6 Greatest Challenges New Entrepreneurs Face

Starting a business is a challenge by its own right, but unfortunately not the only one. As long as you have a business you will have to face different issues and try to find solutions for them which are both beneficial to you and your business. The way you handle yourself when it’s the hardest will build your reputation and obtain your position in the business world. But to save you some time and nerves, we made a list of the greatest challenges you will most probably face, as well as some solutions you can try to handle them better and completely.

1. Show them your age is irrelevant

People like placing certain things in piles, sorting them out to better understand them if you will. The same applies regarding the stereotypes and prejudices when it comes to age. As a young entrepreneur it is difficult to earn respect since you will always be underestimated and looked down upon, but maintaining a cool professional attitude and continuing to communicate with everyone respectfully will shatter those opinions. Never doubt yourself or believe that you’re too young to achieve success. Although you may lack experience, learn from your mistakes and ask for advice and counsel when you need one.

2. Funding your business

Every business needs a capital to start, yours is no exception. But if you’re new to the business world, make sure you avoid making the mistake of investing little with expectations to return a lot. That is the recipe for failure. The best way to make sure you have enough funds to start a business is by networking and reviewing all possible options from bank loans to mortgaging your home. On the other hand, you can do an extensive research of the market, locally and globally, examine the potential strategies and make a list of businesses which can be started for a small amount of money. This may be a slow start, but it’s the safest one to not fail and fall into debt.

3. Obtain clients and customers

To attract the clients and customers, you must provide services or products which will be good at the very least. Having that combined with good advertising campaign will surely obtain you enough clients to have a successful ROI. But before anything else, you must know your product and its users, and find a way to connect the two. Don’t expect that everyone will want to buy your product or services, but rather concentrate on the people who are really interested to buy it. Convincing everybody else that they should buy your product will only be the waste of your time and resources.

4. Hire professionals to handle your business

From bookkeeping companies to advisory services like those provided by Dean Willcocks Advisory, your company will also need to hire professionals to handle obligations you have toward the state regarding taxes and fees. Trying to save money by opting out from this option can have severe and unwanted consequences to your business, some even resulting in termination and bankruptcy. If you don’t have enough funds to use this option, try some of the services offered for free for new entrepreneurs, and as soon as your business starts to grow and the bureaucracy becomes more serious, hire a professional agency or expert person to handle it from then forward.

5. Choosing your employees

Trusted and hardworking employees are a commodity and not so easy to find if you’re a new business. Usually, the reputation of a company is enough to attract potential employees, but since you are still building your own, you will have to be open and honest with your potential staff. Never make promises you won’t be able to keep later and be as transparent as possible so your employees are included in your company’s growth. Treat everyone with respect and make them feel as part of the team.

6. Beat the stress before it takes a hold of you

It’s inevitable you’ll experience stress in business, especially as a rookie. It will make you doubt yourself and create a negative environment not only to work but to face every day. The best way to beat this stress and lead a safe and healthy life is to never forget why you started your own business and what your goals are. You must concentrate on achieving milestone by milestone, and redirect your resources in doing so as successful as possible. Only hard work and dedication will get you the goals you set, and every obstacle and hardship is one more experience you gained and the best way to mature in business.

In the end

Never let your age or inexperience discourage you when trying to make a name for yourself and your business. The best you can do is to observe your competition and learn from their mistakes, as well as to try and make your products more attractive and accessible to customers. In business, just like in everyday life, there are bad and good days, but overcoming them and continuing forward on your path is the characteristic of the true entrepreneur.