Entrepreneurship can look glamorous – a person taking their future into their own hands, following their dreams, and trying to positively impact the world. But it can also be scary, and full of ups and downs and uncertainty. Being an entrepreneur is exciting but also challenging, especially at the beginning.
Here are the top 10 challenges you may face:
1 Taking the Big Leap: Fear and Self-Doubt
Striking out on your own is a major step. It’s not surprising that many would-be entrepreneurs struggle with fear and self-doubt. Concerns that you are not good enough to make your business idea work, you’re too young, and no one will take you seriously, or worries that you won’t find the customers you need. Or whatever else ties you up in knots, becoming a business owner is a giant leap that some people feel unable to make.
Often, people tell themselves that their fear and self-doubts are unique, and successful business owners have never had similar thoughts. This isn’t true. Successful business owners have also had concerns before starting their business or before expanding. But they dealt with their fears, and so can you.
2 Deciding What to Sell
One of the biggest challenges you’ll face is deciding what you want to sell or what kind of service you wish to provide. You know you have an entrepreneurial spirit and want to be in business, but it’s tough to narrow down your focus. And focus, you must. When companies try to be all things to all people, they usually fail.
Do your research and consider where your passions lie. Then create a detailed business plan that potential investors will love and keep you on target.
There’s a reason we call it ‘the Almighty Dollar.’ Depending on the business you want to start, you might have start-up costs. But as a teen, you may not have your own resources for finances. Get sound advice and assistance. There are many ways to finance new businesses – crowdfunding, friends and family, bank loans, or angel investors. Be creative.
Note: Borrowing money from friends and family can get tricky, especially if they don’t see returns as quickly as anticipated. So, beware.
4 Finding Mentorship
If being an entrepreneur is unchartered territory, consider finding a mentor. A business owner who can guide, encourage, and warn you of the potholes ahead will be invaluable. Finding a good mentor, though, isn’t easy. Try networking events, social media platforms, and industry-specific expos to connect with experienced business people.
Reach out to potential mentors. Yes, there’s a risk of rejection, but the benefits are huge if they agree to talk to you! You don’t have to have a long-term relationship. Sometimes, one meeting with the right person to get some of your questions answered will be enough.
5 Time Management
A big challenge that every entrepreneur has is time management. There is always so much to do and even more to think about. The planning, research, and decisions alone can absorb much of your time. You will have to become super organized with your time and ruthless about time-wasters.
Even with an entrepreneurial spirit, you still need to be taught how to build a business successfully. We can provide a number one virtual high school entrepreneurship program for motivated future entrepreneurs. Visit Beta Bowl today!
There is no such thing as an ‘overnight success.’ To create and maintain a profitable business, you will have to work consistently over time. This applies to all parts of your business. Realizing that your business will take time to grow into your dream will help you hold on during the tough times. Learn to enjoy the journey of building your business, and don’t wait for some arbitrary goal to be reached.
7 Perfection vs. Progress
Many entrepreneurs struggle to make progress because they are entangled in perfectionism. Of course, you always want to put your best foot forward and let excellence be your standard, but none of that should be at the expense of forwarding movement. Sometimes you have to take action even if it isn’t as spectacular as you would like it to be. There are times when good enough is good enough.
8 Delegating Responsibility
As we’ve already discussed, time is at a premium for the business owner. One way to get more time is to delegate some tasks to trusted team members. Once you organize your work, identify things that you can pass on. You may be surprised at how much more time you’ll have for higher-level thinking and planning.
9 Finding Customers
You might think that starting your business and setting up a website is all you need to make your business work. But you need to locate your target audience. And you’ll need to know who they are and where to find them to do that. It’s a great idea to implement an organic social media strategy. You’ll use all the free services and tools of your chosen social platform and develop a community of people who will become loyal to your brand.
10 Project Confidence
We’ve already talked about self-doubt being a fixture in the entrepreneurial journey, but you have to project confidence despite that. If you want people to believe in you and your brand, you’ll have to believe first. So, you may have to fake it until you make it for a while.
Confidence will also enable you to remain persistent when things don’t go well and find solutions even when they aren’t immediately evident.
The Last Word
Before you plunge into the business world, consider carefully the challenges you’ll face. Is this a business you feel excited and passionate about? Are there also logical reasons for going forward? It takes time to grow a business, and the risk of failure is real. So, ask yourself if you have the commitment to stick with it.
Do you want your teen to develop an entrepreneurial mindset? Our online course and resources will give you everything you need to succeed as a business owner. Check us out at Beta Bowl today!