Challenges Experience and Goals Keys to Entrepreneurship Challenges

Challenges • Young entrepreneurs encounter many challenges when starting a new venture. • The

Challenges • Young entrepreneurs are viewed with caution by more experienced businesspeople. • Young

Challenges • Obtaining suitable financing often requires people to complete a great deal of

Value of Experience • Working part time or full time in a related industry

Setting Goals • Goals should always follow the SMART principle: ▫ ▫ ▫ SIMPLE

Setting Goals • Simple ▫ Goals should be stated simply and written down. ▫

Setting Goals • Timely ▫ Setting target dates for achieving your goals will help

Setting Goals • In addition to being SMART, your goals must also be worthwhile.

Slides: 9

Download presentation

Challenges, Experience, and Goals Keys to Entrepreneurship

Challenges • Young entrepreneurs encounter many challenges when starting a new venture. • The greatest challenge facing young entrepreneurs is the lack of experience and knowledge they bring to a venture.

Challenges • Young entrepreneurs are viewed with caution by more experienced businesspeople. • Young entrepreneurs typically have no credit history, no collateral, and no track record of paying off debt.

Challenges • Obtaining suitable financing often requires people to complete a great deal of administrative work, commonly called red tape. • There are many business start-up programs available to help young entrepreneurs manoeuvre through the red tape. These programs are called Business Incubators.

Value of Experience • Working part time or full time in a related industry to your venture will give you the opportunity to: �Learn about the infrastructure �Develop a positive reputation in the industry �Build a network of contacts �Earn money you can save for the future �Learn firsthand about the industry

Setting Goals • Goals should always follow the SMART principle: ▫ ▫ ▫ SIMPLE MEASURABLE ACHIEVABLE REALISTIC TIMELY

Setting Goals • Simple ▫ Goals should be stated simply and written down. ▫ Your written list of goals serves as a reminder of where you are headed. • Measurable ▫ If your goal is measurable, then it is easy to tell if you have achieved it. • Achievable and Realistic ▫ Make sure you have the resources to achieve your stated objective. Goals should be challenging enough to require effort, but not too challenging that they are impossible.

Setting Goals • Timely ▫ Setting target dates for achieving your goals will help you get started and progress steadily.

Setting Goals • In addition to being SMART, your goals must also be worthwhile. • You need to ask yourself: “Is this achievement important to me? ”. • If the answer is yes, pursue it wholeheartedly. • If the answer is no, take some time to reflect on why you’re pursuing it.