Having a solid business plan is not enough to start any business because it does not consider the challenges that the entrepreneur must face, especially when starting a business from scratch. Although every entrepreneur is aware that companies mean challenges, the unpredictability and the nature of the challenges often make things difficult. Moreover, accepting challenges is not an end in itself because one must know how to unearth the hidden opportunities within it that can impact the business fortune positively, feels Eric Dalius. All business challenges are not alike, especially those faced by small business owners are typical of the niche. Challenges differ according to the type of business too.
Since different challenges pose different difficulty levels, entrepreneurs must stay prepared to deal will the toughest ones with conviction and courage. Moreover, the age factor comes into play when talking about entrepreneurial challenges because the challenges faced by younger entrepreneurs are often entirely different from their older counterparts unless it is something very common to any business. Attitudes about young entrepreneurs’ behavior by considering some stereotypes are a challenge in the eyes of Eric J Dalius, a successful marketing expert known for his entrepreneurial acumen.
Considering that you are a young entrepreneur, being aware of the following factors that might create obstacles should help develop suitable strategies to overcome the challenges.
Business funding is the most fundamental challenge
Young entrepreneurs, especially first-timers, face an uphill task when arranging funds to start the business because the business funding system entails that the borrower must have some proven credentials supported by a history of good credit. Lenders depend on such data to determine the reliability of the borrower. The seasoned entrepreneurs have a distinct advantage due to the years of being in business that helps develop a trusted network that makes it easy to secure loans and contracts, feels Eric J Dalius.
Young entrepreneurs might still pay for the student loan that erodes their liquid capital lacking the resources to aid funding. They do not have any established professional network to support their credibility as a borrower, making it challenging to gain investors’ attention.
This leads to another challenge as young entrepreneurs do not have any room to commit errors. They must have enough financial resources to navigate the hard times because it takes a fair amount of time before you can see profits. Awareness about the impediments should help to create a well-prepared business plan, which, together with an elevator pitch, will help to take the business off the ground.
Beware of age stereotypes
Age stereotypes that influence the attitude of others towards young entrepreneurs might make you wary. Older people might look upon youngsters as irresponsible and lazy and even refuse to take them seriously. You are likely to encounter a few such people when trying to develop a professional network. Learn to live with the problem but never let it get the better of you by maintaining professional behavior at all times and be fair to others in professional dealings. Gradually, people will recognize your maturity, and others would consider you worthy while respecting you both as an individual and professional. To rise above the negativity, mix with people who exude positivity that enhances your self-confidence.
Maintaining social connections will be difficult
When you stay dedicated to the cause of building your business, your involvement is round the clock as you eat, drink, and sleep business. As a result, you stay far away from your social connections and cannot devote time to maintaining it, leading to social rejection. As much difficult it might seem to maintain relationships with people you already know, it is equally challenging to meet new people. Networking becomes different during this time, and you can find opportunities for socializing by attending meetings where you can support one another’s goals and values. Keep a time slot for those who support and love you. It gives a significant mental boost to have people around you who encourage you at every step.
Dealing with naysayers and criticism
As you embark on your entrepreneurial journey, be ready to face criticism, even at the personal level, and warnings about the possibilities of failing in your endeavor. Not all of these merits any serious attention because many of these originate from jealousy as others start envying your independence, which they consider a threat to them. In the process, keep projecting their insecurities on you by magnifying anything negative they find.
Be open to criticism as you can learn a lot from older people and reject unhelpful comments to ensure that the positive gets precedence over negative criticism.
Handle stress and self-doubt
The thought of being solely responsible for turning your business profitable can be stressful as you might feel alone under the vast sky, shouldering a huge responsibility that might make you feel jittery at times. You cannot fall back upon any shelter or cushion when facing the hard times while waging a lone battle where stakes are high. To keep stress under control, follow a routine of daily exercise while taking care of your body by taking a healthy and nutritious diet. Meditation helps to relieve stress and allows you to be in control. To stay on track, brush through your list of goals every day and take to the tasks that can show results and keep you motivated.
Having seen your business getting off the ground, it is time to hire employees, which is quite challenging for the first time because getting the ideal person for the tasks at hand is never easy. Instead of running after people, focus on creating a company culture that promotes the qualities you look for in the workforce. Your task becomes easy as the type of people you are looking for will flock to your company as they feel it to be the right place for them.
Challenges can encourage entrepreneurs to prove their merit because none of these are insurmountable.