Young entrepreneurs face numerous unique challenges, especially when lacking professional experience. However, success is attainable for them, as demonstrated by Caleb Coombes, who founded Foundation Capital Group at 21 after achieving recognition for his teen-focused magazine. The largest obstacle he faced was his age, as age discrimination affects both older and younger workers. Despite this, Generation Z is showing a strong entrepreneurial spirit, with two-thirds preferring to own their own company or work for a start-up.
To succeed as a young entrepreneur, embracing discomfort, becoming a leader, defining personal success, and overcoming limiting beliefs are crucial. Embracing discomfort, according to Coombes, involves pushing boundaries and seeking challenges, which has been linked to better outcomes by research. Leadership is essential for business success, focusing on engaging with the team, providing purpose, promoting accountability, and encouraging creativity. Personal success should be defined individually to alleviate stress and foster self-efficacy.
Identifying and challenging limiting beliefs is also vital. Analyzing setbacks and learning from them, replacing limiting beliefs with empowering ones, and defying age-related limitations are key aspects of overcoming such obstacles. The journey of Caleb Coombes serves as a testimony to the power of mindset in conquering challenges, embracing discomfort, and defining personal success for young entrepreneurs.