Entrepreneurship is a field where we face many obstacles and
hurdles in our way. In the present world, young entrepreneurs face a lot of
hurdles and challenges in the dynamic world. But in the contemporary world, entrepreneurs are blessed with more resources even before for solving those
challenges. It is easy for experienced entrepreneurs that the way to
tackle their challenges. But it becomes challenging for young entrepreneurs to
face and find difficult to overcome. Therefore, it is important for young
entrepreneurs to aware of the challenges. If you are planning to become an
entrepreneur, then you need to prepare for the 6 challenges that top entrepreneurs
face in order to make the best business in the world.
Here are the 6 challenges that you are likely to
face and how you can overcome them:
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Lifestyle change
The challenge: Initially, the young entrepreneurs face that
their lifestyle has changed drastically. The way they use to live earlier now
they cannot able to live in the same manner if you are on the path of
entrepreneurship. You begin to realize that you are getting less sleep, you do not
have time for yourself, and getting complaints from your closest people near
you.
The solution: In order to keep your passion, sustain, you
really need to make such choices and need to identify your priorities first. You
need to sacrifice something in order to learn new things as there are many
things that you will learn on the path of entrepreneurship. You can organize
your day before going to bed and create your day with the tasks that are the most
priority to do. As the day passes you will automatically adjust yourself to this
changing lifestyle and feel more relaxed and energized.
Hiring employees
The challenge: This is the most important challenge that young
entrepreneurs have never faced in their life. They have never performed such tasks
of hiring an employee for their company. It is never an easy task of being the
boss and even harder when you are the owner of the company as well.
The solution: You may feel ashamed or confused about what and how
to ask questions while you are taking the interview. Initially, it will take time
to adjust yourself on how you can take interviews. You can frame the rules
regarding the interview process, build criteria for selection and the skills required
for the job. You also take your time while examining your employee and check
all his/her qualifications and experiences that he/she has regarding the job. You
need not hire employees with someone talks.
Team Building
The challenge: Selecting and recruiting a trustworthy and reliable
team is the most important part of building a successful business. But this makes
as a challenge for young entrepreneurs who have either never run a team or
manage a team before. This creates a problem for young entrepreneurs when they
have to make the team as early as possible. They also need to take care whether
the team you have selected will fit in your working environment or not or work
in the same manner that you want.
The solution: You can select the members for your team to whom
you can trust and know him/her personally or get a reference from the people whom
you trust. Having the right member in your team is essential for your
successful business. Otherwise, you will fail before you start.
Capital
The challenge: What will happen if you want to expand and
diversify your business operations but you have a lack of capital? Will you able to
do so? Think about yourself, now you may know the importance of capital. Young
entrepreneurs face the challenge of lack of capital during the initial period
of starting a business. Due to lack of capital, you can able to reach your goals and you have to struggle a lot for the survival of your business.
The solution: You can take the help of your accountant or the
financial manager on how you can manage the funds of your business. You need to
keep personal and business funds in separate accounts. You can create a budget and
set up an emergency fund account. You can write your detailed business plan on how
much you need to spend money before turning it profitable for you. Also, you
can approach your friends and family or even a local credit union for providing
you funds for your business.
Loneliness
The challenge: Starting and running a business is very stressful.
The young entrepreneurs have to feel the pressure and maybe it leads to
depression. Studies show that most of the young entrepreneurs report 30% a lifelong history of depression. You may work for long hours and you maybe see
your family or friends for a long time. This makes you lonely.
The solution: In the initial period of your startups you may
feel lonely as you need to work for long hours in order to make a business
successful. With the span of time, you can take breaks and play with your
family and friends by doing some fun activities.
Facing Uncertainty
The challenge: When you start a business, you even do not the
best service or product that you can offer in your industry. May your marketing
strategies fail and do not give you desired results. Your customers may be ready
for your product or service that you offer.
The solution: You can test your product or service in the market
place. By doing this, you can observe your market views and your potential
customers. In this way, you can collect feedback from them. This feedback
will improve your product or service quality that you are offering to them.
Hence, I have shared the list of 6 challenges that top entrepreneurs
face while starting their business. If you know the other challenges that I
have not mentioned in it, then please tell us via comments. If you like this article
then share with your friends and relatives.
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