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The main challenge that all entrepreneurs face is to get their business funded. Older business owners have the advantages of a history of good credit and years of networking under their belt, making it easy to find investors and secure loans and contracts. The younger entrepreneur does not yet have these resources.
Being young at the same time brings a unique set of challenges to the table, ones that your older counterparts may not have to deal with. Stereotypes of the young and attitudes about how young people should behave have a way of tripping up the unwary business owner.
One of the most important parts of any healthy lifestyle, though, is a willingness to learn from those who’ve already been around for a bit. It seems like a good place to start. You might notice there’s a bit of a variety, almost as if one lifestyle doesn’t fit all...
| Challenge | Detail |
|---|---|
| Financial Issues | The younger entrepreneur does not yet have these resources. You may be paying off your student loans, reducing your liquid capital. You don't have a network developed over years, so it may be more difficult to gain the interest of investor |
| Age Stereotypes | Don't let the ageism get to you. Behave professionally at all times, and treat others fairly. Eventually you will gain a reputation for maturity and be considered worthy of trust and respect by the older set |
| Criticism | Older business people can have a lot of great lessons to teach, but learn to put aside unhelpful comments and self-aggrandizing "advice." Allow the positive to take precedence and don't waste your time on negative influences. |
| Social Rejection | Luckily, there are other young entrepreneurs out there who are in the same predicament. Attend meet-ups where you can support one another's goals and values. Co-working spaces are a great place to network and keep up with your work at the same time |
| Stress and Self-Doubt | Unlike an employee at traditional job, you are directly responsible for making the business profitable. There's no larger company structure to provide a cushion for when things go sour. And in the early days, taking a vacation means taking time away from growing your business. |
| Finding customers | Your marketing budget isn't able to reach as wide an audience as a multinational conglomerate. People tend to stick with well-known brands and companies that they're already familiar with. |