneurs can do is start their own business. When it’s your first business, this difficulty is compounded by the possibility that they might not know where to get business support. There are many reasons that someone might seek support, and none of them are shameful or embarrassing. Running a business is a complicated one filled with challenges.
For young entrepreneurs looking to write their own story in the world, not many things can compare with the excitement of starting a business of their own. For people who are making their first foray into running a business, this can be especially exciting but also daunting and challenging. Many stumbling blocks and challenges can occur in the early days of a business, and without the proper business support, it can be difficult to push through and make it a success. Thankfully, by understanding what challenges may lie ahead and knowing where help can be found, a visionary entrepreneur can turn a stressful situation into a successful one.
What challenges might young entrepreneurs face?
While this list is by no means exhaustive, there are a number of pretty common obstacles and challenges that stymie many young entrepreneurs, including:
Limited financial resources
It might seem obvious, but many people might have ideas too big for their wallets! They might have enough startup capital to purchase all the necessary materials or goods. Still, they can’t correctly cover unexpected expenses or upkeep during an initial slow period before business picks up.
Not having enough experience or knowledge of an industry
For young entrepreneurs especially, not having all the requisite information can often cause problems for a business. Many industries have a lot of assumed knowledge that a new business owner entering the industry might not be aware of. Mistakes due to lack of knowledge and inexperience can prove expensive or reputation-damaging.
How to build or join a community
One thing that is very important for many different businesses is that they operate among a community of other businesses and customers. Without an already established presence, connecting with this community could prove challenging, and opportunities might be missed due to the lack of connection.
Staying compliant with regulations
A crucial part of all business dealings is staying within the rule of law and operating according to industry regulations. For a new entrepreneur, it can be confusing and difficult to understand what compliance entails fully, and deviation from the regulations can be incredibly problematic and unforgiving.
How does a young entrepreneur find business support?
We’ve outlined some of the challenges that young entrepreneurs might encounter, but thankfully, there are plenty of different ways to get support for a new business! Once again, this is by no means an exhaustive list, but some easy and time-tested ways to get business support include the following:
Starting a franchise business
Some entrepreneurs might have more money than ideas; in those cases, buying into a franchise can be a good idea. When this occurs, the business owner should expect a fair deal of assistance from the franchise’s parent company. This business support typically comes in the form of training, guidance on the everyday running of the business, and marketing strategies.
Buying into a franchise immediately negates a number of issues that otherwise might plague a new business owner. Things like brand recognition are a complete non-issue, for instance. Many companies that run franchise operations are also happy to continue to support a franchise business owner for a long time with things like supply chain management or customer service, making it an excellent draw for young entrepreneurs.
Loans and government grants
When it comes to the money side of setting up a new business, entrepreneurs with more ideas than money can turn to things like loans and government grants. Governments in many countries around the world offer financial assistance programs for new businesses, with favorable loans and grants.
The government also typically offers other kinds of support for young entrepreneurs, such as mentorship and other business development resources. Governments are typically happy to see new businesses succeed as it means they will acquire tax capital back later.
Seeking help through networking or mentorship
Other than money and lack of ideas, there are many obstacles that a business can face, some of which can only be understood or predicted by people experienced at running that sort of buisness. This is why it can be an excellent idea for a new business owner to seek out networks of already established and older business owners in the same industry. By joining a community of other business owners, a young entrepreneur can make use of their life experience and advice and turn it into more success.
For some industries, official conferences and events are held regularly, which are the perfect places to seek mentorship. For other industries, other business owners might have to be sought out and contacted specifically for collaboration.
Conclusion
Starting a business as a young entrepreneur is full of excitement and challenges in equal measure. Still, a smart business owner knows they don’t have to face any challenges alone. A young entrepreneur can overcome many challenges that a new business might face by using business support like the support a parent company offers its franchise owners, mentorship from other industry successes, or even government-based monetary relief.
An entrepreneur taking the first steps in setting up a new business would be well served by adopting an eager-to-learn mindset, building a strong industry network, and being willing to use support when needed.
Image Credit: Photo by Desola Lanre-Ologun; Unsplash
