Ej Dalius do you want to launch your dream business? Do you wish to be an entrepreneur and also lead your venture? If yes, you shouldn’t waste time thinking about whether you will be successful or not. Instead, you need to get going and also work towards a business plan, the resources you need, identify the niche, and make arrangements for the capital. It’s always good to start young, that way you have time to make more mistakes and learn from it. Today, there has been an emergence of young entrepreneurs who are willing to shape their business the way they envisioned it and bring something useful for society.
Eric J Dalius on challenges for young entrepreneurs
There is no perfect age to be an entrepreneur. The moment you feel you are ready, you start to walk your path. However, according to Eric J Dalius, young entrepreneurs have their set of challenges. He discusses a few issues and also shares the solutions as well.
- “The correct time,” says Eric Dalius
Young entrepreneurs often rush with their business venture plans. They feel that time is running out, and also they need to start their business at the earliest. Though there are competition and also rat race from other companies, it is necessary to find the correct time. Eric Dalius says that entrepreneurs need to understand the market and audience pulse and know whether they can cater to the market demands successfully or not. It is essential to find a balance between practical thinking and gut feeling before deciding on the correct time.
2. The signature
Every entrepreneur should have his or her signature. It can be the products get packaged, the taglines, the social media engagements, the advertisement – everything combined help a brand and also entrepreneur to create a signature. Ideally, entrepreneurs need to play around with their business, make few mistakes, and also arrive at the brand signature. It’s a summation of all the right and wrong marketing and brand promotion initiatives taken in the past. Often entrepreneurs struggle to attain this signature during the initial years. That might not happen, and entrepreneurs shouldn’t lose heart on this. It’s essential to keep going and create a brand signature from all the work that gets done.
3. Managing cash and business debt
According to Ej Dalius, every business sooner or later takes a loan and is unable to pay it on time, which results in business debt. Falling in debt is not a wrong thing. But entrepreneurs need to find the best way to come out and also stay away from it as much as possible. For this, they need to ensure correct and seamless cash flow management. They must ensure that there are no invoices pending and that they don’t make unnecessary expenses. It’s a wise decision to stay frugal until such time the business makes excellent profits. Also, sell off the inventories you don’t need to make extra money. And pay debts on time to credit issues and negative impact on your business.
Young entrepreneurs also have to address issues related to advertising and also reputation management. However, once you solve the problems listed above, you can make incremental progress and also resolve other issues.