Are you thinking of leaving your 9 to 5 job that is your only source of income and become an entrepreneur?
The decision itself sounds intimidating. How would you pay your bills if you quit your job? What would you eat? What would others say about your decision?
There are many questions, but don’t let them prevent you from chasing your dream of being your own boss.
Making a pathetic amount of cash when you can actually earn a lot more is just a waste of your life. We spend too much time making others richer instead of building our own wealth.
As an entrepreneur, you can make a lot more cash than as an employee, even if you are not a successful entrepreneur. You can earn more money in a single day than you make in a full year as an employee.
Apart from money, there is another factor that makes many employees start a company. It’s freedom. You are free to make your own schedule, plan your work hours and vacation length, and most importantly, you are free from unfair criticism and workload.
It doesn’t mean you will work less; it means you will work harder towards your future, not your boss’s.
If you’ve been thinking about entrepreneurship for a while…
…it means you crave changes. Even though being an entrepreneur is no picnic or walk in the park, it can bring success and fulfillment into your life.
Setting a Realistic Goal is a Must
Every new entrepreneur has to have a clear and realistic business goal. What type of business do you want to choose? What’s your budget? What are your life priorities? You should have it all planned out in your mind.
Setting yourself up for success with an unrealistic goal will lead you nowhere. Many new entrepreneurs fail because they have no clue what to do next.
They think they will become rich as soon as they launch their own business. But the best results don’t happen overnight, or even in a month.
Starting a company just because you want it is not enough. It takes plenty of thinking, planning, decision-making, testing and trying, so you should be both physically and mentally prepared for reaching your business goal.
Moreover, you should have enough power, patience and wisdom to work your way past all the obstacles you will face along your startup journey.
What are the top challenges you’ll have to deal with as a new entrepreneur?
There are many challenges you will face but all of them can easily be solved. Focus on the positive results, believe in yourself and don’t be afraid to ask for help.
The major obstacles are:
You are more likely to make some investments so learning basic financial skills is essential. If you are low on money, you will have to look for the right investors, and this requires excellent financial skills.
You will need to get the right valuation and the most affordable interest rates. Not to mention that you will have to control money flow and create reasonable paychecks that will attract professionals rather than newbies into your company.
Let’s not forget about taxes and legal protection as well.
When you are an entrepreneur, self-reliance is crucial yet challenging. You will not have your manager to ask for advice and a coworker to help you out with a hard project.
You will be working all alone most of the time and rarely have time to see family and friends. Being an entrepreneur is great, but are you sure you are ready for this exact challenge?
3. Choosing the Product or Service that will Help People
provide a solution, or give the majority of people something they need or want.
Choosing an ideal business is one of the keys to success.
One of the reasons why so many new entrepreneurs fail is because they choose the wrong business ideas. If you can’t deliver what you promise, it’s better to stay an employee. No one is going to buy what you sell if you offer poor-quality product or service.
4. Finding Customers
Even if you offer the best-quality product or service available in the market today, your chances of failure will be high if you don’t find loyal customers.
Advertising may help you find people who will really be interested in your product or service. If you don’t have money for ads, try to find customers in your city first.
If 10 customers love the product or service you deliver, they will bring their friends, relatives, and coworkers with them. Start slowly and focus on the quality of your business rather than quantity.
When it comes to entrepreneurship, even the most successful leader deals with self-doubt at some point in their business life.
As an entrepreneur, you take a huge responsibility for the product or service you deliver, the paychecks you pay each month, taxes, office environment and team’s performance.
There are many more responsibilities that you have to take. But don’t let your doubts stop you from becoming who you want to be. Change your mindset and cultivate your positive thinking on a daily basis.
6. Building a Successful Team
Hiring employees isn’t as easy as it seems. You don’t hire them for a week; you hire them for years. They should be loyal, love their job, and agree on the paycheck you offer.
It’s also important that you respect your employees and treat them like your colleagues and friends. It’s so tempting to be a bossy boss, but it will make most of your employees run away from your company like the plague.
Now that you are aware of the top challenges entrepreneurs face during their long business journeys, do you still want to become one of the most powerful entrepreneurs and leaders in the world?
I hope you do. Don’t dread the challenges and changes. Move forward, make mistakes, learn from them and grow your company. Just don’t give up. You are capable of doing anything you set your mind to.
If you are a new entrepreneur or had to start from scratch at some point in your journey, please tell us about your biggest challenges in the comments below.
Are there any other challenges entrepreneurs face when starting from scratch? Leave a comment below.