March 24, 2023
Entrepreneurship is a challenging road to pave. Especially, when you see the established players in the market, you often need clarification on whether it will be possible or not to compete.
But the very reason why you started your venture is that you know there is a gap to fill in the market. This positive light does not mean you will not face entrepreneurship challenges but it will boost your courage to fight those challenges.
In this post, I have mentioned the top 9 entrepreneur challenges from my years of observation and experience. Have a look at them and how to overcome them.
You are going to face some inevitable challenges as a young entrepreneur. Thus, it is sensible to set the expectations right. Look at the list of top 9 entrepreneurial obstacles and the solutions to overcome them.
Taking the first step is the most challenging for young entrepreneurs. There can be multiple reasons behind that but a major one is young entrepreneurs try to master perfection before they start. They want everything right in its place: plan, situation, finance, and opportunity.
But there is no such thing as the right time, right situation, or absolute plan. You just have to get started with careful planning.
What to do?
Every entrepreneur struggles with money. No entrepreneur will say I have enough cash and can spend as much as I want. You will have to deal with the cash crunch. You have to work within the limited resources.
What to do?
It is good to be excited about launching a new venture, but experienced candidates know that more than 90% of new businesses fail. This is because most new business owners need to gain the right business knowledge. You may be an expert in your art, but not in managing books, logistics, people, technology, and compliance. You may not be able to predict risks for your business from your current level of knowledge.
What to do?
If you have the plan ready, saved some money for the venture, and analyzed the business risks, it still does not guarantee the beginning of your entrepreneurial journey. It is because you need people to work on the things you have planned.
And the reality of the market is that top talent does not prefer startups. Also, startups often cannot afford top talent. Thus, you need to do a little more hard yards to find, attract, and retain the right talent.
What to do?
According to a poll of readers of the New York Enterprise Report, 70% of respondents also worked at least one weekend on a regular basis.
Almost all young entrepreneurs work more than 50 hours a week.
In an interview, Elon Musk said he worked 120 hours a week during the Tesla Model 3’s production peak.
So, working long hours is something you need to accept if you want to become an entrepreneur. You have a lot of things to do on the plate every day. You need to learn to manage your time sensibly.
What to do?
It is natural to be controlling as an entrepreneur because you want to take responsibility for every action that happens in your organization. But it does not mean you should not delegate. Young entrepreneurs have challenges delegating tasks. They are not able to let go of control and rely on others to do the job.
What to do?
If you are doing great as an entrepreneur, there are a set of sweet challenges that will be waiting for you. Securing the funding from investors is one of them. Even the best of the startups face hundreds of no’s when trying to secure funding from the investors.
What to do?
There is a difference between entrepreneurship and running a small business. Startups think of scaling and becoming an established brand. Scaling operations requires a change in operational processes, careful planning, resource management, technology, and much more. It is not easy to scale operations.
What to do?
There is a thin line between being a leader and an authoritarian. Holding the power, it is not difficult for an entrepreneur to become too egoistic. There is no one to stop you, but people will start feeling discomfort around you and fear raising their voices. This will eventually lead to poor business outcomes and lead you to make many mistakes and bad decisions.
What to do?
Entrepreneurship is an exciting and challenging journey. But at the same time, it is also true there is a risk of failure associated with it. Thus, it is sensible to be aware of entrepreneurial challenges that you are going to face so that you can be better prepared.
Meet Sandeep Kashyap, the CEO of ProofHub who is transforming project management and team collaboration with his innovative solutions. With an unwavering passion for leading his team to success, Sandeep's mantra is simple - "keep growing, don't stop". When he's not busy at work, Sandeep loves to explore new destinations and challenge himself with trekking adventures.
