Entrepreneurs face many challenges in today’s ultra-competitive business world; fortunately, contemporary times have also blessed entrepreneurs with more resources for tackling those problems than ever before.
Such challenges provide great entrepreneurial lessons when one overcomes them. Therefore, starting a new business at any age is fraught with risk. This shouldn’t discourage you.
The following lists the “Top 6” challenges faced by entrepreneurs today.
1. Cash flow management
Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they’re waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world. You perform a job, send an invoice, and then get paid (hopefully) 30 days later.
2. Marketing strategy
Positioning your product/service in such away that you will maximize on the returns is proving to be a challenge to many entrepreneurs. This is because some entrepreneurs are venturing into their projects completely ignorant of the Dos and Don’ts. It is therefore recommended that you contact a proper research and if possible have a hands-on case study. Don’t just invest blindly.
You want to start or grow your business, but you have little capital to do it with. Here, patience and proper discipline is required when it comes to cash management. It is always estimated that your business won’t pick up in the first three to four months. Therefore, a little patience is required. You can also get investors or apply for a quick loan to get you started.
4. Criticism and self-doubt
As a young entrepreneur, you will find that not everyone will take you seriously. They will tell you that you are too young to build a successful business. They will be quick to tell you just what they think you are doing wrong. At times, the criticism and the self-doubt it fosters might get to you. As your business struggles to get off the ground, you could start to doubt yourself.
5. Finding Customers
Even if you offer the best-quality product or service available in the market today, your chances of failure will be high if you don’t find loyal customers.
Advertising may help you find people who will really be interested in your product or service. If you don’t have money for ads, try to find customers within your circle of friends or family members. Let them spread the news to their friends as well.
6. mBuilding a Successful Team
Hiring employees isn’t as easy as it seems. You don’t hire them for a week; you hire them for years. They should be loyal, love their job, and agree on the paycheck you offer.
It’s also important that you respect your employees and treat them like your colleagues and friends.