The biggest secret to success for an entrepreneur is in standing firm to all the challenges that he or she may face. Unlike an employee, an entrepreneur has to deal with everything that comes at him.
I make this comparison because the employee’s role is well defined and will rarely deviate from it. An entrepreneur has to look into everything, from production to accounting to hiring to selling.
Check out also this TEDxBergen (Norway) video in which Max Gouchan talks about challenges for young entrepreneurs. Max has the capacity to explain challenges in a straightforward, simple way as you will see:
Max Gouchan believes that entrepreneurs can get to success and that getting the best possible education is not necessarily always required. After Max dropped out of his Norwegian high school, he started an oil industry supply company.
There is no doubt that you, like Max, will struggle at first, but dealing with challenges and taking risks is what makes entrepreneurship a preferred route for people who are looking for excitement in their work life. Well, the fact of the matter is still that education is a poor man’s best weapon to success! So what are the struggles and challenges that one should be prepared for?
Sure, there are reasons why you fail to make the grades you desire, but perhaps that’s just part of the process. Here are four challenges that I think are common amongst most entrepreneurs.
The team is usually what makes or breaks a venture. Finding the right partner or people to work with is very important. Find a partner who has the same vision, the one who understands where you want to be. See also this post about mindset shifts to get you moving. This will not only help you to get to your goals but will also make sure that you are compatible with your partners. After all, United We Stand!
Then there is the part of hiring the right people. For any entrepreneurial venture, you need someone who is a go-getter, enthusiastic and willing to grow with the business. Don’t hire a book-smart who knows how to design or how to calculate. Sure, education is key, but not all teachers are using technology they way the could or should. Instead, hire a person who understands his or her role in the overall organization and who understands the objective of his work in the success of your business.
Starting a business is easy for some but hard for many. Many people start a business while continuing to do their day-to-day job. A lot of people have families or other responsibilities to fulfill and some of you may still be still in the process of finding a good relationship (check out these ‘funny’ pick-up lines if you wish) which will ask some of your valuable time. Among all that, it becomes hard to give the time your business needs. But don’t worry, it is still doable, there are many success stories.
The trick is to manage your time. Maybe you want to hire someone to help you out on a part-time basis. Understand how much work your endeavor requires in a day or a week. Some people are workaholics and can work 80 to 100 hours a week. Understand how much is yours and then spread the hours over the day or week. Consider reducing your sleep to what is required to maintain your health. When you’re in the process of turning your off-line brand into an online brand, check out this post that surely will help you achieve your goals.
As an entrepreneur, you will have a million things to manage. You will have many tasks to do, like marketing, products, emails, clients, vendors, and much more. The trick is to keep track of all the tasks and getting help for some of them. Beware, though, of marketing gurus as they ruin everything! There are many people who will do work for you on a part-time basis. There are a lot of freelancers that will help you manage your books, or manage your twitter account or even do cold calling to a prospective client.
I always tell people to have a notebook and a pen at all times to take notes of what was done and what needs to be done. Of course, there is an app for this, but you get the point.
Entrepreneurs easily get discouraged as they don’t see success right away. You have been sleeping only 4 hours daily and working 100 hours a week, and yet you have not made any money. When you are in a situation like this, of course, it is discouraging.
It is important to understand that no bad business is bad. This is probably your first business venture, so you are learning. Maybe not all high-tech millionaires deserve their fortunes, but they also learned things their way. And your next step will be better because you have experience now. The keyword here is perseverance, hang in there and success will be at your doorstep very soon.
Just make sure you make a good business plan at the start so you know you are not going hit a dead end with your business. And once you have a good business plan, measure your success with each of the steps you take to get closer to your goal.