Entrepreneurship is a long journey. It comes with a host of challenges, which are hard yet rewarding. As young entrepreneurs, you must be prepared for these ten significant hurdles.
Not all beginners have a steady stream of income they can use to fund a new business. All experienced entrepreneurs, except those that came from highly influential families, start from humble beginnings. As a young entrepreneur with no sufficient income, you will literally start from scratch. Eventually, you will need to save enough money to put into business. Then you have to build connections like crazy and think through all possible funding options before you drown in debt.
Lack of Experience
A lot of young entrepreneurs have given up the process because of lack of experience. This deficiency fosters self-doubt, stress, and anxiety making you afraid. Unfortunately, the only way to overcome this is to change yourself. Join some training and educate yourself. You need to fill yourself with inspiration by reading books from popular financial authors like Warren Buffet.
You are own limitation. As a young entrepreneur, you will have a lot of things on mind – self-doubt, criticisms, fear, and misjudgements. As you limit yourself, it will be harder for your business to get off the ground. At this point, you need determination, focus, and education. Don’t let yourself limit what you can do. You can read books, listen to audios, watch videos, and join free training to improve your entrepreneurial knowledge.
Lack of Knowledge
Lack of knowledge is more of an obstacle than a challenge. Even so, lack of knowledge can cultivate incompetence which will hinder you of becoming an established business. Becoming an entrepreneur is exciting but you will need knowledge to develop visions and ideas. As a young entrepreneur obsess yourself with acquiring knowledge. There are a lot of fun ways to learn that are absolutely free. Watch podcasts, read books, and go to seminars. When you have enough knowledge you will learn how to hire, how to build a team, and how to get into business with great people.
Fear of the Inevitable
Bad things can happen. A plane could crash into your house and blow it up. Your business may catch fire and burn. You may lose everything in one snap. However, the entire world is a full manifestation of how you think and see. If you foster your fear, you will never get to your destination, which is to become a successful entrepreneur. If you want to build an empire you need to take advantage of every bad situation and turn it into your favor. Accept responsibility for everything. Do your best to modify, change, and improve yourself as you go forward. Then you will see that the things around you will also get better.
Cushy Job Trap
Settling for a day job is the number one enemy entrepreneurial success. A lot of young entrepreneurs did not reach their destinations because they became too comfortable with the job they have. Oftentimes, you will say that your job pays well anyway and you procrastinate in your dream of becoming an entrepreneur. But when are you really going to start your business? Time goes by and the only thing that’s constant is change. If you keep delaying your dream, you will never reach your destination.
Building a Solid Team
Young entrepreneurs find it hard to build a solid team. The process of identifying, recruiting, and training the right talent can be very frustrating and challenging. You will face a lot of criticism throughout the process. People will judge your business, crush your ego, and question your leadership. Eventually, you will need to build a great company with a culture that attracts people with the right combination of skills and ability. You need to have perseverance and willpower to lead and influence your team. You are your own boss. But as a leader, you need to set a good example that your followers can emulate.
Building a Community
In order to build an empire, you need a whole bunch of people who support you. The right people can draw in new individuals to experience your value without having you to put up a new capital. However, the wrong people will eventually drag your business down. So building a community is like a win-win situation. If you have the right people to rally around you then you’re in good hands. You can start by being of service to everyone you meet but also selecting the people you choose to be part of your community, making sure that they’re right for your space.
No one has reached the final destination without encountering a certain number of challenges and outright failures. Everyone’s afraid to fail – that’s a fact. But if you didn’t experience failure in your journey then I would be very impressed by how you performed. If you did fail, don’t give up just yet. It’s a constant challenge. Stand up. Learn from it. Make up for your loss. Sometimes your worst experience can be turned into great business ideas. You can use them to survive the next wave of challenges, promote vigilance in business, create a business strategy, and sustain business growth.
At some point, you will feel like it is sloppy and out of control. You will go through a lot of uncertainties and you will catch yourself nearly hopeless. There will be a lot of self-questioning after a lot of failures. Am I on the right track? Have I made the right decision to invest in business? Am I still myself? Eventually, you will get lost. But this is normal. The uncertainty is just something that you have to live with because if everything is perfect then there is no more room for you to grow. Most experienced entrepreneurs did not have it figured right away. But if you just push yourself a little more, learn a little more, and climb a little higher you will see that everything was actually worth the try.
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Josh Felber is no ordinary serial entrepreneur. Not only has he penned two bestsellers (one with Brian Tracy and another with Steve Forbes), he went on to win two Emmy Awards for executive producing the acclaimed documentary Visioneer: The Peter Diamandis Story.
Josh has appeared as a guest expert on NBC, CBS, ABC and Fox, and is the host of Making Bank. Josh is focused on challenging himself and those around him to achieve consistent excellence. His mission in life is to help over 100 million people design, develop and deliver their passions.