Four Challenges For All Entrepreneurs

The biggest secret to success for an entrepreneur is in standing firm to all the challenges that he or she may face. Unlike an employee, entrepreneur has to deal with everything that comes at him. I make the comparison because employee’s role is well defined and will rarely deviate from it. An entrepreneur has to look into everything, from production to accounting to hiring to selling.

There is no doubt that you will struggle, but dealing with challenges and taking risks is what makes entrepreneurship a preferred route for people who are looking for excitement in their work life. So what are the struggles and challenges that one should be prepared for?

Here are four challenges that I think are common amongst most entrepreneurs.

Team for Success! Team is usually what makes or breaks a venture. Finding the right partner or people to work with is very important. Find a partner who has the same vision, the one who understands where you want to be. This will not only help you to get to your goals, but will also make sure that you are compatible with your partners. After all, united we stand!

Then there is the part to hiring the right people. For any entrepreneurial venture, you need someone who is a go-getter, enthusiastic and willing to grow with the business. Don’t hire a book smart who knows how to design or how to calculate, instead hire a person who understands his or her role in the overall organization and who understands the objective of his work in the success of your business.

Time To Work! Starting a business is easy for some but hard for many. Many people start a business while continuing to do their day job. A lot of people have families or other responsibility to fulfills. Among all that, it becomes hard to give the time your business needs. But don’t worry it is still doable, there are many success stories.

The trick is to manage your time. May be you want to hire someone to help you out on a part time basis. Understand how much capacity you have to work in a day or a week is. Some people are workaholics and can work 80 to 100 hours a week. Understand how much is yours and then spread the hours over the day or week. Consider reducing your sleep to what is required to maintain your health.

Organizing Yourself And Your Business! As an entrepreneur you will have million things to manage. You will have many tasks to do, like marketing, products, emails, clients, vendors, and much more, the trick is to keep track of all the tasks and getting help for some of them. There are many people who will do work for you on a part time basis. There are a lot of freelancers that will help you manage your books, or manage your twitter account or even do cold calling to prospective client.

I always tell people to have a notebook and a pen at all times to take notes of what was done and what needs to be done. Of course there is an app for this, but you get the point.

When will I Be Successful? Entrepreneurs easily get discouraged as they don’t see success right away. You have been sleeping only 4 hours daily and working 100 hours a week, and yet you have not made any money. When you are in a situation like this, of course it is discouraging. It is important to understand that no bad business is bad. This probably your first business venture, so you are learning. And your next step will be better because you have experience now. The keyword here is perseverance, hang in there and success will be at your doorstep very soon.

Just make sure you make a good business plan at the start so you know you are not going hit a dead end with your business. And once you have a good business plan, measure your success with each of the step you take to get closer to your goal.