Challenges Experience and Goals Keys to Entrepreneurship Challenges
- Slides: 12
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 • Part time and summer work, volunteer opportunities, and school leadership positions offer young people opportunities to develop enterprising and entrepreneurial skills.
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 • A goal is the purpose of your work. • You might think of these small steps as steppingstones and milestones. • Steppingstones can be achieved in a relatively short time. • Milestones are significant events. Usually, a series of steppingstones.
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.
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