Updated: Sep 15
Who said the life of an entrepreneur is just a bed of roses?
Gaining financial independence and freedom from the shackles of a 9-5 desk job has become a sweet dream for many.
But roses have thorns, and they prick!
It is going to be a roller coaster ride. Just remember! Only the fittest can survive during their struggle for existence.
Wear your not-so-favorite hats!
Even though the journey of an entrepreneur starts with the Brilliant Idea, the road ahead will be filled with turbulence.
You thought getting the business idea was tough? Unfortunately, that’s just the tip of the iceberg.
As a visionary, formulation of tech ideas should be the least of your concern. However, you have to sport different hats and cater to responsibilities that you might not enjoy often.
Staying focused and keeping one watchful eye open to changing trends might get you to your ultimate destination.
Here, we have identified some of the biggest problems you can face at the beginning or during your entrepreneurial journey.
4 Biggest Problems Faced by Young Entrepreneurs Today!
1. The journey starts with the Biggest Fear - Self Doubt!
“Are you sure this idea will work?”
“What if that idea doesn’t take off as you envisioned?”
“Are you willing to give up the comfort of a steady paycheck for a start-up that has a failure rate of 99%?”
Do these statements raise your eyebrows? Do they make you go back to the drawing board? Well, if you ever announce your plans to quit a regular job and start a company, you will likely hear these statements.
Families, friends, and your well-wishers want the best for you! But, what they don’t realize is that they are unknowingly feeding doubts inside your head.
This works as a slow poison triggering self-doubt in you.
If you easily give in to such doubts at the initial stage, then entrepreneurship is not your cup of tea. So you unpack your box of belongings and return to your desk job.
If you are up for the challenge, then there are a few tricks that might help -
Read and only read - Not just about other entrepreneurs but articles related to your tech idea as well.
Do your homework - Just reading and forgetting everything won’t help. Instead, take notes and increase your brain’s database.
Challenge yourself - Instead of discussing your idea with someone else, play the devil’s advocate yourself. Question your vision, your concept, find solutions, and prepare notes.
Two heads are better than one - No, we are not suggesting you consult your family but those who share your vision of making a difference. At the same time, you have to sound convincing. Together, you can build an empire. After all, building a strong network will help in your journey.
Perseverance is the Key - If you don’t have it, you are never going to Win!
In Steve Jobs’ words, the thing that separates successful entrepreneurs from unsuccessful ones is pure perseverance.
The burning flame and complete determination to rise and continue every time you fail are what perseverance is all about. If you let those failures stop you, then you seriously don’t have that X-factor to become the owner of your business—Why?
It’s because there will be multiple failures before you achieve one success.
Just imagine! When you were an employee, all you did was follow orders. Yes! Life was simple, but where was your freedom?
Now, being the owner of your venture, it is you who is calling the shots.
Scary, indeed! But, that fear cannot undermine the perks of spearheading your business.
Obviously, with great power comes great responsibilities:the responsibility of raising capital, hiring the right people, the responsibility of taking responsibility for your team, establishing your brand, and so on…
You will make mistakes, hire wrong people, fail to raise enough capital, falter at finding investors, and so on. These challenges will always be there.
However, the success of your idea will depend on how you can handle failures, what you learn from past mistakes, how you can turn challenges into opportunities, and so on…
2. Can you handle criticisms?
Not many of us can!
Every entrepreneur or every successful person must be ready to face their critics with a positive attitude.
Don’t allow such criticisms to foster self-doubt in you. Instead, try to see them as an opportunity for improvement. So, start practicing the art of handling criticisms.
You can start by -
Focusing on the key points in their statements. Rest, you can ignore!
Keep up the right attitude. Don’t go ballistic! Stay calm, accept every word maturely, and thank them for the feedback.
Use those words as fuel. Accept the fact that every person is entitled to his/her opinion. Showing your horns to them will backfire. Instead, use their words as fuel to work on the mistakes and prove them wrong.
Stay open to feedback always. As we said, you can learn a lot from them.
3. Finding a Tech Idea is Hard, Executing the Idea is Harder
“Atychiphobia” or the fear of failure will always prevent you from trying harder. So be prepared because this fear will follow you like an inseparable shadow.
That fear will prevent you from executing your plans. Afterall, the ideation stage for an entrepreneur is the easiest part of his job. Executing the idea is hard.
So many entrepreneurs fail because they cannot execute their plan after facing multiple obstacles and failures.
You don’t want to fall in that category.
Your constant determination and willingness to learn will get you through. Networking with the right kind of people can make all the difference in your journey.
4. And, last but not least - Never Give Up!
The recent turbulent days of the pandemic have witnessed an upsurge of tech entrepreneurs. But, who wins the competitive race depends entirely on their resilience and determination to overcome the mentioned problems.
Those who survive the initial tide will last longer. You can also be one of the winners. Subscribe to our list and catch your daily drip of tech. We will teach you how to rise up and above all the challenges and become an entrepreneur of your dream company.
Are you ready for the challenge?