Startups and young entrepreneurs are a common word in the current era. The advancing technology has been accompanied by young minds with unique ideas and keen business acumens. This has led to a revolution in the world of online business and technology. However, this cannot be held true for all young entrepreneurs. Overcoming common startup struggles faced by entrepreneurs is an everyday challenge for the minds brimming with excellent radical ideas.
Entrepreneurship is a tough role to play. However, it becomes all the more challenging when you are young and new to the world of business. With a statistical study that shows just 10% of new businesses and start-ups surviving the market, it creates immense pressure on the young minds for launching new business. Thus with a success rate of just 10%, a young entrepreneur needs to be heavily determined to overcome the common startup struggles.
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Hurdles and bottlenecks are common for every business. However, it has often been seen that these bottlenecks tend to heighten with young entrepreneurs. Overcoming common struggles for being a young entrepreneur becomes an added challenge apart from the business hardships faced in the market. Here are few of the most common startup struggles.
Not always taken seriously
One of the first and the most common startup struggles that young entrepreneurs face is the challenge to be taken seriously. Age becomes a prime factor when entrepreneurs are young. Stereotyping entrepreneurs based on their age is a common issue. Most people with whom you connect for your business purposes might not take you seriously. While you may be entirely determined about your business idea, many people tend to think that young entrepreneurs are out just to spend their time before diving into the real world.
While this may be the thought of many, it is up to you to make them realise that, you are a professional with some real business ideas. You have some set goals that you wish to achieve through your unique and exclusive idea and how that would benefit the society and you as well.
Juggling work with other responsibilities
Most young entrepreneurs nowadays starts quite early. This sometimes is as early as the school-going days itself. Thus it becomes important for these young minds to manage both the worlds at the same time. Jack Kim has been a perfect example for a young entrepreneur who has been managing both his school and startup.
A high school teenage, Kim has created a search engine that helps in generating donations. The search engine has been appreciated for its philanthropic point of view. Kim has also been recruiting teenagers to help him improve the search engine functionality. He aims at collecting a funding of $100,000 for his invention before he pursues it full time.
Thus, overcoming one of the common startup struggles of balancing of business and education becomes an essential part of young entrepreneurs. It not only helps them, act like professionals from a young age, but also provides them with an experience of multi-tasking that becomes quite useful for the years to come.
For a startup that intends to grow, funds become quite crucial. However, gathering of funds becomes quite a challenge for young entrepreneurs. Thus it is best advised to start with minimum funds which can be gathered through friends and family.
There are a number of angel investors and venture capitalists ready to fund businesses. However, funding new ideas and young entrepreneurs are often a risky bet and one of the most common startup struggles faced young entrepreneurs. The investment would suffer if the business is not quite accepted by the target audience. Thus, it is better to start small with minimum funds.
However, if you are sure of your business success, pitch yourself and your idea to others. Make them understand how your business would work and who your target audience are. Analyse the market to know whether it is ready for your product.
Once you have a clear idea about the market, target audience and their needs, you will be able to make a better and stronger approach to investors for funds, while overcoming the common startup struggles.
Know your value proposition
Know your value and what you can provide to others through your business. Young entrepreneurs are often underestimated to be vague or producing products of no value or interest to the audience. However, one you have a powerful business idea, thrive over it without any fear of failure. Fear often becomes an element that holds you back from taking prime decisions for your business.
Adapt and mould yourself and your business as it progresses. Don’t change your ideas. Rather customize and mould them according to the changing needs. Overcome the common startup struggles that are most likely to fall in the way. The business environment of the online market is ever changing. Adaptability is highly essential if you plan to stick to your business and stay in the market in the long run.
The new age entrepreneurs are young and vibrant. They are eager to prove their worth to the world, overoming the common startup struggles along with the rare and big ones. The bright new ideas that these young minds are brewing up have been bringing a radical change to the society. The smartphone generation has been gearing up to make their debut into the entrepreneurial world. It is just to see what new technologies and ideas they bring with their wake.