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Challenges Of Being A ‘First Generation Entrepreneur’

Challenges Of Being A ‘First Generation Entrepreneur’

Are you ready to face the obstacles being a ‘First Generation Entrepreneur’?

Entrepreneurs, Entrepreneurs.. Oooof! Is that word common enough to elicit a yawn now? Or a platitude to talk about when standing and talking with colleagues and friends? Does it feel like emancipation when you are alone and not talking about it? Don’t worry, it ‘s not your fault. Since last half a decade, ‘Entrepreneurship’ and ‘Startup’ are two keywords that doubled in the Google Search. Sometimes, it becomes rant and rave and many times, we too think about to start a small business of our own. But, let’s first understand “Generation Entrepreneur”. Who are they? Are they different from Regular Entrepreneurs? They are busy in their lives and often they find hard to remembering the names of all their acquaintances. Those days have gone when people bemoan if they are ruined in their businesses. Today, they stand up and do better.

Who are They?

First Generation Entrepreneurs is a synonym for New Entrepreneurs. They are actually the wealth creators and fresh leaders. The only deviation between them is that a new entrepreneur can invest a small amount with the risk of losing it while an established one is ‘Risk-Safe’. Though the fear of investment is attached with both of them and both demands for dedication and arduous works. For them, all days are not the same; consistency the most importance. Undoubtedly, ‘First Generation Entrepreneurs’ will have to face hurdles and that’s obvious. They are the fellows who continually asks themselves ‘How to stay motivated throughout the day?’, ‘How to overtake/surpass the competitors?’, ‘How to be more productive?’ and eventually ‘the question of all questions ‘How to be successful?’.

A crown is an emblem of royalty; today, FGE is a symbol of business prestige.

How are They?

A First Generation Entrepreneurs (FGE) has an ideology to win the long road race. Some of these lineaments are Belief, Passion, Networking, Optimism, Startup Capital and Partner (Co-Founder). With the advent of the modern marketing concept and innovative business plan, FGE can easily create customers and buyers by fulfilling their needs. They are always musing whether they plan will dominate the market. They can also compete ferociously by standing against those businesses who follow the traditional business norms. They are wise to follow their instincts, conceive logically, gain experience, and make good choices.

Where are They?

A society, filled with any kinds of the businessman, has become a strand of Entrepreneurs. They are everywhere. Some will begin cooking startup, other will star the food chain industry business; some will open a logistics occupation, other will go for the vehicles on rent for logistics; some will make a payment gateway, other will provide the security to that gateway. One way or another, they are trying to link into the ideal universal chain, the rest are in education, healthcare, retail, e-commerce and mobile communication space, besides many others. Many [Entrepreneurs and/or their ideas] are shrewd; many are a sycophant. Some nudge their competitors; some thrust their challengers.

The perpetual struggle to maintain the reputation is the vital factor in Entrepreneurship.

The Challenging Road

Being a first-generation entrepreneur makes things a little more about survival guide for those who want to chart their own course and be their own boss. Ten years from now, kids may look back at these successful entrepreneurs and will copy them. Kick start your journey to being a successful entrepreneur with these habits: Read a lot, set short-term and long-term goals, connecting with positive people, being humble. Get ready for these hurdles if choose to walk down this path:

Interrogation

On your marks, get set. Well, be prepared to answer existential questions from your family, friends and might be from unknowns too. It will annoy and sometimes depresses you but don’t get frustrated and continue focusing on the important things in your venture. Are you ready for that interrogatory session?

Lost Outlooks

With no one to look up to for advice at home, your own expectation of challenges isn’t as realistic as it should be. They face unseen challenges and unexpected rivalries in the journey. They might get lost because of the lack of the maturity in the path. Are you ready for the be-wilderness and bafflement?

The RQ

RQ is Risk Quotient. It was always, it is rare, and it will always be, frequently.FGE won’t be aware of the breadth and depth of risks involved in one’s own enterprise. Don’t consider yourself as a person whose parent is an entrepreneur, and will encourage him to take a lot more risk and be more understanding about it.

Solitary walk

Be aware of the advice from your folks. It was meant to be a lone-wolf walk, so you will justify it necessarily. You will fall, rise, collapse again but all it matters is how long you can stand alone. If you cross the specific time period successfully, you are no longer the ‘Solitary King’. Now, you are the ‘Sole King’.

Low-pitch endorsement

Well, you won’t be reward instantaneously. And you know what you will get in the beginning? A ‘Low-pitch’ appraisal of pessimism and maybe a demotivating message that might lead you to the wrong path, but don’t lose faith. Are you geared up to hear the words you never wanted to?

There you are, cross this bridge and you will be on your way to beat the hurdles you are faced in the First Generation Entrepreneurial journey.

Note: The views and opinions expressed are solely those of the author and does not necessarily reflect the views held by Inc42, its creators or employees. Inc42 is not responsible for the accuracy of any of the information supplied by guest bloggers.

Author

Pratik Kanada

Community

Pratik is CEO of 360 Degree Technosoft, a mobile app development company. Writes about Leadership, Start-up Quests, Social Media, Latest Tech Trends and Mobile Applications.

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https://inc42.com/entrepreneurship/important-entrepreneurs-embrace-uncomfortable-situations/
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