As a student entrepreneur you face a set of challenges ranging from age discrimination to financing. These challenges aren’t unique to student entrepreneurs. However, you want to be resilient and turn these into assets for your company so you can start out strong. As you consider steps to becoming an entrepreneur, take into account these roadblocks you may likely face—along with way to flip the script in your favor.

Inexperience as a New Player

Just as senior entrepreneurs struggle with age discrimination, so do students. As a student entrepreneur you might be shocked to see your business loan application rejected due to a lack of experience. Inc. points out you want to use your youthful energy as an advantage to balance the fear of financial risk. Showcase your strengths and passion as a new leader in your industry. Also, be prepared to provide additional capital or collateral to support your request for funding.

Lack of Capital

A newcomer without a steady stream of revenue or capital from a previously sold venture will have a lack of capital. Two key areas to focus on here—all possible funding options and networking with clients and investment contacts. Give your business every possibility. Consider the possibility of funding your new business with these suggestions by the SBA:

• Choose crowd funding

• Get a business loan

• Apply for a Small Business Administration (SBA) loan

A benefit of a SBA loan is that you can apply for this loan even if you are considered a risk for traditional lenders. For student entrepreneurs struggling with getting a loan, the SBA also has a few programs specifically for small business owners looking for funding in alternative areas:

• Small business investment company

• Small business innovation research program

• Small business technology transfer program

These programs may provide you with the funding opportunity you need as a student entrepreneur.

Self-Doubt as a Leader

When you are faced with self-doubt as a student business owner, know that this is not solely due to age. Every entrepreneur struggles with a lack of confidence at some point. After all, in most instances you are in a position that you have created for yourself in a segment of the industry that might not have existed before you came along. Overcome this by focusing on the assets of your position.

You are a visionary, so use that to your advantage. Be open to making on-the-spot decisions and ready for the challenge. If you are unable to solve a problem or make the right decision, have a think-tank of experts standing by, ready to assist you. You need to delegate resources and responsibilities where you can, so you are able to reserve your creative energy for being a game-changing visionary. This will help you stay confident even against the heaviest of pressure.

You also benefit from the insight and experience that each of your team members bring to the table. This is instrumental in being the best entrepreneur you can be. Develop a group that will help you meet your business goals while also expanding their own professional capabilities by working with you and your company.

Contact Mothership for Student Entrepreneur Advice

Are you a student who’s looking to become an entrepreneur? Add the resources you need and seek the guidance you want to become greater with Mothership. Contact Mothership for a consultation at (833) 257-8633.