What are the Challenges that Young Entrepreneurs Face?

From the time, a child can count, they can be an entrepreneur.  All they need is an idea and they are good to go.  What are some of the challenges that they could face though?  All entrepreneurs face various challenges.  Your child’s age brings a degree of creativity and confidence, which experienced entrepreneurs aspire to.  So what could be stopping your entrepreneurs from success?

BALANCING LIFE AND BUILDING A BUSINESS

Building a business takes time, which means it takes your child away from other activities he or she is used to doing.  Our young entrepreneurs are usually so passionate about their ideas that they don’t need to be reminded to work on it, which is great if it is not at the expense of their education.   It is counterproductive for your child to miss school or any work related to it.  The right education will help them develop the skills necessary to be a better entrepreneur.  As a parent, you can help your young entrepreneur overcome this challenge by monitoring how your child spends his or her time, and if necessary help them manage their time better, which is another valuable entrepreneurial skill.  Young Entrepreneurs can also assist them with other helpful skills to ensure that time spent on their business is productive.

KEEPING THEIR STRENGTHS ALIVE

We’ve heard it said and witnessed that with a maturity of age comes wisdom and caution, while the younger generation is passionate and confident but naive.  The two can work together effectively if each is aware of their own strengths and weaknesses.  As a parent, we need to be mindful that questioning every idea our young entrepreneur has or challenging each of their thought processes might be stifling their creativity and reducing their confidence.  Remember that the best way to combat naiveté is through real world experiences so allow them the opportunity to experience the consequence of their decisions, if the impact is obviously not detrimental to them or anybody else.  The wisdom that parents should share is the essential entrepreneurial skills that they need to be successful.  They may end up surprising you and if not, they would have learnt a valuable lesson to prepare them for future decisions.

Young entrepreneurs are challenged to balance life while building a business and remain encouraged to be creative and confident throughout the journey.  More important that anything is to keep it fun. Becoming an entrepreneur is a journey, not a destination in itself. Let us do what we can to help them reach their dreams.