4 Challenges I Faced When First Started a Business

In this short article, I want to address 4 things that were the biggest challenges for me when I first started my business and how I dealt with said challenges.

Lack of Experience

First and foremost it was my lack of experience in any kind of business. You can always find theory, but it is very different from real-life situations. And while a book might give you one solution, in real life every solution needs a different approach.

I stuck around with more experienced businessmen and found mentorship and you would be surprised how many entrepreneurs will be willing to support and help a starting entrepreneur for free. When I had my doubts I turned to them for a piece of advice and due to their experience they had in most cases faced similar situations and guide me through them.

Funding

When I just started I didn’t have any capital to go on so I had to think on my feet and as it happens, not a lot of people are willing to finance someone who is just starting.

I improvised, I moved to live in the office for a while to avoid large private bills, bartered my way through to building my websites, learned to do a lot of things myself and what is most important I found creative ways to find clients that didn’t cost me anything. You can also read more about saving money in my article: 5 ways to save money in Business

Lack of Focus

Every idea seemed brilliant and I wanted to get more and more projects running which ultimately lead to overextension and the inability to run any of them efficiently.

This took me some while, but step by step I started cutting things off and thinking about what will bring me the most money and fulfillment. I focused on the core services and added new things only when the main services were already running smooth.

Lack of Patience

I wanted to see the results instantly, I was not prepared to wait and if something took too long, I lost my interest.

As it happens when you just start, only a bit later you understand that everything usually takes more money and time as planned. This also took me some time, but I started being more realistic with my timeline and reading about how long it took for other similar projects. If before I planned in months, afterward I started planning in years and if you put it in a longer perspective you can train your patience.

As always, thanks for reading and being with Starting Business, I hope some of these things can help you a little in starting and running your business.


Martin Lielbardis
Co-Founder, CEO of Starting Business

If you have any questions feel free to reach out to me on my profile: Martins Lielbardis
Browse more of our articles here: Articles
Tools, books, and other resources that we recommend to help your business: Recommended
If you have decided to start a new business or improve your existing one, contact us, we can help: Start

Responses

Your email address will not be published. Required fields are marked *