There is no better feeling than owning a business. After spending several years working at different companies, every person wishes to have something that they can build from scratch and witness its growth. However, doing that is not as easy as every other entrepreneur blog claims it is. As an entrepreneur, you have a lot of responsibilities that you need to carry out. From taking critical decisions to making sure the team works together, everything needs to be looked after by you. There are internal as well as external operations that require your attention which is why things can feel overwhelming at times.
Of course, these challenges are nowhere mentioned on an entrepreneur blog. This is why we have compiled for you all of the common problems that entrepreneurs frequently face and ways to solve them.
If you have worked in several companies before starting your own venture, chances are, you are not ready to build a team on your own. Hiring people can prove to be difficult for new entrepreneurs. This is because you aren’t only hiring people but you are also setting the rules for your entire company. Knowing what to pay for a particular position and deciding on the working hours and work output can be a challenging task.
What to Do: Seek help from a staffing company if you may and let them tell you the market salary that is being offered by a particular position. If your budget does not allow that, do your own research by asking people around or seeking help from an entrepreneur blog or forum.
Wearing Too Many Hats
Since your interests are vested in the company’s success, it is natural to feel the need of controlling every simple task even though you have people for that. This happens when you do not trust the ability of your employees and feel that you need to look after every task till it is completed.
What to Do: While it is true that an entrepreneur needs to wear different hats at different times, you should reflect trust in your employees. When you have hired skilled people from the start, the only hat that you need to wear is of a leader and a true leader never doubts his/her employees.
Once your business starts running, the numbers need to be tracked. Your costs and profits need to be monitored and everything should be accounted for. Many entrepreneurs feel that as the main person behind the business, it is their responsibility to take care of the financials. This can get extremely overwhelming, very fast.
What to Do: Hire an accountant! The number game has the ability to drown entrepreneurs and does not let them focus on anything more productive.
Planning a Practical Marketing Strategy
Every entrepreneur blog that you see will tell you how to successfully market your business. But most of these marketing techniques require capital, which startups do not have. Hence, marketing is a common issue for new entrepreneurs. Without successfully marketing your product, you are unable to boost your sales.
What to Do: Thanks to technology, there are many platforms that you can use to market your products/service effectively without spending too much. All you need is a person who knows how to implement different SEO techniques and making a reputation on social media platforms.
Lack of Direction
With so many tasks at hand, it becomes difficult to prioritize. What comes first is a common question that new entrepreneurs find themselves asking. Unfortunately, the definite answer is not hidden in any entrepreneur blog or article.
What to Do: Depending on your what your goals are, you must come up with a clear strategy that creates a vision for your business. You must know exactly where you should be next time this year and how you are going to accomplish that. Visualize your goals and make sure that all of them are practical and attainable. Do not be over-optimistic about your goals or strategy.
Am I going in the right direction? Am I taking the right decisions? While it is good to sometimes revisit your decisions, doing so too often can lead to trouble. If you do not feel confident about you are doing and the direction in which you are steering your business, your venture is sure to fail.
What to Do: You might not want to risks but you need to know that sometimes there is no other solution. Trust your intuition and have faith in your abilities. A confident leader is essential for the success of every business. You risk putting your team into a state of uncertainty by indulging in self-doubt.
Not Knowing Enough
Sometimes entrepreneurs are so confident about their idea that they do not bother to see if there is a target audience. Remember, just because an idea appeals to YOU or your team, it will appeal to the audience as well.
What to Do: Never underestimate the power of research. You need to know as much as possible about your target customer. Get to know your customers and ensure that there exists a target audience for your product/service.
Exercising Your Role
An entrepreneur blog might be able to tell you how to become a good leader but, in the end, it is you who has to implement what you have learned. Many young entrepreneurs feel incapable of managing a team or acting as the leader. This happens because of a lack of experience in a managerial position. When this happens, taking your team forward can become an issue.
What to Do: While it is important to be approachable at all times, make sure that you have positioned yourself as the leader. There are a lot of tough decisions that entrepreneurs need to make to create a thriving business. Give value to feedback but also trust yourself.
To sum it up, every individual managing a startup begins by facing many unexpected challenges that an entrepreneur blog cannot prepare you for. However, it is through following the above-mentioned tips and maintaining confidence in your abilities, that you are able to grow your business exponentially.