Generation Z should seriously consider investing in their own business. They have more time to grow their wealth, and a startup is one of the best investments they can start learning before diversifying their portfolio. They can use their strengths to get ahead of other business owners. Gen-Zers are self-learners, pragmatic, and find it easy to connect with other people. These are some traits every business owner needs to possess. But like any other entrepreneur, they can face some challenges unique to young business owners.
Mental Health Issues
These days, many Generation Z are depressed, anxious, and stressed out. When one is struggling with mental health issues, it can be hard to make smart business decisions. Remember that when it comes to business, one should have a sound mind. They should not let their emotions do the decision-making. If Gen-Zers don’t address their mental health, they can feel even more depressed and stressed out if their business fails.
Luckily, young people are more vocal about their mental health. Generation Z, along with millennials, are more interested in alternative healthcare. Their willingness to explore non-traditional healthcare makes it easier for them to address mental health issues. If you are a Gen-Zer struggling with mental health issues like depression, you can try home remedies, online mental health apps, and even IV Ketamine Therapy. This way, you can fast track your progress and learn how to enter the business world while addressing your mental health.
Lack of Financial Resources
Gen-Zers are a bit luckier than millennials as they did not exactly experience the financial crisis. But since they are younger, they might not have enough resources to finance their small business. Some Generation Z is still studying; others are working while others are doing both simultaneously. It can be quite tricky for them to finance a small business if they don’t have much savings. How can they start a small business if they are also struggling to pay possible debts like student loans and credit card debts?
One way to address the lack of funds is to start to find multiple sources of income. These days, one needs more than one income source to pay for bills, debts, save money, and invest. The good news is, the younger generation can earn money using multiple strategies. This can include finding a remote job, selling things they no longer need, and looking for a part-time job. You can also consider selling services to loved ones and neighbors like babysitting, dog walking, organizing and cleaning the house, or running other errands.
Other Gen-Zers opted to tutor younger kids on subjects they are good at. Some managed to finance a small startup with their credit cards. You can also consider asking for help from your parents if possible. They can help you raise enough money for a loan’s deposit. A parent can also act as your guarantor if you fail to qualify for the minimum requirements set by your lender.
Inexperience and a Lack of Knowledge
Younger people lack business knowledge and experience. Since many haven’t tried starting a business just yet, it can be quite overwhelming considering one needs capital to invest in a small business. However, Generation Z can use their age to their advantage and free resources on the Internet to gain valuable knowledge.
You can use your love of technology to start learning what you need to start your own company. You can start reading books, blogs, and learn from other business owners who started with zero knowledge but managed to build their business from scratch. Aside from the free advice both online and offline, many successful entrepreneurs are very much willing to share their secrets to youngsters wanting to explore the business world. With the right connections, you can find yourself a mentor and have someone guide you on the right path.
Criticism and Self-doubt
It can be challenging for young business owners to find many people who will applaud their decision to venture into business at such a tender age. You can hear even close relatives, family, and friends choose another path, thinking you made the wrong decision. This can make you think twice about the decision you made. If the business doesn’t take off as early as you expected, this can lead to disappointments and even self-doubt.
You must stay strong and tell yourself not to give up too quickly. Set realistic expectations and work harder and smarter. Remember that even the most successful entrepreneurs these days once doubted themselves after no one believed in them and their business. Stop overthinking about what others think and start focusing on your business.
Don’t think that you are way too young to start a business. You might face tons of challenges, but with hard work and perseverance, you can experience success. Don’t let these challenges stop you from entering the business world.