Every entrepreneur has one thing in common – the ability to face challenges, a trait that helps them brave the odds and realize their dreams. Whether it is starting a business from the ground. Up or driving an ongoing business, the task of entrepreneurs is fraught. With challenges, some entirely predictable while some might spring surprises. Staying alert and agile and always ready to face challenges. Should be in the blood of entrepreneurs regardless of the kind of dreams they nurture about business. Interestingly, the challenges faced by young entrepreneurs are not the same. That their older counterparts face because the challenges of young entrepreneurs are unique, which the older entrepreneurs would never face. This is the view of seasoned marketing expert Eric J Dalius who has gone through the grind many times during his long and successful professional career.
This article should help young entrepreneurs to identify and be aware of the factors that can work against them. So that they can come up with effective counter-strategies that ease the path to success.
Business funding and financial issues – Advice from Eric J Dalius
Senior entrepreneurs have a proven credit history and years of networking that makes. It easy for them to secure contracts and loans and find investors. The lack of such resources for young entrepreneurs puts them at a disadvantage in matters of business funding. Because neither they have a credit history to impress investors and lenders nor a network that can help to build credibility that eases the ways of garnering funds. This makes it evident that young entrepreneurs must be ready to work with limited funds. That make it tough to manage the finances with the least margin for error. Also, they must make provisions for covering the bad times by working out some worst-case scenarios.
Never make the mistake of hoping to make some fast bucks because it takes time to make profits. As per norms, you may have to wait for up to two years to see profits flow in steadily. The examples should help you to stay prepared with a business plan and elevator pitch. Which are most important to get off the blocks.
Dealing with age stereotypes
Young entrepreneurs must know how to face the age stereotypes as well as the attitudes of some people who look upon them as a group, not be taken seriously. Young entrepreneurs must be ready to deal with strange behaviors and attitudes. Which can find them in situations when people call them irresponsible or lazy just because of their age. Be prepared to face snubs and cold shoulders from older entrepreneurs who might not mince words as they suspect the credibility and sustainability of your business.
The scenarios described above should help you learn some lessons in professionalism so that you stay resolute in the face of such behavior and treat others fairly. These are testing times, and your ability to withstand it should help to gradually display your maturity. Which helps to gain the trust and respect of the senior professionals.
Staying surrounded by people you believe in should help to deal with discouragement surrounding you and boost your confidence.
Starting your own business makes it difficult for you to maintain social connections. Because of the round-the-clock engagement with a business that leaves no room for social mixing. The immersive business experience will compel you to stay away from the usual interactions. Expected by your family and friends who may not understand your unconventional ways. You would be so much busy with your business that you will hardly find any time to maintain relationships with those you already know or meet new people outside the business.
You are no exception because it is the same with all young entrepreneurs, and attending meetups provides. Space where you can support one another’s values and goals. Co-working spaces allow networking while keeping up with your work without any conflict. Make a schedule to spend time with someone who is supportive and likes you. In the company of positive individuals, you will find encouragement to give your best effort.
Dealing with naysayers
When starting a business, it is natural to face a lot of negative remarks about it, especially the high chances of failure. A lot of people still prefer the safety of a stable monthly income by receiving paychecks instead of trying to chart the uncertain path of starting a business. Sometimes the criticism could become personal as some people would be jealous of your independence and feel threatened. By it that could make them go on an overdrive to paint the grimmest picture about the business prospects. This is easy to project their insecurities on you.
When dealing with criticism, use our wisdom to put aside the negativity and pick up the positive influences.
Dealing with self-doubt and stress
According to Eric J Dalius, Business is a stressful endeavor because you decide your fortune while enjoying the privilege of being your boss. You are entirely responsible for driving the business towards profit. There is no support around you like an elaborate company structure that can provide a cushion when things go awry. The stress aggravates further as you cannot think of holidays as the business occupies. Your time round the clock and the year, at least for the first few years.
But this does not mean that the stress will be all-pervading only because your stakes are higher. Taking to meditation and regular exercise can have a calming effect on the mind and keeps the body healthy too. Since you have the option of flexible timing by being your boss, you can adjust your work setting to find relaxation and take a quick break to have a brief jogging session. There will be moments of disgust when you feel utterly dejected, and to get out from the glut, you must turn your attention to the list of goals and tasks which act as a powerful motivational tool.
Challenges that young entrepreneurs face should not deter them because though these are difficult are not insurmountable.