Challenges Faced by Young Entrepreneurs and Steps to Overcome This
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Entrepreneurship is a lofty undertaking that can be exceedingly overwhelming. Original ideas, thorough preparations, responsibility, value addition, financial performance, business acumen, competitive edge etc are some quick thoughts that come to one’s mind. Entrepreneurship is an all-consuming involvement. Though it’s a highly challenging route to take, the sense of fulfilment that one may realize can be manifold. Small miscalculations can result in huge loses and the same time small steps or calculated risks can result in windfalls.
A thorough planning at the onset can make for a good start. If one is aware of the kind of scenarios that can surface, one can anticipate and prepare for them; and handle the initial hiccups even better. Below are a few common challenges that entrepreneurs may face:
Many times young entrepreneurs who may have set up their work recently and may not have a lot of supporting experience for a project that they may be bidding for or initiating. They may end up losing the bids or face failures in the first step of establishing their business.
However, this is a matter of time, once these promoters gain the required experience or highlight their unique offerings on these projects they are able to gain ground and make a mark for them. No doubt this demands a lot of hard work and perseverance.
Some startups are self-funded. This may be challenging for many young entrepreneurs. To support there are many venture capitalists that are on the lookout for solid opportunities for investment purposes. They evaluate the business plan and revenue models. When convinced of the authenticity of the business proposition and its soundness, they invest in the startup and support it. Startups can even get business and customers from their recommendations.
Dealing with Stress and Self-Doubt:
Running a business can be a reason for anxiety, stress and self-doubt. The initial years can be marked by intensive struggles which can leave one discouraged and disheartened. As more and more startups proliferate there are counsellors who can guide entrepreneurs on the approach or in terms of business expertise and acumen.
Entrepreneurs can also deal with all this by having realistic plans and expectations at least in the initial stages. They should prepare themselves to actively accept the results while identifying risks and creating plans to handle them.
Stress is natural if you are an Entrepreneur, however, stress needs to be controlled as its impact can lead to other problems like lack of concentration, low energy, indecisiveness, a low motivation which could result in bigger and larger serious issues. Energy and enthusiasm are required to succeed as an entrepreneur, one must engage in exercise, meditation, eating healthy and right, opting for breaks, maintaining a work-life balance etc.
Being an entrepreneur is a full-time involvement it requires a lot of commitment and dedication. It can impact your family and social life. One needs a lot of support and understanding from the family in such scenarios. And at the same time, one must also set healthy boundaries between the two so that there can be a work-life balance. A delegation of work responsibilities to trusted and competent colleagues is another option, which requires an investment in training. Entrepreneurs need to consciously take initiatives to stay connected with friends and spend quality time with family and relatives.
Some startups that deal in niche fields or areas where the awareness levels are low one needs to be very passionate and patient; to continuously use innovative means and ways; to educate and convince the audience of the use and purpose of the solutions they sell.
No doubt being an entrepreneur is demanding it can give you sleepless nights. With a blend of perseverance, passion and business acumen entrepreneurs can not only create value and make a difference in society; but also build a roaring business.