Entrepreneurship can be taken up at any stage in life. It is not necessary that one must begin a company when he is old in order to support his family and materialize his dream. There are instances when youngsters take up entrepreneurship, at the very beginning of their career itself. These youngsters face many obstacles while building a company, and some of the plus and minuses are listed below.
Threats are minimal: A new company and a young entrepreneur have many things in common. The most common, is their carefree nature. Like a child, an initial company is also free of responsibilities. The commitment towards the public is less, and more concentration is given towards building the company.
Budding Ideas: A young entrepreneur gets many new ideas to put into practice. If he turns his ideas into practicality, he creates a distinct place for himself.
Time: A young entrepreneur gets ample time to establish his company, unlike other entrepreneurs who are already there in the league and are on a sprint to catch up with others pace. Their mistakes are widely accepted as they learn from them. So it is ‘OK’ if you are one among those ‘starters’ because you have time to grow, both as an individual and as an organization.
Funding: This is one of the primary tension that lies in the nerves of a young entrepreneur. This is because they lack experience and brand name, due to which they don’t gain the trust of investors or banks.
Lack of Experience: As said earlier, a youngster will be performing his duties on the job for the first time, is very risky at times. He may not know some of the fundamentals involved in running a business and might take longer methods, going wrong completely at times.
Fear of Failure: A startup headed by a youngster, may succumb to failure, at the same time he may not have much of back-end support financially. Therefore, these young guns many not have the courage to withstand such huge financial crisis.
Ready to Explore?: When youngsters begin a venture, they must be ready to accept a different lifestyle, apart from their fellow mates. It may so happen that their friends are going out for dinner late night, and they have to research on some key points for the next morning.