Understandably, young business owners face a unique set of challenges as they navigate their business journey. They also have to fill knowledge gaps to cope with the familiar entrepreneurial hurdles cleared daily by the more experienced ownership community.
It’s a steep learning curve. Part one highlighted some the constant pressures young owners are under, but what young business owners can do is take advantage of one of the greatest gifts at their disposal…time.
“I'm glad I [set up a business] young – you've got so many less responsibilities in life. The juggle with, say, having young children and trying to put 100% into a business must be immense,” says Lauren McAuslin, franchise Owner Operator of two McDonald’s branches in New Plymouth and an Owner Manager Programme (OMP) alumni.
“So I'd say, ‘While you're young, go for it’. It’s good to just not know what you don't know, and you're a little less fearless when you're younger, and you've got nothing to lose. It can be a really positive thing for people if they have the support, and the get-up-and-go to do it. But know there will be a lot of sacrifices and just be willing to make them.”
Successful young entrepreneurs bring fresh perspectives, vitality, creativity, and technological expertise to the business world. Young business owners are adaptable and agile – often possessing a greater capacity to shift with change and embrace new trends.
Young entrepreneurs tend to approach problems and challenges with a creative mindset, unencumbered by preconceived notions or established practices. They also bring with them long-term potential – starting a business at a young age provides the opportunity for long-term growth and success.
Young entrepreneurs have more time to learn, make mistakes, and gain valuable experience. Problems that seem insurmountable now can be overcome. They can develop their skills, build strong networks, and accumulate industry knowledge over the years. But while having “time” is a wonderful business asset, it has to be time well spent.
There is bad news… anecdotal evidence tells us young business owners face limited access to capital, struggle to navigate complex regulatory environments, negotiate deals, or make strategic decisions. They have smaller professional networks at hand, which can make it challenging to find mentors, advisors, and potential partners who can provide guidance and support.
They struggle to find a work-life balance, have to deal with self-doubt, and can come up against a brick wall of trust and credibility – making it difficult to gain traction in the market.
For many young entrepreneurs, the family business is their first taste of ownership and requires a high level of preparedness to hit the ground running.
“When you’re taking over or coming into the family business, for example, it’s really important that you pave your own way, and have your own training,” says Kate de Lautour, Customer Growth Partner & Operations Manager at The Icehouse.
“At The Icehouse, we see sons and daughters coming through the ranks who are not trained properly and looking for help. Mum and Dad may have run the business well but, as a new person, you want to run it even better than before. Developing new skills and frameworks gets you prepared for what’s coming.”
Many young owners face a series of contradictions; fearless and indecisive, time-poor but with none of life’s responsibilities, they embrace the latest technologies and digital transformation tools but lack many of the more “traditional” skills required to run a business long-term. They’re also thinking big, but are desperate for training, real-world business learning, and coaching, to help them get there quicker.
“You learn from failures, and you are never going to learn if you do not do it, so just give it a go,” says Mark Le Grove owner of Collision Connect and another OMP alumni.
“One guy I know had just finished OMP. I asked about it and he said it was the best thing he had ever done. Now it is the best thing I have ever done; it took me from a tradesman to a businessman. I could run a workshop before, now I can run a business.”
“As well as business learning, the conversation often comes around to mentoring,” explains Kim Hill, Icehouse coach and Emerging Leaders Programme facilitator. “Younger owners want a stable sounding board – affirmation from trusted and knowledgeable advisors.
“They want advice from someone who really cares about their business, who isn’t weighted by an agenda of specific outcomes, who is a straight-talker but can also provide a safe space and who has got their back. Coaching is one of the smartest ways a young owner can use their time.”
When you’re time-poor, finding more time can seem an impossible dream, but investing in yourself, doing it now, maximising opportunities and exploiting the massive advantages you have might mean never having to say, ‘I wish I knew then what I know now.’ Young business owner? It might be the perfect time to know it now.
For information on programmes, workshops and business coaching services from The Icehouse, click here.
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