As young entrepreneur what are those unique challenges I am likely to face in the contemporary business environment? Aside the capital which I have been able to raise a modest amount as start-up.
This was a question sent to me by my young cousin. I felt I should bring it here to draw broader ideas from different minds before getting back to him with words. Feel free to share your honest ideas and experiences.
The thing is, since he has the idea of starting a business, he should just go on and start it, first we don't know the kind of business he wants to embark upon, so it will be hard go give a direct explanation on the kind of challenges he might face, however upon starting the business, he will face the challenges and know how to overcome it, but he shouldn't have the mentality of thinking he won't face challenges. More so, for a contemporary business environment, what he should look out for, are the weak points of his competitors, those things he thinks they don't have and make provision for them, so he can have an edge.
Actually it's same thing I thought of at the reception of the message at first because making it obviously specific about the business he has in mind to venture into would have given me a better insight but when I paid attention to the phrase "unique challenges", I had to conclude he's asking about those challenges peculiar to newly created business generally.