Stop brooding over challenges up ahead, budding entrepreneurs; solutions are at hand

If you look closely, most ‘sudden achievements’ take a lot of time, as Steve Jobs once stated. It takes a lot of commitment to your ambition to become a great entrepreneur, which necessitates both time and financial sacrifices. It might not be easy to give up your weekend hangouts or your nightly Netflix binges but making these sacrifices now is far simpler than waiting till you are older to become wiser

For many people, starting their own business is the ultimate professional objective. However, one will be confronted with quite a few challenges that stand in the way; the most notable ones being a lack of resources and expertise.

According to a study by Small Business Trends, 82% of prosperous business owners said that they had the required training and expertise to manage their enterprise.

One of the challenges that many young entrepreneurs face is the skepticism by the existing and experienced experts in their respective sector. It's common for even potential customers to trust a young, unproven businessperson with their tasks and demands. Yet, being old and having little experience need not be an impassable obstacle.

In this article, we will look at some advices from people who have been there and done that, for young people who are looking to be entrepreneurs.

Discover a market opportunity

This may seem like stating the obvious, but it's really one of the best pieces of advice, which unfortunately are seldom taken at face value, especially given that the most common cause of startup failure is an incorrect assessment of the market needs. It's not about creating something new, but about doing something different when determining a gap that has to be addressed. And although it's crucial that your project be financially successful, it should also be in line with your personal interests. When it comes to creating anything new, it may seem as though you are stuck in the mud, but persistence and some creative thinking could be the breakthrough clincher. You may also come up with an innovative concept by drawing on the knowledge you have gained from your personal experiences.

Understand your target audience

Everyone will never be your audience. Finding the right demographic for your product or service is essential, since there will always be one. You may better serve your target audience by understanding their goals, needs, habits and attitudes through a thorough pre-launch market research.

Build a powerful network

It's critical to acknowledge the value and expertise an individual can provide you and your company, starting from your instructors to your peers. Use all of the networking opportunities available, including conferences, seminars, internships and coffee shop meetings. Just getting to know your peers on a casual basis can develop into a professional working relationship; it need not necessarily take place in a professional context. It is a great mix to surround oneself with a group of people that shares your commitment, professionalism and drive.

Be prepared to make sacrifices

The concept of overnight success is unreal. Even multimillion-dollar firms that seemed to have hit the success chart overnight also toiled for several hours before being noticed as entities and before garnering media attention. If you look closely, most ‘sudden achievements’ take a lot of time, as Steve Jobs once stated. It takes a lot of commitment to your ambition to become a great entrepreneur, which necessitates both time and financial sacrifices. It might not be easy to give up your weekend hangouts or your nightly Netflix binges but making these sacrifices now is far simpler than waiting till you are older to become wiser.

Look for a mentor

You probably don't have all the knowledge and abilities necessary to run a business, as yet. Avoid attempting to make difficult business choices all by yourself. A more productive decision a potential entrepreneur can take is locate a mentor. There is no denying that mentors can guide you ahead and help you take wiser business decisions since they have already travelled the same route. To make these important relationships, make use of alumni networks, conferences and other resources.

It may be exhilarating and difficult to launch your own business. These advices, I am sure, will help you get-off to a solid start in your entrepreneurial adventure, even though you'll definitely face numerous challenges and failures as the journey progresses. Perseverance is the buzzword.

(The writer is Chairman of Global St. Angelo’s Group of Companies)