Entrepreneurship is a Challenge – Overcome It!

Entrepreneurship is not an easy job. When it comes to starting a business, everyone looks confident, but getting started requires direction, dedication, and discipline. Starting isn’t even the most challenging part; the hardest part is to maintain your business.

Necessary skills are developed through experience, and experience is often acquired through failure. It is hard to fail gracefully as an entrepreneur and relatively easy to fail in a way that makes it very hard to try again.

Entrepreneurship

Starting a company is like eating glass and starting into the abyss.

Elon Musk

Fear Of Failure

Being a little afraid of failing keeps you healthy. Too much fear is unhealthy. Remove fear rather than be fearful of every next mistake to the point that you completely avoid or delay decisions. This trait is very difficult for some people to master.

Not Having Fun

Many people would not consider “having fun” to be a skill. We not only consider it a skill, we consider it fundamental to all the other skills on the list. The opposite of this skill must be mastered as well – when you dislike something, stop doing it.

Indecision

No one can deny that the ability to make good decisions is a core skill that every businessman must possess if they want to be successful – decisions on how to proceed with marketing, funding, product production, vendor selection, etc. The key is to do your homework quickly, make the decision, and afterward adjust as necessary. Remember, you should always focus on learning from mistakes too.

Inability to Assemble a Business Team

Another business challenge is assembling the right business management team. The process of building a team starts even before the issue of raising initial start-up capital arises. As an entrepreneur, you are bound to have strengths and weaknesses. That is the more reason you need a business team to cover up or complement your weaknesses. A good team is a necessity for building a successful business.

Dislike of Dealing With People

It’s often said that no matter what kind of business you’re in, you’re in the people business. How true is that? Whether dealing with customers, vendors, investors, the press, or employees, continuously developing your abilities to deal with people can mean the crucial difference between success and failure.

Issues With Raising Capital

Convincing potential investors about something that doesn’t exist yet is definitely a challenge, especially during the economic recession. Trying to make them understand that you are trustworthy and able to deliver on promises is not easy, especially when you are building your first business and have to prove the world that you are up to it.

Finding The Right Location

Finding a good business location at the right price is definitely not easy. How do you find a location that has a rapidly growing population, a good road network, and other amenities at a good price? Well, you will have to figure it out yourself. Nowadays, many office buildings are empty due to the recent financial crisis, and rents are far more negotiable than before. Try to find a location where there are more starting entrepreneurs to split costs and help each other with infrastructure, leads and business.

Multitasking

When starting a new business, you are the entire company, meaning that you will need to look after accounts, sales, customer support, research, marketing, and product development. You will have to learn some basics of each area if you are not able to hire staff.

Fear of Asking for Help

Nobody gets smarter without asking questions. Find an experienced entrepreneur-like mentor to help and guide you, and don’t be afraid to ask for help. Listen to feedback from your mentor and others. Sure, you’ll get some bad inputs, but learn to filter.

Cash Flow Management

Cash flow is essential to every small business’s survival. Yet, many entrepreneurs struggle to pay the bills while they’re waiting for checks to arrive. Part of the problem often stems from delayed invoicing, which is common in the entrepreneurial world. You perform a job, send an invoice, and then get paid 30 days later.

Time Management

Time management might be the biggest problem faced by entrepreneurs, who multitask a lot. If only you had more time, you could accomplish so much more! Learning how to manage your time is of utmost importance here, and there are several methods and techniques that could help you.

Determination

There will be many times when you feel like you should quit. Having a sheer passionate determination about your business will be the one thing that decides your success. Be relentless, tireless, and obsessed about it because there will be so many challenges that you will need to have the personal determination to keep going forward.

Lack of Experience and Skills

Many entrepreneurs lack the necessary talents to be successful. They lack the essential skills and don’t fulfill them in the team around them. The person who starts a small business for the very first time usually doesn’t know how to manage the multiple tasks businesses bring with them. Trial and error is the most common (and painful!) way to overcome it.

Issues With Customers and Market

This is a prevalent mistake made by starting entrepreneurs. People invest money and time to open shops, only to find that not that many people are interested. This is a serious issue because it can bankrupt a business in a matter of months. To avoid this, conduct proper market studies before spending a dime on anything else. A market study doesn’t need to be expensive, just smart.

Look around for unfulfilled needs, figure out how many people share this need, see if anyone else is already trying to fulfill it, see what they are doing, and you’ll have a clearer idea of what the market potential is.

Lack of Investment

Small business start-ups will always require some cash up-front. Of course, it varies a lot depending on the kind of business you intend to start. E-businesses typically have the lowest initial investment requirements, while a business that requires physical buildings usually requires thousands to the tens or even hundreds of thousands dollars. Franchises also fall in this category.

A smart small business owner should always try to secure more cash than originally estimated to be on the safe side. We are well aware that starting a business is risky. Being in a stable job where you’re getting a paycheck every month is much easier than leaving and doing everything on your own. But despite its ups and downs, starting your own business provides you with far more unique opportunities and rewards than being a cog in the wheel at another organization.

Responses

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