Owning and running your own business isn’t always as rosy as it seems. It’s a challenging task that comes with its own ups and downs. Though these harsh challenges might seem insurmountable at first, they prove to be rewarding as they mould you into a successful entrepreneur. Where other people might see impenetrable barriers, successful entrepreneurs will see exciting challenges that need to be embraced and overcome. Your confidence in the face of hardship and your ability to deal with challenges with a positive outlook will determine your success in the long run.
As Alexander Graham Bell said, ‘Before anything else, preparation is the key to success’, mentioned below are 5 common obstacles entrepreneurs tend to face and how you can prepare yourself to overcome them:
Every entrepreneur dreams of kick starting or growing their own business, but usually has little capital to do it with. The U.S. Chamber of Commerce recently interviewed a group of entrepreneurs about the biggest challenge they face while starting a business and a majority of them stated that access to capital was their biggest difficulty while starting out.
What is important in this situation is to not get overwhelmed by the challenge of seeking financial backing. Instead, face it head-on as that will be the first step towards achieving your dream. In 1985, when Howard Schultz, founder of the successful Starbucks chain, was seeking investment for his business, he spoke to 242 investors in a year and 217 of them said no. Even though he recalls the experience as being very disheartening, he continued to believe in his idea and pitched it to even more investors. Ultimately, he had the patience and the perseverance to get that one yes and Starbucks became what it is today. So if there’s one learning every business entrepreneur can glean from Schultz’s story, it’s that you must be patient and persevere hard even in the face of rejection, for doing this is the only thing that will help you overcome this challenge.
2. Attracting customers
Marketing your business in order to attract potential customers is one of the biggest challenges entrepreneurs face while setting up their business. Starting out, your marketing budget may not allow you to reach as wide an audience as a multinational corporation might. Still, if you have the advantage of attracting customers with your pricing and quality of service that big multinationals cannot provide, you will soon find yourself attracting a loyal base of customers in no time. Other important factors that will help you develop a strong marketing strategy is to define your target customer and identify their needs in order to better market your product to them.
3. Recruiting the right people and trusting them
Hiring the right people for your organization is as important as reaching out to the right audience. It can be a tedious process for entrepreneurs and even after it is done, delegating tasks to them after having developed a company from scratch may become a huge challenge for founders. Letting go of the need for perfection and control is understandably tricky. What one must do in such a situation is to step back and look at the big picture. One must let go of the need to control every small task by hiring people they trust who would do justice to the job, and then trust them with these tasks.
4. Managing costs
Reining in operating costs while ensuring that your business continues to grow can be a challenge for even the most successful entrepreneurs.But to become successful, you must learn and implement policies that will help your business save money. The better you are at mitigating your expenses, the greater chance you have of becoming a successful entrepreneur. This is when renting out shared office space comes in handy. Statistics show that coworking spaces can be great for start-ups and entrepreneurs as they help them cut operating costs by providing a flexible space perfect for running business operations. By opting to work at coworking spaces like 91springboard, businesses can save up to 30%, which in the overall scheme of things can mean huge savings for new companies with a lot of expenses and operational costs. Also, studies show that employees thrive in coworking spaces due to the culture of collaboration and community. Thus, coworking spaces aren’t just an affordable solution but can also provide you with greater networking options.
5. Fear of failure
Whether you’re an established entrepreneur or just starting out with your very own business start-up, there’s one worry that concerns every leader – the fear of failure. But this fear might prove to be counterproductive in the long run if you do not learn how to successfully overcome it. Rationalizing your fear and then developing a positive system to learn from your failures can help you become more productive and empower you to view failure as an opportunity to learn instead of a dead-end.
These are just a few of the many challenges that entrepreneurs have to face in their journey to becoming successful business leaders. And though one can adopt various techniques to overcome them, in the end, what’s most important is to have the right attitude and mindset to face these challenges and come out strong as a winner. And as the French playwright Molière said, ‘The bigger the challenge, the more glory in overcoming it’. So, next time an obstacle pops up in the way of your success, face it head-on with patience and perseverance, just like all the successful business leaders you aspire to be like.
Do share your thoughts and personal stories of overcoming challenges in your entrepreneurial journey in the comments box below