The Challenges of Young Entrepreneurs in 2020

As a young businessman, starting a business is not a walk in the park. It has unique challenges, no matter how early you start. You have read about the success stories of other young CEOs and strive to be one of them. 
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Here are the three biggest challenges that a young entrepreneur could face:

1. Dealing With The Stereotypes Of Your Generation Or Age
   Generations could divide businesses and consumers. This clearly shows that generational division still exists. Let us face the fact that some people of the older age tend to look at Millennials as happy-go-lucky, entitled, or even lazy. 
   
   As much as these can be offensive, it is good to bear these words in mind. Do not let these assumptions control the way you run your business. Act accordingly with the best you have. Do your research and enhance your knowledge, so you are always equipped to do your job. 
   
   
2. More Problems With Less Money
   One struggle a young businessman faces is the competition of more prominent, more established companies. Usually, until a business has reached maturity, it is unlikely for it to afford to invest in equipment to help increase its production.
   
   Some young entrepreneurs expect a return of their investment in a shorter time. The solution is always to set realistic goals for your business. This is regardless of how intimidating the figures are being dropped by famous personalities claiming the effectiveness of earning vast amounts via social networking platforms.
   
   Patience is also an essential one must possess when doing a startup. It is imperative to be resilient and receptive to challenges and learnings that go hand in hand in both failures and small successes. Your business goals do not get attained overnight, so one must be willing to get up, show up, and never give up. Every day.
   
   
3. Identifying Your Market
   Finding a potential customer may be a challenge for young entrepreneurs, especially when you find yourself wondering whether or not you are a good fit for your customer’s wants and needs.
   
   One scenario would be a student with skills in designing websites that will most likely want to work with businesses that require a catchy website design to pique its customers’ attention. These potential clients are bound to be older business leaders, have more money, more experienced, and a different lifestyle.
   
   So how do you find that common denominator that will help entice customers? Be human. Get to know who your market is. Identify what the potential issues are they encounter and how your business can contribute to finding a fix for these problems.

It is never what you see on the ‘gram. Starting up is not glamorous; it takes hard work, determination, will, and an open mind to opinions from people who can see things from the outside. 

Young entrepreneurs may quickly overcome these struggles through the following:

• Study about entrepreneurship
• Set a realistic glide path
• Identifying who to market your product to

As early as the business first starting, bear in mind that as much as you cultivate it, you have to protect it. Do your research for a reputable business insurance provider and make sure that your business is safeguarded. 

At Rick Case Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (405) 722-5556 or Click Here to request a free quote.