Challenges of EntrepreneursApril 21, 2015 6:49 am
Steve Jobs and Bill Gates revolutionized the cyber world. Oprah Winfrey changed how we view television. Henry Ford redefined the 20th Century with the mass production of automobiles. These entrepreneurs, like most, brought their talent and passion into their business. Business entrepreneurs are great achievers who have the courage, determination and belief in themselves to pursue a dream even if it means overcoming challenges and obstacles to see that dream come to life. What are some common hurdles that have blocked the route to success for entrepreneurs and how have they resolved those problems to go on and be successful?
- Financial Hardships – Many an entrepreneur have had to fight their way back from the brink of financial disaster. Some business ideas can be bootstrapped – meaning they are self-sustaining without an outside cash injection. But most need investors or financial backing of some sort. Seek professional guidance, someone fantastic with numbers who also can see your vision and wants to help you get there, while staying on course financially. Raising money is complex and there are all sorts of ways to stay in the green including: loans, grants, crowd sourcing, investors, creative budgeting and maintaining good cash flow via strong relationships with vendors and clients.
- Organization and Planning Issues – They say it is lonely at the top. Doing all the organizing and planning can be overwhelming. Professional planners and organizers would recommend making a goal list organized by priority and into categories such as annual, monthly and weekly goals. Having a clear vision of where you want to be can help keep you from getting swamped in the minutia. Find great employees who you can delegate some of the tasks to and help you stay on target.
- Legal Questions – Many entrepreneurs struggle with understanding three key legal themes: How they should structure the business when incorporating. The licenses and permits required by their city, county, state and country. The level of protection needed for the business in terms of patents, copyrights and trademarks. Hiring a qualified attorney will save you the time you would spend researching and learning the legal ins and outs of starting a business. While you may cringe at the expense, it may save you money and heartache later.
- Marketing Strategy and Growth Issues – How do you learn the best way to find your target audience and convert them into loyal customers? Website and SEO marketing can be self taught but you may want to consult with an expert to plan the best places to place your ads, how to attract customers, how to drive customers to your website, and how to get your brand name out there. You will also want to plan how this strategy will evolve as you grow your business.