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Challenges Of An Entrepreneur and How To Best Support It

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In life, challenges play a significant role; they are the foundations of success since they provide the present world’s best experiences. Challenges are meant to make someone wiser and more potent. 

Challenges in a business are brought up by problems that need to be solved wisely to shape and promote growth and expansion. Challenges provide self-improvement and personal growth opportunities since the best solutions and ideas are applied to tackle and eliminate the problem.

An entrepreneur is an individual who creates a business opportunity by taking financial risks to benefit from the business. An entrepreneur may face many challenges before or after starting the business. 

“Apply the lessons you learned to promote success”

Still, the entrepreneur’s main goal should be to apply the lessons learned to promote success in a business opportunity. The challenges faced by the entrepreneur can be best solved when the entrepreneur implements appropriate solutions to the challenges to ensure the challenges are well supported.  

The challenges of an entrepreneur and how to best support are as followed: 

Problem: The challenge of time management

In a business, entrepreneurs are required to be good at performing multiple tasks.  Effective management of time is essential for a business; therefore, an entrepreneur must have good time allocation techniques that allow him to deal with different kinds of tasks to keep the business running smoothly and afloat. 

When an entrepreneur is unable to manage time properly, they expose their business to risks by creating setbacks that may lead to the business’s downfall and closure. 

Solution: Tools and Strategies

The skills in time management that an entrepreneur can use in a business are related to smart management. An entrepreneur can apply smart management by eliminating the tasks that do not match the company’s goals. 

Goals and priorities are then prioritized whereby the most sensitive tasks are solved first to ensure that the business does not get affected and operations remain smooth. Use of tools like the calendar, savvy phone and computer apps and an efficient assistant are some ways to create structure to help manage daily routines in a business.

Colleagues Working Together

Problem: Challenges in defining a marketing strategy

Defining a marketing strategy in a business is very important since it contains the plans of turning the consumers into lifetime customers of a business’s products and services. Marketing strategies change with time due to the market supply, demand and trends. An entrepreneur may have the challenge of defining a clear  marketing strategy to implement in a business as not everyone is familiar with the foundations of marketing.

Solution: Marking Specialist

Working together with marketing specialists to help create a marketing plan will help identify the core message of the business and a clear outline on how to communicate with current and future clients. It will help in detecting potential risks and prevent the execution of weak marketing strategies. A marketing plan allows the business to operate with its budget, making the business work within its strengths and finally increase not just sales, but relationships.

Problem: Lack of confidence 

Lack of confidence kills a business at its early stages; entrepreneurs who lack confidence are easily discouraged when a business’s challenges face them. They become full of self-doubt, making them powerless and unable to make the correct business opportunity decisions. When an entrepreneur lacks confidence chances of them failing in the business are very high. 

An entrepreneur must be very confident because it helps them have hope and feel that they will succeed in business, regardless of the circumstances at hand. Confidence makes an entrepreneur have the courage to take a leap of faith and grow their business. Confidence is the key to a successful business.

Three business professionals working together

Solution: Having a strong support system

Since an entrepreneur needs to be confident, having a sound support system from friends,  family and mentors may boost the entrepreneurs confidence levels. Having a seasoned mentor as an entrepreneur is one of the more crucial components to have because they can teach and guide you on the best business moves or relationships necessary for the growth of your business. 

Having the right mentor will increase competence, thus influencing the confidence leading to improving the overall business environment. Once an entrepreneur develops the right confidence, they will be in a space to create healthy and effective business relations with their customers and vendors. A good relationship with other people promotes the growth of a business by bringing in more customers which increases sales. 

A Challenge for all Entrepreneurs

An entrepreneur needs to stick with the challenges and not run away from the challenges affecting a business. Perseverance develops strength so they can withstand any business challenge in the future and create a solution based mindset, instead of giving up.

Entrepreneurs should develop a mentality that challenges are meant to help them learn about the business instead of thinking that it is a reason to quit. Learning promotes personal development, and just like life, everyday will be a challenge but the key is to finish what you started and keep your eyes on the prize. 

Seek help and business resources in your city and town and surround yourself with people that have experience in business and you will find the light at the end of the tunnel.

As a Leadership and Performance Psychology Consultant, Joanna helps small businesses, entrepreneurs and employees increase their performance in the workplace and in their personal lives that drive workforce happiness, fulfillment, and outcomes.