With the advancement in the digital age, more professionals are opting to be entrepreneurs. The surge is, in particular, even higher among millennials who want to be their own bosses. Successful young entrepreneurs are making the most of the digital resources and spearheading to a brighter future. However, the upsurge of entrepreneurs is also being met with many new issues in business, some of which are unprecedented. Here is a look at some of the problems faced by entrepreneurs:
1. Leveraging social media
Social media is one aspect that has led to an increment in the number of entrepreneurs in Australia. However, social media is also a medium that keeps on updating itself. With frequent updates, there are many features that remain untapped. This is one of the major business issues in Australia.
Social media is a medium of direct interaction with customers. Moreover, social media gives a face to the business making it a perceptive entity with which the users can connect. Hence, in order to gain success in business, young professionals need to focus on the digital image of their business.
Moreover, it is imperative in today’s time to be up to date with all new features of social media. It is only by tapping the innovative potential of the same that the businesses can get ahead in the game.
2. Lack of contacts
For any new business to flourish in the industry, a dearth of suitable contacts in the field proves costly. Potential entrepreneurs need to build up a huge and enviable network while in college to stay relevant. Only then they can flourish in the business straight out of college. It is only through relevant contacts that young entrepreneurs reach out to their first clients.
The idea is to manage to create a healthy buzz. This is a massive challenge faced by entrepreneur especially the one who is straight out of college. It is mandatory for the entrepreneurs to keep accounting for their growing network. Young Australian entrepreneurs manage to build a resounding network in college, which keeps their business steady.
3. Going digital
For most tech entrepreneurs, digitizing most aspects is relatively easy. However, entrepreneurs without a technical background struggle with issues like programming and often need to hire a relevant service. This is a huge investment for a professional in Australia at the beginning of their career. It is advisable to avail some education on technical topics while in college. This can be availed through online tutorials or even taking on an assignment that compel them to seek some exposure. Many papers have been written on this major topic and statistics also exhibit the relevance of technical knowledge. It is essential to understand that websites like Australian assignment writing service and other services are available. But even these are easy to use when the client knows some technical know-how. This becomes even more important when the student inspires to become an entrepreneur after graduation.
4. Scaling
Young entrepreneurs are achieving success; however, scaling their business at a higher level still is a major challenge. “Start small” has been a concept for very long, and entrepreneurs are well versed in the same. But the initial success needs to be followed with calculated scaling. Entrepreneurs are not averse to taking risks, and this plays an important role when they plan to scale.
Scaling up means tapping more resources, hiring new individuals, and making use of new software. Successful young entrepreneurs face a crucial challenge of changing various aspects during the scalability, and this becomes a major hurdle. Moreover, the transition needs to be a smooth process for the business to succeed.
5. Funding
Being a young entrepreneur without much credit history, seeking funding can be a major issue. The credibility of the business in the initial stage depends a lot on the background of the entrepreneur. Being a recent graduate sometimes makes it difficult to raise capital. This can be remedied by implementing shareholding. If there are multiple owners, then the easiest way is to pool up to the finances for initial service. An insurmountable business idea or a pitch is imperative to approach banks or investors. Young entrepreneurs also look for entrepreneurial conferences where they can enter competitions to acquire financial help.
6. Keep up with the marketing
With the advancement in the digital age, the face of marketing has also experienced a massive change. Conventional marketing is no longer the only option available to young entrepreneurs. It is one of the current business issues in Australia to understand the most effective way of marketing. With content marketing taking center stage, it is imperative to fabricate an unimpeachable strategy for the business. Moreover, writing a story has changed the landscape of marketing further.
Storytelling is enabling entrepreneurs to come up with custom marketing strategies. AU entrepreneurs need to seek reliable professionals with an innovative and incredulous mindset to come up with some exceptional stories.
7. Cost-cutting
Young entrepreneurs struggle with finance which makes cost-cutting a highly lucrative option. Moreover, this is a skill when mastered at an early stage will pay off even later. With applications like Skype, Dropbox, and other software, a global reach is now much easier. Incorporating these tools in the business also helps young entrepreneurs to connect with people across continents. This not only reduces the office space expense but also gives them the flexibility to work from home. When used effectively, this can also help entrepreneurs save time to focus on their service.
