It’s normal to want to blaze a path on your own and make a name for yourself. Establishing a successful business career is just one of the goals on your list. However, some challenges can prevent you from reaching those aspirations. Here are several obstacles standing between you and success.
1. Getting the Word Out
Building a brand and getting people to notice you is no easy task. Large corporations have the workforce, resources and name recognition to reach a wide customer base, and you may feel your company can’t keep up. It’s all about perspective. Small businesses have an entirely different appeal to customers than big ones. Use that to your advantage.
Big companies often have an all-business feel to them. Create a story that your customers can relate to. A study found that 28% of small U.S. businesses don’t have a website. Develop one and make the message more personal than an advertisement. Be deliberate when creating a product or service and ensure its quality to retain customers. The little things matter when it comes to building your company.
2. Finding Funding
According to a Verizon survey, 89% of business owners are concerned about the state of the U.S. economy. Building a company requires funding, which many young entrepreneurs don’t have. It’s easy to get overwhelmed when looking at the financials, but you should realize it’s all part of the process. Keep a level head and be creative when looking for solutions.
Explore your options when it comes to funding your company. Try crowdfunding to support projects, reach customers and identify your market niche simultaneously. Look for grants that help small businesses take off. Every entrepreneur has to start somewhere. Taking small steps is better than waiting for a big opportunity to fall on your lap.
3. Building a Customer Base
One of the challenges entrepreneurs face is building their company’s value from the ground up. Many young company owners feel they cannot reach their target market. It’s perfectly normal to feel that way, especially when you’re still in the early stages of your business journey. Believe in your brand, and it will attract the attention of people you want to cater to.
Of course, pouring in hard work and excellent ideas also helps build your customer base. In a sea of similar products and services, stand out by providing excellent customer service and a unique experience. People love being heard by the companies they support. Leverage your status as a small business by connecting with your clients on a deeper level rather than keeping it strictly transactional. Go beyond the usual.
4. Overcoming Age Stereotypes
Many young entrepreneurs feel judged for venturing into business at such a tender age. Sometimes, this leads to remarks that are uncalled for or a general lack of confidence in your abilities. It can be disheartening to hear these sentiments, but it’s all part of the game.
Take every criticism with a grain of salt. Everyone has an opinion — the only ones that matter are from people who see the value in what you do. Prove to yourself that you can build a successful brand instead of always pleasing others. You’re developing yourself and your company. Work on your dream, not on others’ approval.
5. Building Business Relationships
Building professional connections is integral to establishing a successful business — so much so that 44% of companies use networking to create new ideas and innovate their industries. It’s an effective way to attract investors and business partners. If you don’t feel confident meeting people from different backgrounds, it’s time to step out of your comfort zone and mingle. It’s one of the best ways to advance your entrepreneurial journey.
It’s easy for young people to feel they might fail in getting the right people on their side. While it can be challenging, there’s no harm in trying. Attend events, join associations and show other business-minded people what your company stands for. Create opportunities in a room full of entrepreneurs and industry leaders. Soak in the knowledge and you’ll become a better person than when you walked in.
6. Hiring Employees
Being an entrepreneur may make you feel like you need to do everything. While it is part of the journey, it can distract you from doing things that can help your business grow. Some people are better at specific tasks than others. The earlier you realize this, the better.
Delegate some of the tasks you feel you’re not an expert at and hire people who can do it better than you. It frees up more of your time to do things you’re good at and allows you to develop strategies to help your brand and team grow. Hiring is an ordinary process in entrepreneurship. Do what you do best and trust your team to do the same in their tasks.
7. Dealing With Doubts
Establishing a business comes with challenges only you can experience. A study shows that 45% of entrepreneurs worry more than other workers. It’s normal to doubt where you’re going and what you must do to succeed. It comes with the territory. What matters is you keep moving forward no matter the challenges.
Seek support from friends and a professional network that understands what you’re going through. A mentor can also help guide you through the process and prepare you for the next steps. While pursuing an entrepreneurial career can be lonely, the challenges make the harvest all the more rewarding.
The Way to Entrepreneurial Success
Being a young entrepreneur requires dedication, preparation and courage, among many other things. Learning how to adapt and overcome obstacles is an essential skill if you want to become a successful business owner. Remember that leaving your comfort zone enables you to grow into what you aspire to be.
