Running a business at any age is tough. You will experience just as many successes as failures; there will be moments when you feel happy and moments when you want to give up. These wins, losses, positive feelings, and negative thoughts all come from the daily, monthly, and yearly challenges that young entrepreneurs encounter.
The most important thing for the young entrepreneur to know is that they are not alone. Around the country and around the world, young business owners deal with the same challenges.
Here are just some of those hurdles and, once you’re able to identify the setbacks you’re facing, you’ll be able to solve the problem a heck of a lot easier.
– Start-Up Capital – In my opinion, the best businesses are not the ones that spend months and years looking for venture backing. Rather they are the ones that make do with what they have. Regardless, young entrepreneurs are consistently facing money problems.
Though, the majority of monetary issues can be solved by the entrepreneur wearing as many hats as possible. This means getting out of the comfort zone and selling, marketing, doing the finances, creating and vision and more.
– Stress – Young entrepreneurs put a tremendous amount of stress on themselves because, naturally entrepreneurs want something better. The dirty secret of adulthood? Ambition does not favor a relaxed life.
Entrepreneurship is stressful. While the majority of Americans receive paychecks, the small business owner does not know where his or her next dollar is coming from and that is enough to go grey earlier.
However, many young entrepreneurs endure stress that they don’t have to. While you can never alleviate all levels of stress, things like exercise and meditation help.
– Changing Business Environment – A changing business environment is like a tsunami for the young entrepreneur, especially when they begin to get in their groove. Too often, the young entrepreneur tries to cling to the past and not come to terms with changing business landscapes.
It’s okay. Every business has to deal with change. It’s just a little harder for the young entrepreneur because it changes the game at a time that could not be more inopportune.
The first step to dealing with change is admitting that there is a change, then realizing some things are in our control while others are not and, finally doing the necessary work to adapt and survive.
I Wish It Were the End
I wish the above were the end of the list. However, young entrepreneurs need to deal with all types of setbacks, challenges and disappointments. But, they also get to deal with the benefits that come with being a successful young business owner.