Ways To Tackle Challenges Every Entrepreneur Will Face

I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” — Steve Jobs, co-founder and CEO of Apple

Like any venture worth doing, establishing your business is not free of difficulties. The adage, “nothing good comes easily” also applies to the business world. As an inexperienced entrepreneur, you will meet many challenges. These challenges are not something to alarm you. Rather, it’s vital that you solve these challenges when you find them.

Here are some challenges every entrepreneur will face and how to tackle them;

Find a mentor before beginning your journey

Learn to delegate

Get your first customer

Determine your relationship with money

Make sure you have a support group

Don’t overdo it

Manage doubt and, when possible, eliminate it

Treat hiring like a “Real business”

Understand that you have to actually sell it

Spend your money wisely

Don’t Overcommit

Charge what you are worth

Figure out your niche

Focus on revenue-generating projects

Designing Systems and Processes

Lack of Direction/Vision

Coping With Market Competition

Keeping Up With Market Transformations

Reducing Dependencies On The Founding Team

Balancing Quality And Growth

Leveraging Consultants and Business Advisors

Building Effective Marketing Strategies

Properly Allocating Marketing Resources

Measuring Marketing Initiatives

Building a Corporate Brand

Relying On Marketing For Lead Generation

Landing New Business

Retaining Customers (Lifetime Value)

Maximizing Word of Mouth

Identifying New Sales Channels

Handling Pricing Negotiations

Building Strategic Partnerships & Networking

Solving Productivity Problems

Automating Business Processes

Deploying Technology For Innovation

Training Staff At Large

Keeping Up to Speed With Innovations

Uncertainty about the future

Financial management

Monitoring performance

Regulation and compliance

Competencies and recruiting the right talent

Technology

Exploding data

Customer service

Maintaining reputation

“Chase the vision, not the money, the money will end up following you.” —Tony Hsieh, Zappos CEO

“The value of an idea lies in the using of it.” —Thomas Edison

We generate fears while we sit. We over come them by action. Fear is natures way of warning us to get busy. – Dr. Henry Link

“A good leader is not necessarily the most popular person in their business, but the best ones are liked because they are respected for their clarity and vision.” Alan Sugar

“The way to get started is to quit talking and begin doing.” Walt Disney

“I had to make my own living and my own opportunity. But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them.” Madam C. J. Walker

Successful people are the ones who are breaking the rules. – Seth Godin

“I don’t believe in failure. It is not failure if you enjoyed the process.” Oprah Winfrey

“Make every detail perfect and limit the number of details to perfect.” Jack Dorsey

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” —Steve Jobs

“The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.” —Ingvar Kamprad, IKEA founder

Never ever do yourself what you can get others to do for you, faster, better and cheaper. J. Knyszewski

Increasing Brand Awareness

Building an Email List

Lead Generation

Delighting Customers

Hiring Talented People

Integrity. Business has never faced the type of moral challenges that it faces in today’s global economy.

Cash, Borrowing, and Resource Management.  Cash is King!  We’ve all heard this maxim and it is more true today than ever before. 

Maintaining quality customer relationships

Meeting customer needs

Preserving a good reputation

Retaining employees

Finding an effective brand

Marketing in a saturated marketplace

Lack of Funds

Lack of Time

Trouble Finding Good Employees

Difficulties Balancing Growth and Quality

Ineffective Web Presence

The demands of a growing workforce

More diverse customer needs

Business intelligence requirements

Inventory management

Keeping the supply chain running

Facing new competitors

Facing new compliance responsibilities

Keeping your culture intact

Lack of direction and planning

Keeping up with industry changes and trends

Marketing your product/service

Entrepreneurs face many difficulties, and volumes have been written about how to overcome them. Perseverance and intelligence are your allies; use them to your advantage to keep working toward your goals. Know that you aren’t the first to struggle against challenges. For this reason, there are numerous resources available to help you get through the darkest days of your entrepreneurial career, so you can resume your journey.

Business opportunities are like buses, there’s always another one coming.” — Richard Branson, entrepreneur, founder of Virgin Group

Leave a Comment

Your email address will not be published.

Scroll to Top