By Nessma Ashraf
New entrepreneurs face a number of challenges in today’s competitive business world. So if you want to be an entrepreneur and start your own business with your own rules and ideas. Here are the top 5 challenges that might face you in the near future and how to conquer them!
1- Choosing the right business
Neal Jenson, Managing Director of consulting firm BBS, in Salt Lake City, in his interview with Forbes said that “A major number of new start-ups tend to fail because they failed to study the market well. If the business doesn’t help people, doesn’t provide a solution, doesn’t offer new ideas, or doesn’t give people something they want then it will ultimately fail”.
He offered his solution saying that studying the market and the people’s wants and demands are crucial for a successful business. Picking the right business and your work as an entrepreneur will get a whole lot easier.
In addition, if you are not sure of how to study the market demands, hiring a market researcher or someone who is strong in this area is the best option here.
2- Financing your business
Another issue that faces most if not all-new entrepreneurs is how to get money to finance their own businesses. Can one with a minimal cash flow start a business and if so can they keep on funding this business and until when? Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world. Waiting to get paid can make it difficult to get by – and when a customer doesn’t pay, you can risk everything.
Bootstrap by using only a small amount of money and find a creative way to get your business going.
Another way to improve cash flow is to require a down payment for your products and services. Your down payment should cover all expenses associated with a given project or sale as well as some profit for you. By requiring a down payment, you can at least rest assured you won’t be left paying others’ bills, you can rest assured you can pay your own.
Another strategy for improving cash flow is to require faster invoice payments.
3- Hiring employees
-It’s not enough to find candidates who fill certain roles; you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
According to Chris Joseph to the Economist “Be exclusive and detailed in your job requirements and qualifications. Far too many startups are incredibly vague when it comes to posting a job vacancy in terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid. Approach your employee hunt the same way you would approach a customer-centric marketing campaign: through excellent targeting”.
Ask questions relevant to the job and to candidates’ experiences, expectations, dedication, and long-term goals. Behave as though you’re seeking a partner to help you operate and grow your business.
4- Time management
Time management might be the biggest problem faced by entrepreneurs. In addition, starting your own business will require from you to do so many tasks and become attentive to a number of issues in a very limited time.
Make time like money, it doesn’t grow on trees, of course, so you have to be smart about how you’re spending it. In addition, hire a good assistant who can manage the small tasks that would not need your personal presence.
5-Self-doubt
For professor Saini in his book Entrepreneurship and Education, Challenges and strategies, asserted that “An entrepreneur’s life is not enviable, at least in the beginning. It’s extremely easy to get discouraged when something goes wrong or when you’re not growing as fast as you’d like. Self-doubt creeps in, and you feel like giving up”.
Being able to overcome self-doubt is a necessary trait for entrepreneurs. Having a good support system will help: family and friends who know your goals and support your plight, as well as an advisory board of other entrepreneurs who can objectively opine as to the direction of your business.
One of the best ways to deal with self-doubt is to work your goals and tasks lists. When you’re down and lack motivation, look at your lists and know that the tasks you do today are contributing to your lifetime goals. By doing them, you’re one step closer, and you can rest assured that you are, indeed, on the path to business success; these were his best recommendations.
Entrepreneurs face many challenges, and volumes have been written about how to overcome them. Perseverance and intelligence are your allies; use them to your advantage keep working toward your goals. Understand that you’re not the first to struggle, and because of that there are many resources available to help you get through your darkest days as an entrepreneur so you can reap the immeasurable rewards that come with building your own successful business.
