5 Obstacles Entrepreneurs Must Overcome
You did it. You left your job to start your own business. In your mind, you already a success, but you must begin where everyone does. Getting your business off the ground is important. You need to know what to do. Entrepreneurs are successful if they get past these challenges.
Building the Business vs. Selling the Product or Service
All businesses begin with an idea. You still have to make a profit from that idea. You have to sell to investors and clients. While you are planting seeds, you can't be out harvesting (and vice versa). Successful entrepreneurs know how to balance both needs in the beginning of their business. In some cases, you might learn you are can make new products better than you can sell them while, in others, you will learn the opposite. When you realize this, successful entrepreneurs sign a partner or manager to handle the part of the business where you are lacking. Being a one-person brand is not for everyone and recognizing your strengths leads to more success.
Do What You Do Best and Farm Out the Rest
How good are you at accounting, website design and marketing? Entrepreneurs must have all these skills and more unless you decided to give those tasks to people who can do them better. You will need to determine whether to hire employees or outsource tasks. Because you have to find out the costs involved, some of these decisions are financial. Once you hire employees or use freelancers, you are making a decision about the direction of your company. Although technology can help, you only have so many time-saving apps available to you.
Don't Go It Alone
Running a company by yourself is lonely, and that loneliness only increases as your business expands. Entrepreneurs have different ways of dealing with the isolation. You will have to come up with ways of dealing with that feeling to get human contact during work hours and in your free time. Networking events work for some people while reading clubs or sports leagues suit others better. Entrepreneurs usually launch companies to enjoy more social time, not less.
Get a Financial Safety Net
Entrepreneurs need to have a cushion in case something happens. However, many entrepreneurs do not think about what would happen if an investor doesn't come through with money or a finished product is defective. These things happen all the time so you should be careful. You need to have a way to protect you, your company and your family in place for the unthinkable.
Finish What You Start
How many ideas are you working on at the moment? Most entrepreneurs have multiple ideas running at once, which is good and bad. You have a new product ready to go when you need it, but you also have too many projects draining your energy and resources. Often, too many projects means you can't finish any of them. The successful entrepreneurs sees each part of a project through to the end before shifting focus. The ability to focus on one thing finish projects leads to results. Otherwise, you end up with several great ideas but zero completed projects. No entrepreneur survives on promise alone.
Entrepreneurs face these challenges and more during the startup phase of a company. Prepare to confront yours at some point.
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