Meeting the Challenges of Starting Your Own Venture

Meeting the Challenges of Starting Your Own Venture

It's a competitive world, but with the right start, young millennials can make their mark in business.
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Starting a new business can be an exciting but scary experience. If you've never started a new business before, then you will be faced with difficult challenges every step of the way.

These are challenges which might even deter you from wanting to start a business. However, if starting a new business were simple and easy, then everyone would be a self-employed entrepreneur.

It takes a special person with the drive and determination to work through these challenges in order to be successful in their business.

To prepare yourself for these challenges, you must understand what they are first.

Below are the top 7 challenges of starting a new business that you're bound to experience.

Once you know what they are, you'll be ready to move forward and not be surprised by what lies ahead. If you make it through these 7 challenges, the rewards of starting a successful small business will be waiting for you in the end.

Sacrificing Your Job Security

The first challenge that every aspiring entrepreneur goes through is giving up their security - whether it be their paycheck or the routine of employment.

If you depend on this money to pay bills for your own survival, then consider starting a business while working part-time. If you need to work full-time, then spend all your remaining hours working toward starting your business.

Developing Your Business Idea

Entrepreneurs will typically want to start a business because they get some unique idea in their head that they want to market.

Unfortunately, many of them fail at developing this idea into an attractive product or service for consumers.

As an aspiring entrepreneur, you need to figure out how your idea can solve other people's problems. Once you figure this out, turn this concept into your own product or service that people can use to solve those problems.

Within the scope of your business idea you are going to need to develop a digital strategy. Your strategy needs to conform to the expectations of users and the availability of online tools and technology.

One of those challenges will be determining the marketing channels through which you will publish and disseminate your content. According to Bannersnack's sister site, Flipsnack, over 90% of all content shared in 2017 was video. This means that the chances are high that you are going to need a strategy that includes rich media and video in order to compete.

Developing your idea will include online infrastructure, whether to use managed, cloud or shared hosting for your site as well as which platforms are going to be best suited to your business proposition.

Raising Capital

Most entrepreneurs will need to raise capital from banks, venture capitalists, or other investors. This will be your starting capital that pays for getting your business up and running.

However, it can be a big challenge to raise capital if you've never run a business before. The amount you'll need to raise will depend on what product or service your selling.

Regardless of the amount, you should immediately start networking and making connections with investors who invest in new business ideas like yours.

Make sure you have a well-written business plan available to show them.

It will only improve your chances of raising the capital.

Legislation and Taxes

Just because you're becoming a small business owner, it doesn't mean you have to do every job and task yourself.

You might be great at running the day-to-day operations of the business, but you may lack the skills of handling the accounting and legal sides of the business.

Therefore, don't be afraid to hire an account and legal expert to help your business through these obstacles.

You don't want to end up in a situation where you're not complying with local laws or not paying the proper amount of taxes owed. This could end up shutting your business down unexpectedly.

Know what your legal and fiscal obligations are and to what government entities you are expected to give an account.

Hiring Employees

The day-to-day operations may be too big for just one person to handle. That is why you will need to hire employees to join your organization's team.

They can assist in raising your company's productivity and helping it grow to new heights. Just be sure to take your time during the hiring process so that you know you're hiring the right people who are qualified and passionate about their jobs.

This passion will reflect on their job performance.

Dealing with Competition

Competition is what every business must worry about. The trick is to figure out how to make your business stand out amongst all the others in your industry.

This could mean creating an original innovative product that no one has ever seen before.

Perhaps you sell a service that is the most affordable amongst all your competition. Just think creatively like this and you'll find the right path forward.

Waiting for Profits

As you get the business up and running, the hardest thing will be waiting for the profits to come in. Profits would mean that you've already made enough money back to cover all the startup expenses and now you're making money in excess of that amount.

For a lot of business owners, it could take years before they see profits like these. If you don't have the patience to wait that long, then you might want to give up early and close your business because the profits aren't coming fast enough.

Just remember to be patient. As long as your monthly and yearly revenue continues to grow, then you'll eventually get to the point where everything you make will be all profit. Won't that be nice?

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10 Absolute Classic Christmas Flicks To Decompress After College Finals, Because You've Earned It

What movies are the best to watch before Christmas.

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Finals week is finally over, which means that if you're in college, you can finally start enjoying the holiday! And for a lot of college students, one of the best ways to enjoy the holiday is to start watching Christmas movies. There are so many great Christmas movies to watch, and if you're in college, they're a great way to destress after a long stressful semester. Here are 10 of the best Christmas movies to watch if you're in college.

1. "Elf"

Elf

travis / Flickr

Almost any college student will agree with me that one of the of the best Christmas movies is "Elf"! It's one of my favorite Christmas movies, and it's the funniest one to watch! I'm sure a lot of us can relate to Will Ferrell's exaggeration of being excited for Christmas, especially since it's the one time that we can have a break from college. It's a great holiday movie to watch if you want to take away the stress of the semester and if you enjoy movies that make you laugh!

2. "National Lampoon Christmas"

National Lampoon Christmas

travis / Flickr

This is another great Christmas movie to watch if you want something that will give you a good laugh! For anyone who doesn't know what this movie is about, it's a comedy about a dysfunctional family that prepares for Christmas.

3. "It's A Wonderful Life"

It's A Wonderful Life

Wikimedia Commons

This is one of my favorite Christmas movies! If you love old classic uplifting Christmas movies, then you'll enjoy "It's a Wonderful Life." The movie is about a man who wishes he was never born and goes through an experience during Christmas where he gets to take a look at how he impacts other people's lives. What I love about the movie is that it has a good message and you can relate to the characters.

4. "How The Grinch Stole Christmas"

Dr. Seuss' How The Grinch Stole Christmas / Facebook

Whether you decide to watch the live action version featuring Jim Carrey or the newest movie "The Grinch" that's in theaters right now, this one is a Christmas movie must. Whichever type of Grinch movie you prefer, both are funny and great to watch during Christmas.

5. "The Polar Express"

The Polar Express / Facebook

"The Polar Express" is another classic Christmas movie that a lot of college of students probably grew up watching. If you love classic Christmas movies that are uplifting, then this is a great Christmas movie to watch! It's especially great to watch when you need a movie that reminds you of your childhood! It's a fun movie to watch with family or friends too!

6. Home Alone

Home Alone

s_herman on Flickr

"Home Alone" is another great Christmas movie to watch when you need a movie that will make you laugh or remind you of your childhood! It's about a child that gets left at home on Christmas, and a few thieves try to break into his house with him by himself. The movie is a great classic Christmas that's fun to watch with anyone over the holiday!

7. "A Christmas Story"

A Christmas Story / Facebook

This is a great movie to watch if you want an old classic Christmas movie that will give you a good laugh. It's told from the perspective of a child during Christmastime in the 1960s. It's very fun to watch and it gives you a good laugh!

8. "A Christmas Carol"

A Christmas Carol

dennis.pope85 / Flickr

There are tons of different versions of "A Christmas Carol" that you can find anywhere. Even Disney made a version of the movie with Jim Carrey! It's a top classic Christmas that's fun to watch with family or friends during the holiday. It's great to watch when you need an uplifting message after suffering from stress from fall semester.

9. "Jingle All The Way"

Jingle All The Way / Facebook

This is one Christmas movie to watch when you need a good laugh! It's about a father who is struggling to keep his family together after focusing on his job and having issues with his marriage. When his son asks him for a toy that is one of the most popular toys during Christmas and the toy gets sold out, he goes through extreme lengths in order to make his son happy. The movie is relatable because it makes fun of Black Friday and Christmas shopping.

10. "The Nightmare Before Christmas"

The Nightmare Before Christmas / Facebook

If you love Tim Burton or claymations, then you'll enjoy this Christmas movie! This movie is often watched for Halloween or during Christmas since it features both holidays. It's one of the best claymation movies!

Watching Christmas movies is a great way to enjoy the holiday and hang out with your friends or family. You can even make a movie night for watching Christmas movies! Whatever Christmas movie you watch over the holiday, make sure that it's one that you'll enjoy and that will help you get into the spirit of the holiday!

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Youth Homelessness. Where Will You Sleep this Christmas?

Let's find a way to keep the next generation off the streets this Christmas.
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Homelessness is always a sad thing, but it is even worse when it’s youth homelessness. New South Wales in Australia has seen a significant increase in the number of homeless children in the state.

This is a trend that has continued for over the last 20 years, and it doesn’t look like it’s going to let up anytime soon.

According to NDIS provider, The Samaritan Foundation, as many as 26,000 Australian children are living under homeless conditions each night and about 731,000 children in Australia live under the poverty line.

Many of these children often sleep in cars, friends’ houses, hotels, or on the streets outside. 

Between 2015 and 2016, New South Wales homelessness organisations had helped over 18,400 people who were between the ages of 15 and 24 years old. 

Shelters and homelessness service providers are seeing hundreds of more homeless youth requesting their help each year. As a result, the problem of youth homelessness is clearly getting worse instead of better.

Below are the top 4 causes of homelessness in Australia:

Escaping Abuse

An abusive household is a huge reason why many kids end up on the streets. They simply want to get away from the violence and arguing in their household so that they can find some peace and serenity in their lives.

The children are often the victims of this abuse, and instead of telling someone about it, they just run away because they’re too ashamed.  

Family Troubles

Families that fall under hard economic times may become homeless because they cannot afford a place to live. Parents in this situation usually want to be providers for their children, but they simply don’t have the means to do so.

This forces the children to either become homeless with their parents or to become homeless on their own. 

Abandonment 

Parents who abandon their children or kick them out of the house at a premature age will cause them to become homeless.

There are many reasons for why parents might do this to their children, but if the children are too young, they won’t have the means of taking care of themselves. 

Mental Health Issues

Something that doesn’t get talked about enough is children with mental disorders. A lot of homeless youth are suffering from these mental disorders. According some research (Johnson and Chamberlain, Are the Homeless Mentally Ill?, Salvation Army 2011) a disproportionate number of homeless people in Australia also suffer from some kind of metal anxiety, depression or mental disorder.

This makes it so much harder for them to get off the streets because they don’t have the mental capacity to land a job or get themselves cleaned up. Without someone stepping in to help them, they will stay homeless indefinitely.

Turning the Problem Around

A big reason why homelessness continues to trend is that these children don’t get the help they need fast enough. If they’ve been out on the streets for a few years or longer, it is going to be hard for them to ever reintegrate back into society.

Things, like going to school and getting a job, will seem too surreal for them to consider. 

In New South Wales, the state government is looking to crack down on this problem.

Instead of letting homelessness service providers handle everything, the government and local communities are looking to help troubled youths early on before they even become homeless. 

That way, they won’t fall into a hard life that they mentally can’t pull themselves out of.

Homelessness is always a sad thing, but it is even worse when it’s youth homelessness. New South Wales in Australia has seen a significant increase in the number of homeless children in the state.

This is a trend that has continued for over the last 20 years, and it doesn’t look like it’s going to let up anytime soon.

According to NDIS provider, The Samaritan Foundation, as many as 26,000 Australian children are living under homeless conditions each night and about 731,000 children in Australia live under the poverty line.

Many of these children often sleep in cars, friends’ houses, hotels, or on the streets outside. 

Between 2015 and 2016, New South Wales homelessness organisations had helped over 18,400 people who were between the ages of 15 and 24 years old. 

Shelters and homelessness service providers are seeing hundreds of more homeless youth requesting their help each year. As a result, the problem of youth homelessness is clearly getting worse instead of better.

Below are the top 4 causes of homelessness in Australia:

Escaping Abuse

An abusive household is a huge reason why many kids end up on the streets. They simply want to get away from the violence and arguing in their household so that they can find some peace and serenity in their lives.

The children are often the victims of this abuse, and instead of telling someone about it, they just run away because they’re too ashamed.  

Family Troubles

Families that fall under hard economic times may become homeless because they cannot afford a place to live. Parents in this situation usually want to be providers for their children, but they simply don’t have the means to do so.

This forces the children to either become homeless with their parents or to become homeless on their own. 

Abandonment 

Parents who abandon their children or kick them out of the house at a premature age will cause them to become homeless.

There are many reasons for why parents might do this to their children, but if the children are too young, they won’t have the means of taking care of themselves. 

Mental Health Issues

Something that doesn’t get talked about enough is children with mental disorders. A lot of homeless youth are suffering from these mental disorders. According some research (Johnson and Chamberlain, Are the Homeless Mentally Ill?, Salvation Army 2011) a disproportionate number of homeless people in Australia also suffer from some kind of metal anxiety, depression or mental disorder.

This makes it so much harder for them to get off the streets because they don’t have the mental capacity to land a job or get themselves cleaned up. Without someone stepping in to help them, they will stay homeless indefinitely.

Turning the Problem Around

A big reason why homelessness continues to trend is that these children don’t get the help they need fast enough. If they’ve been out on the streets for a few years or longer, it is going to be hard for them to ever reintegrate back into society.

Things, like going to school and getting a job, will seem too surreal for them to consider. 

In New South Wales, the state government is looking to crack down on this problem.

Instead of letting homelessness service providers handle everything, the government and local communities are looking to help troubled youths early on before they even become homeless. 

That way, they won’t fall into a hard life that they mentally can’t pull themselves out of.

Cover Image Credit: https://pixabay.com/en/worried-girl-woman-waiting-sitting-413690/

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