Rise Of New Generation Of Entrepreneurs

As the new era of business emerges, we see many youngsters diving into the world of entrepreneurship. From starting clothing businesses and restaurants to running their own workshops, their entrepreneurial ventures are expanding like never before. Foolish yet determined, the young generation wants to be successful but often lacks a clear vision. While a business journey presents countless opportunities, it also comes with its fair share of challenges. This article seeks to explore the possibilities, obstacles, and strategies to help young entrepreneurs on their journeys.  

Starting early

Starting your journey early is always beneficial, especially in a country like Nepal, where multiple opportunities are constantly growing. By taking advantage of globalisation and technological advancements, young entrepreneurs can bring progress to various sectors such as agriculture, transportation, technology, and more. For instance, Biswas Dhakal founded F1Soft International Pvt. Ltd. in 2004 while in his freshman year at Nepal College of Information Technology and has been instrumental in revolutionising Nepal's fintech landscape. 

Starting early allows you to build a solid foundation, create a strong network, develop skills, and learn from failures. With the increasing opportunities in Nepal, now is the perfect time to bring your ideas into reality. In short, the early bird catches the worm. The journey of starting early comes with its own obstacles. The biggest challenge young entrepreneurs face is a lack of funding. In fact, financial constraints prevent many young entrepreneurs from pursuing their dreams. 

While a lack of capital is a challenge for young entrepreneurs, I personally believe that inexperience is the biggest problem. Lack of experience often leads to costly mistakes, ineffective decision-making, and difficulties in sustaining a business. For instance, inspired by Daraz, young entrepreneurs have launched their own online stores without fully understanding market complexities, resulting in dissatisfied customers. While passion is essential, inexperience can cause significant trouble on their journeys.  

First of all, the key to overcoming your biggest challenge is to think of money as a tool. You shouldn't let money control you; rather, you should be the one controlling money. What you should focus on is your idea. If you are able to pitch your idea and convince others, you can easily manage funds. When you have a great idea, funds will start finding their way to you. On the other hand, having too much money without a proper idea can lead to failure. Inexperienced entrepreneurs may end up spending money carelessly, leading to expensive blunders. Hence, it is better to start small with a clear purpose in mind.

Moving on, my next suggestion to young entrepreneurs is to learn. You will make plenty of mistakes on your journey, and you can learn from them. Additionally, we live in a technologically advanced world, with the knowledge of the universe at our fingertips. You must use this to the fullest because having information is the greatest wealth in today's world. Another important aspect is that you must accept rejection as well, because a "no" can teach you much more than a "yes" can.

Unique and unconventional

My final advice is to be unique and unconventional. One way you can achieve this is by focusing on the problem and not the product. We can take the example of Nike. It initially focused on producing shoes for track runners, but now it has become much more than that. The bottom line is to think narrowly and concentrate on a problem. You must become a problem solver. You need to think outside the box and bring innovative ideas to the table because that is what an entrepreneur is meant to do.

Venturing into the world of business at a young age is a bold move. With the right mindset and preparation, youngsters can achieve success in the business realm. As the younger generation embarks on their entrepreneurship journey, we must support them. We can listen to their ideas and offer suggestions. Additionally, the government can initiate campaigns for aspiring entrepreneurs. These young entrepreneurs are the future of our nation. Nurturing them and supporting their dreams should be our responsibility.

(The writer is a freelancer.)