Wondering what the biggest challenges are when starting a business?Well, I’ll be honest with you, if you’re thinking about launching a business, or if you’re already knee-deep in the fantasy of living the entrepreneur dream, let me share this with you.Ignorance is not bliss, so let’s face these challenges head-on. Here are things to consider:
Shortage of capital or cashflow
We all run out of money way too fast. It takes twice the amount of time and twice the amount of money as we think. So, let me repeat myself – this is why you need a business plan!
Coming up with a great product or service
While we all want to think we are the best, you need to consider what your product or service is, and what makes it different.
Sticking to it and not giving up
We don’t call it lonely-preneur for nothing! It can be challenging and lonely, so you need to make sure you find your tribe.
Working more than you expected
We always think that starting our own business will give us more free time. But in the beginning, you have to work 10 times harder to get that one unit of result. Once you get that momentum going, you can put in 1 unit of energy and get 10 times the result. For now, you’ll be working a ton.
Getting through the constant rejection
This used to be so hard for me. I would hang up the phone and cry. You have to be okay with people saying NO. It has to be part of your vocabulary.
Finding good employees
Good employees are groomed and finding someone who works well in your company culture is imperative. You can teach someone how to do the work, but you can’t teach them integrity.
Know when to fire bad employees
This used to be really hard for me too. People would have to really mess up for me to fire them. Now we have a 3 strikes you’re out policy so that we all know what to expect.
Wearing too many hats
We can’t be the butcher, the baker, and the candlestick maker. You need to be able to manage what you need to do and when. Time management will become imperative to your success because you can’t do it all without having a work/life balance.
It’s hard to do this alone.
Make sure that you have a community to help you as you face these challenges. I know we’re all trying to be superheroes, but you need to have those cheerleaders on your team.