Top challenges faced by young entrepreneurs and Ways to overcome them
Being an entrepreneur is not a cakewalk and it has always been challenging for young entrepreneurs. When you start your own venture, you are responsible for doing many things from juggling between projects, long working hours to constantly coping up with innovative ideas. Aside from managing business pressures, young entrepreneurs are also subjected to so many stereotypes and certain social attitudes that make it even more difficult to be successful and attain a secure position in the industry. Every entrepreneur faces the negativity of family members and well-meaning friends who think that they will end up being bankrupt if they continue their business dreams.
Experienced entrepreneurs have to deal with ample of challenges, no matter how long they have been in business – trying to sustain the brand in a competitive environment, adjust or match the dynamic expectations, keep the business profitable. But for young and new entrepreneurs, there are unique challenges that are very difficult to overcome. If you are thinking to become an entrepreneur and getting into the business game, be prepared to handle these hurdles and their ways to make your entrepreneurial journey much easier.
PROBLEM 1 – Courage to quit the job and start own business
You need to have a lot of courage to quit your permanent job and start your own venture. There is a lot of confidence and determination towards the goals and you need to understand that there is a need for the products and services being offered and you are the right person to provide that solution.
Solution – When you are low on motivation, consider your lists and understand that the tasks you are doing today are contributing to your future goals. And you are becoming one step closer to the path of your business success. Use your intelligence and perseverance for your advantage and keep working toward your goals. Just keep your courage high to reap the exciting rewards that come on your way to success.
PROBLEM 2 – Hiring the Right Employees
After you have decided to start your own venture, a team is required to accomplish the business objectives but it is not an easy task to hire the dream team. Getting people who believe in your venture or business idea as you do, is always difficult and one of the most crucial tasks. The biggest challenge for a start-up is to hire the right team, share a common vision about the organization and work towards making your business dreams a reality.
Solution – Arrange a walking interview once the pool of prospects is planned. You can save a lot of time by pre-qualifying the candidate through ultra-specific considerations. Take time to seek real references and ask them clearly about their long-term sustainability. Provide them rewards what they are seeking in the form of security and freedom from micromanagement. It is not only about bending towards your employees but about the clarification of expectations between both the parties to have a long-term foundation and mutually rewarding relationship.
PROBLEM 3 – Limited Budget
Even if the cash flow is fine, there is not enough budget to meet the objectives of the business and market your company to reach full potential.
Solution – Almost every startup struggles with the budget unless you are not a Fortune 500 company. The key solution is to prioritize your marketing efforts and try to achieve maximum efficiency, which means that the money should be spent only where it works and rest of the money should be kept or operating expenses. Don’t spend until it is absolutely critical for your business and cut down on every expense you can. A right balance can allow you to be effective and also leave funds for fueling further growth.
PROBLEM 4 – Time Management
It is one of the biggest problems faced by entrepreneurs as they wear many hats (almost all hats). You need lot more of time accomplish your business objectives.
Solution – Like money, time also does not grow on trees and you have to act very smartly while spending your time. Create your goal lists (annual, monthly, weekly, daily) and track these goals with your life goals. Master the skills of delegation for the tasks that need not be completed by you. Last but not least, ask yourself if you spending your time wisely?
PROBLEM 5 – What to sell
It is difficult to understand how to pick a niche as the competition is growing in all industries. Your business success or failure depends on the choice of your product/service.
Solution – If you are not good at identifying niches, delegate the task to someone who has their core strength in this area. Don’t hire an expensive researcher and you can recruit a freelancer who has experience in your field. Let them conduct extensive market research, create a report and estimate potential profitability after complete SWOT analysis.
PROBLEM 6 – Lack of Business Growth
It is assumed that startups grow at higher pace but then, you have come to a point where you cannot take any more work in your current work structure.
Solution – You have to focus on the delegation of tasks and create new processes for task delegation. Most of the entrepreneurs wear many hats at the same time and then, find themselves in the position after achieving the modicum of success. Since the entrepreneur is doing everything and that’s the reason, growth halts and the only breakthrough is to delegate the tasks to the right people and get into the management side and then, finally ownership.
Young entrepreneurs face many challenges but you have to use your intelligence and perseverance; leverage them to your advantage and keep working toward your goals. The biggest challenge with most of the entrepreneurs is the fear failure. Understand that you are not the first startup, so believe in yourself and MAKE WAY FOR STRONG BELIEF THAT EVERYTHING IS POSSIBLE.