Even amid an evolving business landscape, one thing remains the same, especially as an entrepreneur – you’ve got to be adaptable. This becomes especially important when you’re brand new to the business landscape. However, a new entrepreneur has emerged amidst evolving technologies and market dynamics.
In today’s business world, young entrepreneurs quickly become noteworthy business people, characterised by their digital fluency and innovative ideas. However, despite their unique advantages, they often face challenges and roadblocks due to their limited experience.
Navigating being a young entrepreneur and business owner
Young entrepreneurs under 35 have increased over the past few years. This is primarily attributed to the rise of social media and the internet, making it easier for young people to connect, start and market a business. The increase of younger entrepreneurs is also much needed to stimulate economic growth, bringing new ideas, energy, and innovation. Yet, even with the rise of young entrepreneurs, it still tends to get lonely, with 60% of people who start small businesses between the ages of 40 and 60. In fact, millennial business owners operated only 12% of all companies.
So, in a niche role, one can expect niche challenges and obstacles, one of them being grappling with a lack of experience that comes with years in the industry.
Finding the right balance
Even with a great digital advantage, the entrepreneurial landscape can feel daunting, even for someone with years of industry experience. So, here’s how to overcome some of the toughest challenges as a young entrepreneur, embrace your advantages, and leverage the opportunities they bring.
Leverage technology to amplify your expertise
Your willingness to learn (and learn quickly) is one of your greatest assets. You’ve got tech down to a t; now, use it to fill in some of the gaps you may have regarding your industry experience. Fortunately, you’re doing business at a time when knowledge and expertise are abundant. Use your digital skills to embrace tools and platforms that streamline operations and allow you to reach a wider audience. This also, in turn, frees up your plate so you can focus on running your business instead of playing catch-up on manual tasks.
Industry-specific solutions such as data and analytics and automation tools can give you the upper hand and allow you valuable insights and recommendations that many business owners can only gauge after doing business research for a few years.
Prioritise continuous learning
You haven’t arrived yet, but that’s the beauty of the journey. As a young entrepreneur, you have the advantage of being open to new learning opportunities. You’re a blank canvas, and although you ultimately need to rely on your judgement, it’s essential to stay in the loop with industry trends, emerging technologies, and business strategies. Do this by engaging in online courses, workshops, and webinars to enhance your knowledge base.
Stay connected (offline too)
Never underestimate the power of mentorship and networking. When starting as a solo entrepreneur, staying connected with industry experts who can offer guidance and insights is essential. Be sure to attend networking events and additional opportunities from those who have navigated similar challenges that can help bridge the experience gap.
Manage the gap with Commspace
Experience shouldn’t stand in the way of being able to manage your commission and fees. Beautifully. At Commspace, we help independent financial advisers manage, track, split, and analyse their revenue in one ultimate solution – regardless of your experience level. We capture and collate all your commission and fee statements into one platform, generating insightful and powerful yet easy-to-understand analytics.
Ready to boost business, even as a newbie? Book a demo here.