(BPT) – If you’re seeking a purposeful and rewarding career that allows you complete freedom to make your own decisions, you may have thought about becoming an entrepreneur.
Those who are interested often wonder the best time to become an entrepreneur. According to a recent survey commissioned by Herbalife Nutrition and conducted by OnePoll, the best time might be right before you hit the big 3-0, around 28 years old.
Some people say there are barriers keeping them from quitting their 9-to-5 and reaching their full potential. Fortunately, you can push through those barriers with the right strategies and mindset.
Breaking down the barriers
Entrepreneurs can encounter numerous difficulties when they embark on a new venture. The survey found that 63% of millennials and Gen Zers believe their generations face unique challenges when they try to start their own business, compared to older generations. However, with some hard work, perseverance and a little luck, many young entrepreneurs have created sustainable businesses that allow them to live life on their terms.
If you’re looking to become an entrepreneur, here are some of the barriers you may face and how you might solve them:
1. Being judged for your age
Some people debate whether age is a barrier to entrepreneurial success. More than half of respondents were concerned people wouldn’t take them seriously because of their young age.
Others said that their youth gives them a competitive advantage, claiming it could make them better at adapting to new technology and exploring fresh ideas.
Business success can depend on various factors, and age will only get in your way if you let it. The younger you are, the more energy and passion you can bring to your venture. Younger people also have a better ability to rebound after a setback, according to Business Insider.
“If working with entrepreneurs over the past 41 years has taught us anything, it’s that regardless of your age, the difference between success and failure is often good business fundamentals, the willingness to learn, adapt and work hard, and find a passion for your work,” said John DeSimone, president of Herbalife Nutrition. “There’s no time like the present.”
2. A lack of finances
No matter how dynamic or big your idea is, it’s hard to turn it into a business without money. Forty-three percent of respondents said a lack of start-up funds held them back from becoming an entrepreneur.
If you’re recently out of school or just starting out in your career, you may not have a lot of extra cash on hand. That’s especially true if you’re not making much money in your current job or are still paying off student loans.
Starting a business can be expensive, but that doesn’t mean you need to have the funds up-front to make it happen. Do your research because some organizations offer low start-up costs, so you can get the products, materials and resources you need to start your business on a low budget.
Be careful about going into debt to open a business, and don’t do that if you don’t have to. Make sure to think through a business plan to understand when you can realistically expect to turn a profit and how much expense you can tolerate.
3. Feeling overwhelmed
The survey also found that 31% of new entrepreneurs get overwhelmed when starting a business. It’s clear why: They often have a lot to do and a lot to think about the moment they decide to hit the ground running. Some end up getting so overwhelmed that they just quit altogether.
You can overcome the overwhelm of starting a business by taking care of yourself, writing down your objectives, and keeping your focus on the process, not the outcome.
Learning to ignore the naysayers and negative thoughts is also important. Surrounding yourself with people who can help support you through the ups and downs is also crucial.
“As young entrepreneurs learn how to manage the daily rigors of starting their own business, it’s imperative to surround themselves with a supportive community including mentors and those who will continuously push them to the next level,” DeSimone said.
Paving the path toward success
Starting a business is hard work, but with a bit of grit, perseverance and luck, you can create a venture that’s profitable and fits your lifestyle.
Don’t let these 3 obstacles hold you back from career autonomy
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