6 challenges faced by young entrepreneurs
Some of the world’s most famous companies weren’t created in a boardroom by a committee of seasoned professionals. Here are a few businesses that you probably know which were started by entrepreneurs under the age of 35:
- Apple Computer
- Mrs. Fields
- Motown Records
What great things can young entrepreneurs do?
Young people possess optimism, endless energy, and fresh ideas. Because they’re not as set in their ways as older people can be, they’re often more willing to try new things, and can bounce back quickly from mistakes they may make. These qualities, coupled with their ability to quickly adapt to new technologies, make them natural leaders in the ever-developing small business climate.
What challenges can young entrepreneurs face?
Many young entrepreneurs don’t consider their youth a hindrance – they’re eagerly working on building their business and taking steps towards their dreams. We commend that passion, but the fact is that younger entrepreneurs do face some unique challenges in the world of small business, including:
- Conflicts with high school, college, or university education
- Lack of support from family
- Reduced start-up capital
- Lack of specific business skills
- Less experience in leadership and management
- Clients or suppliers who see the entrepreneur as a “kid,” and who may take advantage of youth or perceived inexperience
How can younger entrepreneurs overcome challenges?
At GoForth Institute, we believe strongly in the importance of small business education and supporting entrepreneurs of all ages. Knowledge is power! We advise younger entrepreneurs to seek out a trusted mentor, whether it’s in the field you want to enter, or just an experienced person who you trust to point you in the right direction.
We also strongly advise younger entrepreneurs to even the odds by knowing your business inside and out. Create a business model and vision statement, and be able to show clear leadership, organization and ownership of your business. To take it a step further, why not try answering the 6 common questions investors ask in a pitch? Even if you’re not seeking investment, they’re valuable, foundational things to know.