The Biggest Challenges Entrepreneurs Face In Business

There are a multitude of challenges that every entrepreneur faces when starting up a new venture.  As a business grows, different problems and opportunities demand different solutions, especially as the market evolves because what might have worked not even a year before may no longer be the best approach.  Recognizing and overcoming the common pitfalls associated with both stagnation and growth in business is essential if you want your company to grow and thrive.  All entrepreneurs must be prepared to solve whatever problems come their way.  The best thing for any entrepreneur to remember in the face of adversity is that such challenges are commonplace but if you face each problem with determination, you can usually always overcome it.

Likely the first challenge that always needs to be overcome by any entrepreneur is uncertainty.  Many young business owners are unsure how to push their businesses forward without the guarantee of a stable future.  Business growth and continuity stem from business owners being able to look ahead and plan accordingly.  It’s often even more daunting because with the current economic environment being so unsteady, it’s harder to see what the impending fiscal “climate” holds.  That being the case, it’s exceedingly important that every entrepreneur put a long-term strategic plan in place so that they can clearly see how they want to progress moving forward.

Attracting new business is also a hardship entrepreneurs often face and it’s often even more difficult to maintain customers once you’ve gotten them.  With the often small marketing and advertising budgets young businesses have, startups are often simply unable to reach a wide audience.  Additionally, potential customers are often hesitant at taking a chance on an unknown, untested brand.  Most tend to go with companies that they’ve had experience with before and that have a larger following.  However, there’s good news: bigger companies often charge more than young ones.  Entrepreneurs need not be discouraged by larger competitors as many clients and customers alike look for companies that provide cheaper services.  However, they want to make sure it’s quality service.  Therefore, it’s always best to put your product out into the market when it’s one hundred percent ready to go.

It also goes without saying that lack of money is another pitfall that entrepreneurs face and it’s obviously one of the largest problems that can lead to business failure.  As a new business, the biggest mistake an entrepreneur can make is expecting instant profit.  Entrepreneurs often get overexcited and feel that they can start with little money and instantly earn big.  Experts usually predict that it can take up to roughly two years to see a profit.  The lesson then becomes: always prepare for the worst case scenario.  Before starting any business, make sure you have enough money to tide you over during that timeframe and remember to start slowly and remain patient.

Entrepreneurs often unknowingly harm or, rather, can even sabotage their new ventures through lack of knowledge about the market.  It’s important that you do ample research about the area you are trying to grow into.  Of course, you must always keep track of your competitors so that you can learn from their mistakes and see what is and isn’t working for them.  Additionally, make sure that you are up-to-date on the most current trends in the marketplace.  Don’t jump in head first.  Make sure to prepare yourself and always possess the necessary skills needed to be successful.  Constantly be educating yourself.  Seek advice from mentors and other business owners.  Read books and relevant periodicals.  Check out web content.  If you don’t, you’re ultimately headed for disaster.

Time management is also another major challenge entrepreneurs must learn to overcome.  As they always say: “time is money.”  And, of course, that’s most especially true for business.  It’s imperative to plan in advance and stick to a schedule no matter how prolonged.  Ensure that your schedule is actually feasible and achievable.  Always give yourself enough time to perform every task with acute accuracy.  Live by your calendar and business planner so that you never miss a deadline.  Spending your time effectively will only help you save money and earn you more revenue in the long-run.

Additionally, lack of innovation can also be a major hindrance to starting up a new business.  There are many young companies that play by the “old” rules instead of making up their own as they go along which are very helpful in keeping you on trend and on point.  If you’re an entrepreneur just leaving the corporate nine to five world, throw out the old rule book and take a fresh approach.  When people get accustomed to a certain style that has worked in corporate America, it often holds them back from thinking outside the box.  In order to grow, you can’t be resistant to change.  In fact, you must rather embrace it if you want to succeed long-term.

Trying to do it all alone is a major mistake that many entrepreneurs make.  Oftentimes they are so concerned with start-up costs that they feel it’s their only option.  That said, sometimes you have to realize that you need help, whether it’s merely advice or hiring employees.  If you really don’t have the funds, try getting an intern to help with the more mundane day-to-day operations of running a business so you can focus on the bigger tasks at hand.  It’s better to pay someone to help out in the beginning by spending a little money as it could garner big financial returns in the future.

Never forget that marketing often makes or breaks a business.  Young entrepreneurs need to be aware that apart from a detailed business plan, proper marketing is one of the next most important areas to focus on.  Always make sure that you set some money aside for marketing so that once you have a clear idea and are ready to move ahead with it, you can make a direct impact on your target clientele.  If you’re on a tight budget come up with innovative ways to get your ideas out there.  Social media is always a great place to start.

Lastly and probably most importantly, while it’s often difficult to maintain a positive attitude as you face challenges in growing your startup, you always must.  Have confidence in yourself.  Make sure that you’re your own biggest cheerleader and not your own worst enemy.  If you keep faith and belief that you can achieve your goals, then, in truth, you most certainly can.

So what have we learned here today?  If you’re an entrepreneur just starting out, what’s the best advice this blog has given you?  If you’ve already made a go of it as a successful entrepreneur, were some of the things discussed challenges you faced as well or were there others that you felt were even tougher?  Leave a comment and let me know your thoughts.  Let’s start up a conversation!

Here are some articles you might want to check out about the biggest challenges facing entrepreneurs in business:

“The 8 Great Challenges Every Business Faces and How to Master Them All”: http://www.forbes.com/sites/cherylsnappconner/2013/03/04/the-8-great-challenges-every-business-faces-and-how-to-master-them-all/

“Entrepreneurs Share Their Biggest Challenges in Growing a Business”: http://www.inc.com/adam-heitzman/entrepreneurs-share-their-biggest-challenges-in-growing-a-business.html

“What is the Biggest Challenge Facing Small Business Right Now?” http://www.huffingtonpost.com/2011/08/15/small-business-challenges_n_927279.html

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