by Omoigui Osasogie
Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business which typically begins as a small business such as start-up company offering a product or service for sale. Funding is the major problem most young entrepreneurs face. I mean, it’s easy to find a teenager or youth with ideas. Teenagers/Youths have to go through the stage of convincing their parents or guardian to support them or getting the funds themselves. It’s hard sometimes to convince someone to believe in you and invest in your dreams asides education.
Many young entrepreneurs are good at starting a business but fail in running them. This is very true of many entrepreneurs, but you know, many entrepreneurs think that they have an obligation to run their businesses and become a great manager. 90% will never be great managers; they shouldn’t even try too much stress on everyone! The solution: Help the entrepreneur to set a “sell date” right now, so they know they’re getting out and when! This relieves some of the pressure and also forces the entrepreneur to create a sellable company vs one that is just a monument to their ego (and I mean this lovingly). It’s essential that you and the entrepreneur get that there’s no reason an entrepreneur can’t start and sell 25 businesses. Selling is not failure; it’s good business and lets the entrepreneur play instead of being saddled with responsibilities and accountabilities that they just don’t want, but feel that they should have. Help the entrepreneur to “get” that they’d really rather NOT run their business and that they prefer to start new ones. This will turn a perceived weakness into a profitable strength.
To be a successful entrepreneur is a process. It is advisable most times to start up a business that has a realistic budget. That way, your family or friends would be willing to help or you can even raise the budget yourself. With time, the business can grow to a level when you can seek the assistance of investors. Teenagers & Youths should be passionate about whatever career they venture into because if the passion is not there, they might be frustrated when the profit is not forthcoming. Entrepreneurs can actually develop the competence to grow a business and become sensitive to opportunities. Entrepreneurs also face the challenge of employing the right people. People who can stand in whenever they’re unavailable. On an entrepreneurs road to success, he/she must learn to separate business from pleasure. Entrepreneurship begets discipline. To become a successful entrepreneur is to acquire the right training or competence and have the quest to pursue excellence. As a young entrepreneur, you have to believe in yourself. You also have to believe in the future. Ask questions like, How can I impact my world positively? Never stop believing in yourself. Winners aren’t quitters. Being an entrepreneur at such young age takes part of your fun but the hard work pays off someday. Some of the challenges are basically what marketers go through. Challenges such as; how to communicate with people, putting your business out for people, security and power situations. Despite all challenges, one has to be focused and keep trying for breakthroughs to happen. Also, it’s important for young entrepreneurs to seek advice(s) from the successful entrepreneurs or mentors. know the right path to go on. Entrepreneurs are encouraged to think outside the box.
Osagie enjoys copywriting and content marketing. She has keen interest in writing fashion and lifestyle topics.
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