Challenges

How To Combat The Common Entrepreneurial Challenges?

Let's discuss the challenges every Entrepreneur faces and how to resolve these challenges as a Businessman
How To Combat The Common Entrepreneurial Challenges?
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Guest Writer
CEO, 360 Degree Technosoft
4 min read
Opinions expressed by Entrepreneur contributors are their own.

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If you are a startup, you might be wondering how to start? If you are an experienced one, you might be fumbling with the survival and if you have survived you might be dealing with what new!!! The story of every entrepreneur across the globe. But, do they stop? Do they quit entrepreneurship? No, not really. Well, they might come across the thought of the same and get a whim of that thought. Any journey you pick it is not easy, it is filled with new challenges every day. Even a kid has challenges, “learning to walk, learning to talk, learning to eat, elder sibling to defeat....” They also have too much deal with. You are the entrepreneur, how can you think you will have a trouble-free journey? Let’s explore some of the popular challenges every entrepreneur passes through along with how to deal with it without pulling your hair out.

1) Decision Dilemma

Decisions are difficult Man!!! Research, resource, and result are to be thought about before reaching the final decision. Every day decisions whether small or big can make you feel drained mentally. You might not have moved from your chair but you still feel energy-less at the end of the day. Too much pressure of taking decisions and right one every time can scare you a bit and drive you to stop trying innovations and opt for the easy option. It can affect your personal life as well. Say for example you are a gym freak and love being healthy, burning calories, and staying active. But, the pressure of decisions the entire day can make you feel tired and not leave couch after work.

The solution to this is decentralization. You are an entrepreneur, you have people working under you. Pick the right dudes, delegate the duties and leave some of the decisions to them. Keep a track on what they do but leave on to them and cut loose of some decisions.

2) Bad Mental Health

Business can be bad at times. This can make the entrepreneurs feel nervous, anxious, tizzy, or depressed. It can also be on the grounds of stress, serious situations, and series of sad events. One of the studies predicted that 30% of the entrepreneurs go through a lifetime depression. The core reasons behind this are long working hours, less sleep, cutting off social life, and financial flaws which leads to abuse and addictions. The addiction can lead to destruction.

Here’s what you need to do. Take out time for yourself, pay heed to your physical conditions, plan your pays in advance, and join co-working space as being lonely can also be harmful.

3) Right Recruits

You know sometimes being around someone drives positive energy in you? It can be opposite as well. You cannot manage everything single-handedly, you need to find people, the positive ones, the hardworking ones, the smart ones. I know it can be a treasure hunt but take your time and look for plenty of candidates and keep looking till you find the best one. Have a recruiting strategy in mind, don’t let the high qualifications lure you, look forward to the candidate as an entire package. Ask questions formals as well as the informal ones and judge him as a person. Recruiting the right ones can reduce half of your responsibility as an entrepreneur.

4) Doubting Yourself

The success of any business or entrepreneur is directly related with the earnings. If it is a startup, there has to be the low return on the early days but that doesn’t mean you are doing bad. Early days are for making good contacts, hiring a good team, understanding the business flow, and maintaining quality standards. So, if revenue is low in the early days, don’t judge yourself as a bad entrepreneur. You have a long way to go.   

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So, What's Harder? Taking on Kickstarter, Launching a Startup After Age 50 or Fighting Cancer?