If you seek to become a successful entrepreneur like Nick Kyriacopoulos, one of the best ways to embark upon that path is to explore the digital world. Digital businesses are at the forefront of decision-making and high finance these days, with tech stocks often dominating most markets. Of course, you can’t just dive into such matters blindly. Here are some of the challenges that you will encounter when you enter the world of digital entrepreneurship, along with opportunities that you can expect to arise.
Funding
Perhaps the biggest problem that digital entrepreneurs in Canada face is a matter of funding. Diving into the technological world requires good hardware and state of the art software in order to build a model that can be competitive and efficient. If you don’t have many funds to begin with, you may find yourself behind the curve before you even begin. Playing catchup in a digital world and working with technology that is not as effective is a huge handicap.
On the other hand, finding funding often presents certain opportunities as well. Major players in the field like Nick Kyriacopoulos knew how to turn over every stone and find incentives that are available only to starting digital entrepreneurs. These sources of income can include private equity, loans from trustworthy people that you know, and grants available through the Canadian government. Finding the capital also gives you a chance to connect with people and network with other businesses, so your company grows during the process of getting its startup funds.
Digital Infrastructure
Technology is an equalizer when it comes to small businesses. If you have an advanced digital infrastructure, you can do many things as well or even better than a large company in your field. Unfortunately, getting that technical setup can be a challenge. A good digital setup requires a large investment of base capital and skilled workers who can help use your small business’s potential agility to its fullest.
It can be difficult to attract skilled digital personnel to your company, because you may not be able to provide wages that are competitive with larger businesses. However, you do have an opportunity in the form of a larger workforce than ever before. With more digitally trained specialists than ever before, hiring the right young individuals with potential can turn into a major win for your company down the line. If you prioritize well during the hiring process and treat your employees well, you can flourish despite the challenge.
Lack of Regulation and Protection
Large businesses in well-established industries often have concrete policies and procedures to handle most of their day-to-day affairs. Smaller businesses have fewer regulations, especially in the modern day when so many of them rely on relatively new e-commerce platforms. The lack of regulation allows for more flexibility, which experts like Nick Kyriacopoulos use to their fullest advantage, but it also means fewer legal protections to help avoid costly disputes.
The lack of regulation means that personal connection is more important to small companies than it is to their larger counterparts. This can become a benefit to the savvy entrepreneur, as it means that networking becomes extra valuable. By taking the time to form connections with others in the field, suppliers, and vendors involved in your e-commerce platform, you can worry less about the lack of legal protection and focus more on the flexibility allowed by fewer regulations.
As you may notice from the list above, every challenge that entrepreneurs face is also an opportunity. Successful entrepreneurs, such as Nick Kyriacopoulos, are the ones who manage to turn every obstacle into a learning or building experience.