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.
Competition will be a challenge that may be difficult to overcome because most new businesses will find it quite difficult to keep up with existing businesses. Moreover, they already have subscribers so it will be much easier to grow while those who are just starting out have to find buyers so that the business we are running can grow.
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.
Before starting, you should do some small surveys about the interest in the business in the place you want to open and to what extent the local community needs the business you want to develop. Thus, it will be much easier for you to calculate the success rate in the business. Most people make mistakes in building a business and they do not see the needs of local people so that sometimes the business they run is not on target, until finally the business is unable to grow.
The idea of developing a business is easy but we will have difficulty when we want to develop it and every plan that we have prepared well in the promotion will not necessarily run smoothly. Not to mention talking about competition with businesses that have already developed and that will be a big challenge for novice businessmen.