Challenges facing entrepreneurs
Entrepreneurs Face Cold Hard Challenges
Becoming an Entrepreneur? NEVER Easy
OBSTACLES BE GONE!
Before looking at the challenges facing entrepreneurs it’s important to define who an entrepreneur is. Entrepreneurs are basically people who organize and operate businesses. They are commonly known as businessmen because they take the financial risk of running businesses.
When a person decides to start or run their own business there are a number of entrepreneurial challenges that are likely to be faced. Real entrepreneurs who love what they do don’t let these challenges stop them from starting or running the business of their dreams. Entrepreneurs can face challenges from numerous many sources that include both internal and external challenges.
Common external challenges can be brought about by things like competitors, financial institutions that refuse to fund your business, the government in cases where government agencies refuse to issue the required business licenses among other external factors that affect your business. Internal challenges on the other hand are brought about by internal factors of your business which are far more crucial to the success of your business.
Both internal and external factors require certain different strategies for them to be addressed adequately. Below are some of the most common internal and external challenges that are facing entrepreneurs today:
Lack of Capital
Money Makes the World go Round!
DEEPER IS BETTER
This is by far the greatest challenge of all challenges facing entrepreneurs today around the world. Most entrepreneurs go into business with inadequate capital hoping to secure more capital once the business begins to grow.
MANY Entrepreneurs F-UP here and lose everything!
Most entrepreneurs however face capital challenges a few months after operation. When capital challenges are not addressed in time most businesses fall flat on their face. It is therefore important that entrepreneurs do the necessary research before starting a business to avoid facing capital challenges before the first year of operation.
PREVENTION IS KEY RIGHT ???
Sticking to a budget is one way of avoiding capital challenges. Also, starting small and letting a business grow at its own pace also ensures that the capital generated from doing business can adequately cover all operational expenses and future expansion plans.
GET ORGANIZED – GET INFORMED BEFORE YOU START DIGGING YOUR HOLE!
CLEAR CLUTTER AND PAVE WAY TO SUCCESS!
GOOD MANAGEMENT DELEGATES WISELY
Management problems are also critical internal challenges. Management of a business controls all the vital aspects of a business.
GOOD MANAGEMENT IS YOUR LIFELINE! Allowing your business to breathe in the oxygen it needs to thrive and prosper!
For instance, poor management of a business’s capital will result in a business failing within no time. Shaking hands with the bank manager one day and having the doors bolted shut the next!
Other aspects of management that can also affect a business include poor delegation of duties. This is a common challenge among all the management challenges facing entrepreneurs today. Most entrepreneurs starting businesses tend to delegate crucial duties that should be done only by owners to others. Poor delegation skills are common poor management practices that may cause problems to a business especially during the first year of operations.
Makes sense right?
Entrepreneurs should therefore be very careful when delegating duties that are crucial. It is usually advisable for a business owner to be involved in each and every aspect of their business when starting up to avoid management challenges brought about by delegation.
You DOWN with that?
Poor time management is also among the common management challenges facing entrepreneurs. Most entrepreneurs tend to be reluctant in terms of observing the time they get to work or the time they dedicate to their business. Giving enough time to your business is important in ensuring that all aspects of your business receive the attention they deserve. Time management also helps an entrepreneur supervise all delegated duties. Poor time management practices can also trigger forgetfulness. Entrepreneurs who manage time poorly may develop a poor working memory that may result in an entrepreneur forgetting critical aspects of daily running of a business.
They may forget to pay their invaluable SEARCH ENGINE SUBMISSION SERVICE TEAM or their SEO specialists and this may very well leave them high and dry and at the bottom of the Google Ranks!
NO TRAFFIC = NO CLIENTS = NO SELLING = NO MONEY IN YOUR POCKET = NO VACATIONS OR FANCY CARS!
Poor time management can pose a great challenge to the prosperity of a business especially when an entrepreneur forgets critical appointments and commitments.
YIKES! Dependability is EVERYTHING in a business and if it’s not there then your business doesn’t have a hop in hell of surviving – Just sayin!
Get all your ducks in order and make your business everything you want it to be – AND THEN SOME!
In The Beginning . . .
Lack of proper organization is also among the challenges facing entrepreneurs today. Most upcoming businesses are facing poor organizational issues, one of which is poor paperwork storage. Paperwork is very important regardless of the size of a business. If an entrepreneur can’t be able to organize their paperwork, then they are most likely to misplace valuable documents such as invoices, customer information that may affect debt collection and competition strategies among many other vital operations of a successful business.
Can you say OHPS!
Getting organized is the first step towards being a prosperous entrepreneur. It is advisable for entrepreneurs to be perfectionists so that employees can learn these skills from example. If an entrepreneur is very organized, then his staff is bound to learn organization and do things the exact way they should be done.
This ensures little hiccups along the road are going to be easily absorbed instead of jolting your whole business out of whack!
Organized means comfortable and this means a more positive and productive work environment. Your WEB DESIGNERS will know exactly what is expected of them and when and your KEYWORD SPECIALISTS will know what they need to deliver and when.
THIS EQUALS PRODUCTIVITY AND MONEY IN YOUR BANK!
Is this making sense to you my friend?
Poor organization is also among the common challenges facing entrepreneurs because it leads to lack of focus. When an entrepreneur is not organized, they can’t be able to create goals for their business. Lack of focus can shrink growth of a business as a company lacks goals. Lack of focus also eliminates innovation as an entrepreneur doesn’t brainstorm with staff to come up with better ways of doing business.
LACK OF FOCUS IS COUNTER-PRODUCTIVE IN EVERY SENSE OF THE WORD. SUCCESSFUL BUSINESS KNOW WHAT ORGANIZED IS AND NEVER LOSE FOCUS!
NEWSFLASH! That’s a few of the reasons as to why they are successful!
An entrepreneur needs to write down business goals and deadlines for meeting the goals to ensure that focus is generated. Well written goals eliminate procrastination which is among the most common organizational challenges facing entrepreneurs. It is common to find that many entrepreneurs have numerous exciting things that they should accomplish for their business however they fail to take the actual step of doing these things because of factors such as procrastination. It is possible to stop procrastination by focusing on the goals of a business. This way an entrepreneur concentrates on the excitement of getting his business to the next level other than the boredom of actually doing it.
Also under poor organizational challenges is impulsive behavior. This kind of behavior is among organizational challenges facing entrepreneurs because it results in entrepreneurs not being action oriented. Impulsive entrepreneurs prefer ignoring challenging issues because in most cases they barely have enough time to think through issues. Impulsive behavior is a poor organizational issue on the part of the entrepreneur that has to be addressed to avoid organizational problem solving challenges.
ARE YOU WITH ME ON THIS ONE?
Overcoming challenges facing entrepreneurs
Life’s About Who Overcomes Obstacles Successfully
GREAT Entrepreneurs Welcome Challenges
Overcoming the challenges that face entrepreneurs is easy. HONEST!
It should start with basic personal experiences in problem solving. For instance, if an entrepreneur keeps misplacing documents, then they should fix their paperwork storage by say buying a storage cabinet e.t.c. By solving problems as they come an entrepreneur will be able to move their business forward. Ignoring problems on the other hand just complicates the process of running a business.
In other words you need to take care of things today instead of putting them off until tomorrow! You following? So if you feel the need to dump your boyfriend because he’s a prick. Don’t wait – Do it today! If you are thinking about cleaning out your fridge after the weekend.
STOP THIS NONSENSE AND DO IT RIGHT NOW! Get of your lazy butt and DO IT!
Same thing applies with your business. If you want to call yourself and entrepreneur you’ve got to act like one! If mail seems to be piling up on your desk get a box specifically for your mail. If you’re employees are complaining because you’ve only got one table and five chairs for the ten of them to share during break time. FIX IT! Go out and get another couple tables and at least five more chairs so they can actually sit down while they munch away at lunch!
You get it right? I knew you were a smart cookie! Now we’re ready for any questions you may have.
So fire away when ready!