Updated: Jan 12, 2020
Being a youth entrepreneur can be accompanied by many challenges. One major example of a predominant challenge that almost every young business owner will face is understanding the path behind moving their ideas into an actual business startup. The ultimate strategy in which one will determine a path to follow will differ from startup to startup, but the mindset used in identifying one's most effective method is very similar.
There are multiple challenges that may affect young entrepreneurs, however, not in the same order or necessarily the same challenges applying to all. But there are most commonly specific challenges that youth will face when attempting to take their ideas off the ground. With social factors such as age stereotypes and facing criticism always posing as problems, there may also be multiple logistical obstacles that all entrepreneurs but more specifically youth entrepreneurs may face much more substantially. Primarily, financial issues are very difficult for young entrepreneurs to move around and accounts for one of the major reasons why youth entrepreneurs are unable to transition their ideas into an operational business. Investors and business capitalists may not portray as much faith in a youth startup as in that one operated by a legal adult. This represents age stereotypes affecting and intensifying financial barriers that any entrepreneur will face. With a majority of youth struggling to gain the financial capital they need to progress their businesses forward, this is a blockade that a large amount reach and never determine a path around. Many young entrepreneurs may already face financial obstacles such as student loans and educational costs. This results in providing even fewer funding opportunities for young entrepreneurs.
Additionally, youth entrepreneurs may face struggles in effectively networking. This includes with business executives and owners who could assist them in moving their startups to the next level, and with other youth innovators. Networking exchanges could provide opportunities for young entrepreneurs that they may have been unable to reach otherwise. Networking provides that chance for youth entrepreneurs to display themselves and their ideas to real world business owners or other young entrepreneurs. Networking may be seen as a challenging and even frightening endeavor for many young entrepreneurs. However, moving ahead and stepping up to the plate to pitch yourself and your ideas through a networking exchange may guide you towards the resources you need to move forward.
Generally, with experience, patience, and time, all challenges will present a solution for themselves. The exercise of identifying what and which obstacles are those that will require to be tackled is one that will develop for young entrepreneurs with experience. The methods in which to overcome any challenges that may be faced is not concrete as well and there may be multiple variations of strategies from startup to startup. The only true obstacle for young innovators is being ready to step up to their challenges.
-Salar Riar, Board Chairman/Founder LYEF