You’ve got a great idea for a business or new product and you’re ready to take it to the market. But what barriers should you — and every teen entrepreneur — be prepared to face along the way? Here is our list of the top five challenges, plus some expert advice for how to navigate them to a successful launch.
ONE: Time: “Your first job is school so finding the time to devote to a business can be challenging,” advises Dani Ticktin Koplik, principal of dtkResources. “Make sure you really plan your time well – businesses require time and attention – and cut way back on those time suckers (video games, texting, FB, etc).”
TWO: Funding: Raising money for your own project can be challenging in the in the best of times, but in today’s tough climate where funds are tight for just about everyone, getting people to part with their cash calls for getting seriously creative. Check our our top 10 creative fundraising ideas to help you bring in the bucks so you can get on with the really important things, like changing the world:
THREE: Discrimination: “One of the biggest challenges when creating myYearbook was ignoring the people who said we couldn’t do it,” said Catherine Cook, founder of myYearbook.com. “There were so many people in my high school who thought the idea would fail – even before we launched! It was hard to ignore their pessimism, but if you believe in your idea, you can’t let anything hold you back!”
FOUR: Inexperience: Teen entrepreneurs can have a hard time knowing how to best execute on their great ideas. But at Like a Boss, we are all about giving you the tools you need to know how to get a business started, from taking you through the steps of building a business plan to pairing you up with mentors so you can ask for advice. Our hope is that these tools provide you with the confidence you need to launch the idea you love!
FIVE: Burn out: It’s hard to stay committed to launching your project — especially when things aren’t going well and you just want to give up. Every entrepreneur faces some seriously dark moments, so try to keep positive and moving forward. Making sure that you have the tools and discipline you need to take care of your body and deal with stress is one way to help you weather the difficult times!
Remember, we’re here to support you! What problems have encountered on the way to launching your great idea?
- Build a Financial Plan [Business Plan Basics #8] - January 13, 2018
- Overview of the Management Team [Business Plan Basics #7] - January 12, 2018
- Create Your Operations Plan [Business Plan Basics #6] - January 11, 2018
- How To Create a Marketing Plan [Business Plan Basics #5] - January 10, 2018
- Who’s In Your Space? The Competitive Analysis [Business Plan Basics #4] - January 9, 2018
- Know Your People a.k.a. The Market Description [Business Plan Basics #3] - January 8, 2018
- Industry Analysis [Business Plan Basics #2] - January 8, 2018
- Business Plan Basics [Intro: Part B] - January 8, 2018
- Craft Your Business Description [Business Plan Basics #1] - January 8, 2018
- Start Here! Business Plan Basics [Intro: Part A] - January 8, 2018