What are the pros and cons of business to young entrepreneurs?
Entrepreneurship comes with all highs and lows and one cannot be certain of this journey. With all the market uncertainties and changing state of consumers, international, domestic and political situation there are a lot of risk involved for the young entrepreneur. However, one cannot overlook the advantages that being young entrepreneur you will be getting.
Here, young entrepreneurs are taken into consideration in terms of age and not in terms of entry into the industry.
Much less to lose
If you are young and just got into business then your capital investment is already and low and you haven’t risked a lot to lose it all. The good thing is you are skeptic and any kind of loss will be a lesson for you to learn from.
A young entrepreneur has more time to allocate to the business rather than the ones who have families and other responsibilities and pressure from home. They are able to allocate time as much as possible and are usually high on energy to work more.
When you are young, it is highly recommended that you hire younger employees so that there is matching up of energy and thinking pattern. When you hire younger employees, you will have to pay them lesser as they have also just entered the industry as service providers like you.
Better grasping capability
When you are young, you have the capability of learning better and the grasping power is also high. A young talent is appreciated everywhere. When you are young, you can be more innovative as you understand technology and may have seen more of the world than the ones who work in traditional pattern.
Now let us look at some of the disadvantages that you are going to face upon entering the industry:
Lack of experience
As a young entrepreneur you are going to lack the necessary skill required to run the business and understand the market. This lack of experience may work against you if you are not guided by an experienced mind at the office. Here, hiring only the young employees may not be the right idea. It is necessary to keep at last one person in the management who is well experienced and can provide mature advice. To have management tips you can contact business consultants
When you are young and try to make rules for yourself then there is quite the chance that you are going to lose the work ethics and the discipline that is required to make the business work. Employees need to be disciplined. Often the young entrepreneurs lack the required work ethics.
As I have said in the above paragraphs that if you may lack the experience in industry then this will also result in management issues. Managing the employees and other works require stability and management skills. Managers can be hired but until you have some of it in you, it is going to be difficult to function. Here, business consultants may help you.
Contacts and Contracts
If you have just entered the industry and you are young by age, these are the two problems that you are going to face. Contacts are building up with time and young entrepreneurs often have to try very hard to build it up. When you have developed good contacts it leads to different contracts. One can say that both are related and one leads to other. Though, there may be numerous exceptions.
Lesser Trust from Consumers
When you are young, people tend to think you are not worth it. They may not trust your skill and buy the products and services that you are selling.