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The Challenges faced by a Young Entrepreneur

A Young Entrepreneur is someone who’s currently into the business of giving and receiving value and juggling this with the responsibilities as a student who is currently at High School or College level, or even a college graduate who wants to become the boss, or even a dropout who has a great sense of self-confidence that he/she can make it even without formal education.

Juggle is the word. Young entrepreneurs have multiple personalities at the same time. We are sometimes a student, a contractor, a supplier, an innovator, a boss, a leader, a client, and the list goes on and on. We make things happen with a lot of determination and non-ending passion.

Considering these, we have faced and will be facing a long list of challenges. In this writeup, I’m sharing with you what I’ve been through and what I think I will still be going through in the next coming years as a young entrepreneur.

Before we hop on the list, perhaps you're a fellow student-entrepreneur at the time of writing, this new vlog will definitely help you with your entrepreneurial journey, too.

To give you an overview, I’m now a 23-year-old entrepreneur who started at 16. Now I’m living independently, paying my own bills, renting an apartment thousand miles away from my family. I’m currently an undergraduate senior student studying Management at the University of the Philippines - Visayas Tacloban College.

Now let’s talk about the elephant in the room. My list of challenges as a young entrepreneur…

1) Academics. Okay, I know I hit this right. There’s a huge chance that you’ve read this blog up to this part because same as me, you’re also a student, whether at an undergraduate or graduate school. I would say before I got serious with my entrepreneurial dreams, I was so academically-inclined. It was like the university library is my haven. I intentionally stuck my head unto books and notes that will prepare me for my classes. But it changed when I got serious with business during the pandemic of 2020. To be honest, there’s no instance that I was not behind my online classes. It’s difficult and since then, I’ve been always wanting for the face-to-face classes to come back. The full-online setup adds power to the procrastinator inside of me, especially that in my university, most of my classes are asynchronous — no teleconferencing, just submission of requirements on a deadline.

2) Finance. I grew up from a financially-challenged family. I don’t have any entrepreneurial background through my family. At first, I was hesitant to becoming serious about business because I don't think I have enough capital — both financial and human. I feel like my knowing of entrepreneurship is not yet ample to start grinding. When I got into the hang of it, I encountered several financial challenges like nearing-zero balance on my bank account, excessive spending because I was not used to buying some expensive things when I was not yet earning on my own, and non-access to various financial products from financial institutions because I don't have yet the credible "credit history," especially that I'm still a student and it was also hard for me to acquire a Taxpayer's Identification Number (TIN) since it's required to be employed first or have a business registered before I can get that.

3) Clients. Even in this generation, there are still a lot of people who thinks being young in business exhibits pre-maturity and incompetence. I admit that sometimes this is true, but with some people, especially in my case, some clients would think I do not deserve a ‘yes’ because I’m inexperienced and if by any chance, they get to say a ‘yes’, they say it with a low-offer. This is why honestly, I never said to the first batch of my freelancing clients that I am still a college student, because I thought ahead that they may downplay me if I do that. They just knew it after we signed the contract. It worked for me, but I know that is not ideal and being transparent with them is essential for relationships to last.

These challenges tested my determination to achieve my entrepreneurial dreams, but these never tempted me to give up. You should feel this way, too. As a young entrepreneur, the list of challenges doesn't go down to just number 3. There are more, and you should prepare yourself to face them.

Have you experienced the same challenges? Do you have new challenges encountered that are not on this list? Share it with a story on Instagram and tag me.

From these challenges, I had the 3 biggest realizations as a young entrepreneur. I share them here.

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