How to Overcome the Struggles of Being a Young Entrepreneur

 The Grind

 Editor's Note:is a weekly column that asks a revolving cast of young founders to take us through the daily rigors of running a business, as well as offer up advice on how they achieved milestones or overcame challenges. Follow The Grind on Twitter with the hashtag  ENTGrind.

Read moresSBeing a young entrepreneur definitely has its advantages, but there are also downsides.

I developed the idea and the business plan for Green Bean, a healthy restaurant, during my sophomore year at Washington University in St. Louis, Miss. At first, I kept it a secret, worried family and friends would tell me I was crazy for starting a business at such a young age.

When I decided to finally break it to my mom and dad, I remember sitting on the edge of their bed, nervous to tell them I was planning to take on such a huge endeavor. They could definitely sense my nerves. As I began to explain I wanted to open a restaurant, I surprisingly watched my mother's face soften. As soon as I told them my idea, my mom let out a huge sigh of relief and explained she was thrilled to discover I wasn't pregnant.

Telling my parents about my venture was only one of the many hurdles I faced as a teenage entrepreneur. As a young founder, particularly at a non-technical startup, it's extraordinarily tough to earn credibility. In a people-facing business where you're often relying on first impressions to succeed, it's even more difficult.

Although age is just a number, it does pose a variety of challenges for budding entrepreneurs. Here are some of the greatest adversities I faced, and how I overcame them:

1. Being taken seriously. Just like my parents' reaction, strangers were shocked when I told them I owned the business they just ate at.

Related: The Hidden Pain of Being an Entrepreneur

Customers would often ask me at the register if our location was a franchise. When I was able to speak knowledgably about the business, they'd inquire if I owned the place. Upon answering yes, the response was always, "Wow, you're so young!" I always laughed and shrugged it off. "You can do anything," I'd say. The trick is to never give anyone a reason to think you can't do it.

As a young entrepreneur, you have to work harder to prove yourself. You'll never be perfect, and you will make mistakes along the way. Fail gracefully, learn from your mistakes and address them with maturity. Confidence, coupled with unwavering humility, goes a long way.

2. Securing funding. For young entrepreneurs starting out, my first piece of advice would be to aim for a business that doesn't need a lot of capital, as it's really difficult to gain access to finances, especially with banks. Unlike VCs and angels, they require extensive personal credibility and financial history. However, launching a business that requires little cash to start up is not always possible.

For a business like mine where raising VC money would be next to impossible and the need for a lot of upfront capital was required, it felt logical to turn to a bank. Yet, it wasn't an easy path.

The best tip would be to work your assets. The easiest route is family and friends. Pitch yourself, your smarts and your dedication in hopes they will support your financially. Even if they're not willing or able to directly invest money, they might consider signing on a loan with you to help boost your credibility with banks.

Related: Starting a Business? Here's What You'll Be Up Against (Infographic)

Another option for young entrepreneurs, especially those with poor credit or launching their first company, is to look at companies that deal with "high risk" people. Keep in mind, these companies may provide capital but tend to have high interest rates.

3. Being relatable to your friends. As supportive as friends can be (mine were the cream of the crop), they'll never truly grasp what you're going through. And vice versa. You'll never understand why they insist upon spending hours in the library and complaining about having to get up early one day a week.

But having a close connection with your peers is pivotal in growing. So make sure you separate your entrepreneurial life from your social life. Be a kid, and then be an adult. You're smart enough to do both.
The path of an entrepreneur is never easy, but youth poses added difficulties. Rise above them, and you will be an even more impressive entrepreneur for it.
What challenges have you faced as a young entrepreneur? Let us know in the comments below.

A 7-Year-Old's Inspiring Dream to Be an Entrepreneur

For a lot of kids with entrepreneurial aspirations, the lemonade stand is the go-to business idea. Not so for 7-year-old Ryland Goldman. This kid has bigger plans.

When his family recently moved to Los Gatos, Calif., Ryland spotted a golden business opportunity: lots of foot traffic. His family lives a block away from Ryland's elementary school. Every morning a steady flow of parents and their children stream by their house.

Opportunity? Check. But Ryland also has big dreams. His parents say Ryland has wanted to open his own restaurant since he was just 3 years old. So, when dreams meet opportunity, sometimes businesses are born.

Not every day, but as frequently as his parents allow him, Ryland gets up early and bakes foods like biscotti, muffins and brownies. He gets coffee and juices, prints up a menu and sets everything out on a folding table near the sidewalk in front of his home. Ryland's Restaurant is open for business. Some mornings he pulls in more than $100.

"I think he is a future entrepreneur," Ryland's principal, Kit Bragg, told a local NBC news program. Future? I think he's an entrepreneur right now.

Get inspired by this boy's passion for food and business by watching the NBC Bay Area news report. It's less than four minutes long and worth every second.

4 Start-Up Accounting Tips for the Young Trep

Unless you're an accountant, the word "accounting" probably strikes fear in your heart -- or a little bit of nervousness, at least. For young entrepreneurs, the feeling is probably amplified. After all, poor bookkeeping out of the gate not only can set a project back in the short term, it can really come back to bite you over the long haul. Even young entrepreneurs get audited, you know.
That said, it is possible to avoid the ire of the IRS. Here are a four accounting tips to start your business by:

1. Start off on the right foot. In the same way that you go through your email every morning, or in the same way that you do an inventory review each week, make your business accounting a habit. Set a recurring alarm on your calendar: "Review books!" The frequency is up to you, but you should carve out some accounting time at least once a month, if not more.
    
2. Learn the lingo. The cumbersome terminology of accounting is sometimes the biggest hurdle. Chart of accounts? General ledger? Cash vs. accrual? Accounting lingo isn't natural -- and ignoring what's what won't help you. So take some time to understand the basics. The U.S. Small Business Administration's Small Business Development Centers are a good place to start, as are accountancy groups like the American Institute of CPA's and the Association of Chartered Certified Accountants.
    
3. Find software that fits you. Find the accounting software that's right for you. Don't simply opt for what your friends use. If you're always at a desk, a desktop solution, like QuickBooks Desktop might make sense. If you're like most entrepreneurs and on the go 24/7, something mobile like Xero may make more sense. If you're running your business from your iPad, go with a cloud-based accounting software package like Easy Books or Kashoo, which both offer iPad apps.
    
4. Value good advice. Chances are, if you spend enough time trying to figure out an accounting issue, you could. But the reality is, you've got a business to run. And considering that you'll need to file taxes quarterly -- not just annually -- there should be a certain degree of urgency involved. For help, look into local resources such as entrepreneur-focused groups for advice. (In Vancouver, where I'm based, we have resources like the British Columbia Innovation Council and the Vancouver Entrepreneur Meetup. Scour your local community for co-working groups as they’ll usually have a schedule of talks and classes specifically for entrepreneurs. WeWork Labs in New York is a great example.) Also, ask former bosses and fellow entrepreneurs to see who they use. Usually, there's great value in an accountant or bookkeeper who specializes in small business. If nothing more, they'll be a voice of comfort if you receive some alarmingly confusing IRS mail.

In the end, accounting isn't really that scary. If you start off right, it can actually be fun. After all, that's where you're going to see your fortunes grow