You may have read about or seen successful young business owners online. Maybe you follow some of them on social media. But running a business comes with unique challenges. Here are some of the most common struggles of young entrepreneurs.
Dealing with age/generational stereotypes
The recent #OkBoomer debates showed us that the generational divide still exists. Some older people (who could be your potential customers) see Millennials and Generation Z as being entitled, lazy and/or irresponsible.
It’s good to keep these assumptions in mind. But don’t let other people’s negative attitudes control how you act and run your business. Do your best with the knowledge and resources you have.
Fortunately, there are plenty of people who want to work with and buy products from young entrepreneurs. Focus on these groups, learn from them, and use those lessons to continue growing your business.
Less money, more problems
Being new to running a business can be one of a few struggles of young entrepreneurs, compared to more established companies. For example, young business owners usually have less money to pay for expensive equipment or for services that can help them be more efficient and productive.
Some young entrepreneurs expect to make a lot of money in a short amount of time. Instagram, YouTube and other sites are packed with social media personalities talking about how they’re making lots of money.
The solution? Set realistic goals and expectations for your business, regardless of how much money you have (or don’t have). If you’re just getting started, focus on how you will help your first few customers. Raise your goals gradually as you get more customers.
Also, be patient with yourself and with the process of selling your products and services. Learn from any mistakes and failures that happen, especially during the first year. It usually takes a while to see progress, such as more customers or increased profits.
Looking for new clients and customers is another example of the struggles of young entrepreneurs, especially if your ideal customer is very different from you. For example, if you’re a student who is great at designing websites, you will want to work with entrepreneurs and businesses who need a site that attracts regular and new customers. These entrepreneurs and business leaders will probably be older, have more money and have a different lifestyle.
How can you connect with different customers? Do your research. Do online/social media searches to learn about your potential customers’ problem(s) and how your business can fix those issues. Then deliver a great product and customer experience that turns prospects into regular customers and clients.
Final Thoughts on the Biggest Struggles of Young Entrepreneurs
Being a young entrepreneur is not as glamorous as many popular entrepreneurs on social media make it look. The biggest struggles of young entrepreneurs include:
- Generational stereotypes
- Limited amount of money
- Finding customers
You can overcome these struggles of young entrepreneurs by:
- Learning about entrepreneurship
- Setting realistic goals within your business plan
- Researching your customers and their needs
Use these tips to face challenges and grow a successful business.