When starting a business, it’s always wise to start young. You have much of an advantage if you break into the industry with an optimistic perspective, sharp vigor and fewer life responsibilities. These don’t mean you’ll have it easy though. Young entrepreneurs have their fair share of struggles.
Here are some challenges you can expect down the road.
You don’t have the experience yet
Fresh out of college, you probably have little to no experience yet doing business. Sure, you may have been close to the manager of the pizza restaurant you worked for back when you were in college, but what you saw them doing is far from what an actual entrepreneur does. This lack of experience can be downright frustrating and discouraging. Not to mention, scary. Imagine investing your resources on some endeavor you’re not entirely sure how to run.
Here’s a proposition: be a franchisee. Not only will you be able to take advantage of fewer business risks, given the established brand, but also maximize the training opportunities offered by the franchisor. You’ll be able to have a test-run of some sorts before you actually launch. Explore pizza franchise opportunities, as these are very lucrative businesses today.
You’re not taken seriously
Even though there have been plenty of success stories of entrepreneurs starting in their 20s, a lot of the people you’ll be doing business with will still be skeptical of you precisely because of your age. Investors may be a little more hesitant in funding your endeavor. Customers may have some reservations using your products or services. Employees may not look to you as a leader, but merely a boss who pays them. This is the unfortunate reality of coming to business as a young person.
But if you look at it at a different angle, it’s an opportunity to prove yourself. Two things you have to keep in mind as you excel in your field are these: performance and presentation. The former refers to hitting your objectives and delivering the results you promise. The latter refers to looking the part (if you say you’re professional, don’t show up at client meetings in your usual t-shirt-and-sneakers college outfit). Over time, you’d get the respect of the people around you.
You would experience a bad case of FOMO
While your friends are out partying until 2 a.m. or going to exotic beaches, you’re at your home office drafting a business plan or at your restaurant dealing with an angry customer. Over time, you’d feel as if you were robbed of the fun you should experience as a young adult. Or, you might be distracted, lose interest at your business and decide you’d rather get stuck in a 9-6 office job (at least you’ll have the weekend to yourself).
Don’t abandon a worthwhile endeavor to cure a bad case of FOMO. But don’t forget to take a break from time to time from your business also. Go out with your college buddies. Join the happy hour. Travel with them. At the same time, create new connections with fellow entrepreneurs. Find a community who would always remind you of your dream business.
Start your business while you’re young. But don’t be oblivious to the challenges you’d face down the road. Prepare for these obstacles so that you can guard your business early on.