Two reasons why most young entrepreneurs never start
For the last four weeks I have been running my first online group coaching programme - 'From Student to CEO'. The women on the course have been amazing - they're so engaging, excited about their futures and bubbling over with ideas. They have made me learn so much more about a world which I thought I knew a lot about.
I graduated from last degree in December 2018, which isn't that long ago at all. I remember vividly how it feels to be fresh out of education, with no idea what to do with your life and what feels like a lot of expectation your shoulders to make a decision.
I never considered myself as a young entrepreneur - or an entrepreneur at all to be honest. I never grew up with a burning desire to own a business, I wasn't the kid in school selling the sweet shop goodies for a profit or engineering something in the background.
Is this the case for a lot of other business owners? I am not too sure, but I imagine so.
So I decided to launch my coaching course to help people who felt just like I did. Throughout the last four weeks these two themes which have been recurring and I believe these are the reasons a lot of young people don't start.
1. Fear/Imposter Syndrome
Fear of judgement, people not taking them seriously, lacking in experience, lacking in confidence in themselves - I have heard these a lot over the last four weeks and they are understandable. But I think of it this way, I believe being a young person is the best time to take a risk and start your own company as this is a period in your life when you normally have less responsibilities, less to ‘lose’ and hence less to worry about if it goes wrong. Plus, if things don't work out or you don't like the business owner life, It will show ambition to those around you or future employers.
2. Not knowing what to do
I think a lot of people believe that to run a business you are born with multiple ideas and that it has been a lifelong dream - fake news. I started a business because I was freelancing doing tasks I enjoyed doing and it snowballed. You don’t have to have all these ideas - just an idea of what you enjoy doing, a good work ethic and the ‘need’ for your service. Don't stress so much about having a business plan good enough to get past Lord Sugar - think about the tasks you enjoy doing and are good at and go from there.
In December I will be running From Student to CEO again - I already have 1 person signed up, meaning there at 5 slots remaining. If you have any questions, then feel free to get in touch and we can have a chat about the course and how it could be beneficial for you.
On that note, I am off to deliver our weekly From Student to CEO Zoom call!