An entrepreneur is the person who starts his own business, manages risk and every other thing on his own and enjoys the reward. Most of the successful businessmen who own their own business are entrepreneurs. In present days entrepreneurship is gaining so much popularity that a large number of people, most of the people are from the young generation, are becoming very much interested in entrepreneurship and becoming entrepreneurs. But due to some problems many of them are failing to do it successfully and giving up their business and entrepreneurship.
There are a lot of problems which young entrepreneurs have to deal with. For example lack of support from family, lack of skills to maintain the business, lack of experience in management, less amount of start-up capital, age of the young people etc.
Even in this era, most of the families don’t support that their children would come out of the comfort zone and start their own start-up or business, rather they want their children to do regular jobs and lead a very comfortable life like others. The young entrepreneurs start their start-ups with so much excitement but most of them don’t have the required knowledge that they need to carry on the business. Management skill is another thing which is very much important for a business. If you can’t manage the problems, risks and other difficulties related to the business, then you won’t be able to carry on the business properly and become successful. Another big problems are the start-up capital and the age of the entrepreneurs. As they are from the young generation, may be they are just starting their career with their start-up, so naturally they won’t have that big amount of capital for their business. Most of the people, bank or agencies wouldn’t trust them to invest in their company. They would think that they are entrepreneurs with young ages, almost zero experience and may be with a little skill, which is very true. So, they would find the young entrepreneurs less trustworthy to return them the amount they are investing with profit. Because of these problems many entrepreneurs lose their interest on entrepreneurship and many of them give up their way.
This problem can be solved. Yes, this can be solved my taking some necessary steps, by applying some short term support systems for the young entrepreneurs.
- Online loans to entrepreneurs can be very supportive to them. They will need a minimum requirement to get themselves applicable for the loans. Thus a huge financial problem can be solved for the young entrepreneurs.
- There are multiple grant options available in the market. These are very much appropriate for the new entrepreneurs, especially for the young people. But writing a grant is not quite an easy job. So, skills will be needed and after that these grants will be welcomed by a lot of people because there are still a lot of people in our society who like to see the young bloods doing something new or innovative and to make good for the society.
- Bank loans are the most traditional and classical financial option for the businessmen. Though these loans and opportunities are mostly kept reserved for the established businesses only, if this can become more available for the new and young entrepreneurs, then it will be very advantageous for them to carry on their business.
- Many of us know about venture capital. Venture capital (VC) is actually a type of private equity and a type of financing system that investors provide to entrepreneurs and small businesses or SMEs that are believed to have a productive capability and ability to survive in the market. It generally comes from rich investors, banks, and any other financial institutions or agencies. If this venture capital can be made more frequent and easily accessible for the young entrepreneurs, then it will be a great support system to them.
- As we discussed earlier, many of the young entrepreneurs give up their businesses for the lack of necessary skills to carry on and maintain their company. So, for this purpose different workshops, training sessions etc can be arranged by the Government and some private agencies or NGOs. This will help the young entrepreneurs to gain experience and gather skills. These training program will be a real support system for them
- In the modern world, when everything is dependent on ICT and its advantages, it can be introduced to entrepreneurship also. It will surely make a positive impact to the growth of business and with its help the productivity can be increased.
These are some of the short term systems that can be taken. There are a lot of other systems which can be helpful. These systems should be introduced more for the betterment of the young entrepreneurs. Only these systems can help to secure the young entrepreneurs from giving up their business. When these systems will be more frequent and easily accessible, more people will be interested in making their career as an entrepreneur.