Exciting times for young entrepreneurs
Being a young entrepreneur has its challenges. I remember being one myself, several decades ago. As a teenager, I found the prospect of building my own business to be exciting; made even more so by the thought of doing it without the inherent advantages of being born into a family of businessmen.
These thoughts are front and center to me lately because all systems are go for Go Negosyo’s Youthpreneur event this Saturday. Several schools will be participating and sending over their senior high school students to come and learn from the veteran entrepreneurs who will be there to mentor them.
Speaking from experience, being an entrepreneur at a young age can be an exciting and fulfilling journey. But it does have its challenges.
Unlike older, more established businessmen, young entrepreneurs can be disadvantaged by their limited track record, lack of established networks, and fewer resources. And then there’s the matter of balancing entrepreneurship with the task of completing formal education or building a career in the corporate world.
On the other side of the coin, young upstarts do bring something valuable to the table. Fresh ideas and a strong grasp of digital technology are among the more obvious advantages. To these, I would add their deeper understanding of the Gen Z and younger markets, which is a much sought-after skill given how big this demographic is.
Time can address challenges like the lack of track record and experience. Funding nowadays is not as big a problem as it used to be, given the number of accessible business loans, grants, crowdfunding options, and even venture capital that are available to young entrepreneurs with solid business plans. My opinion is that finding a good mentor might be an even more difficult task.
When embarking on an entrepreneurial journey, the wisdom and guidance of experienced mentors and older professionals are invaluable. Their expertise and insights can provide the support and confidence a young startup needs. Seeking the help of more experienced professionals and industry veterans can help bridge any perceived experience gap and provide access to extensive networks. This collaboration can bring diverse perspectives