Being an entrepreneur is never easy and especially when you have your family legacy linked up with you. Hospitality is one of the few businesses where you directly deal with people and their demands. To be a successful entrepreneur you need to understand the ever-changing demands of the market.
You need to have a very deep understanding of the human nature. You should be open to change. I personally believe that being pro-active rather than reactive to such demands is the key to long-term success.
It is also important however to keep the economics viable while being acceptable to change or demands, out of my personal experience I have learned that people often get carried away with the initial success in this industry thus hurting the economic viability. A right balance of the two may be considered one of the keys to success in hospitality.
Challenges faced by a young entrepreneur are immense, especially in an Indian society where the social cost of failure and the stigma attached to failure is very high. Lots of budding entrepreneur’s loose heart at a very initial stage of their journey due to this.
Another important problem attached with starting young and starting fresh is being taken seriously, whether it is by your own family, friends or more importantly by investors and financial institutions, young entrepreneurs face these challenges day in day out.
However, the same challenges can be used to their advantage, for example, a young entrepreneur who starts out with nothing has nothing to lose at all, he doesn't have a reputation to protect or a record to maintain. Failure is the only cost in itself is fair enough return for trying and not succeeding. In India a lot of importance is given to government jobs, entrepreneurship and the benefits of being a successful one can always give you an important position in the same society. You suddenly go from job seeker to job producer which is satisfying in itself.
At the same time, a life of a young entrepreneur is tough not only financially but also socially. You start out young with a lot of risks and pressures while your peers are handling secure incomes of a 9-5 job.
The quality of life in the budding young year suffer or at least you don't have the luxuries your peers have whether they are time related or work load related which makes it hard to have a good work life balance, also affecting your family life. This is the cost you pay to have a more comfortable future.