Challenges & Tasks For Budding Entrepreneurs
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The Oxford English Dictionary defines ‘Entrepreneurship’ simply as the act of setting up a business or businesses, taking on financial risks in the hope of profit. In reality, it is so much more than that. How do you define a successful ‘entrepreneur’? Forbes defines an entrepreneur as a risk-taker, a visionary, a leader, a pit bull and essentially a superhero all rolled into one. Some of the most important traits of a successful entrepreneur are passion coupled with motivation, self-belief, hard work and dedication; adaptability as well as flexibility, strong money management skills, effective planner and he/she must have the ability to question themselves. Let’s dwell on 5 biggest challenges for an up-and-coming entrepreneur.
One should be prepared to start and nurture a business from the ground up. That would mean, leaving a successful career behind, maybe as a lawyer, doctor or even a journalist. One has to risk leaving behind a cushy, secure job environment with a secure future for something that is unpredictable. There are no easy ways to decide if it is the right decision but one just has to follow one’s instincts.
OVERCOMING COMPETITION FROM ESTABLISHED PLAYERS
Starting off a business is never easy, as one comes up against established and experienced hands — whatever the sector might be. The competition will try to play the role of a deterrent and there will be many reasons from within the ecosystem, which will play a role in having a new player thrown off the market. Many in the ecosystem will try to come up with similar products or services at more competitive rates or might go in aggressive marketing techniques. However, successful resistance to competition always gets noticed and appreciated. One should be concerned when one is being ignored by competition, which means there is a long way for you to go yet!
FINANCE AND ECONOMICS
Funding to start a new business venture is not easy. The initial capital might come from selling off an old business or previous stream of revenue being diverted into new business. A new entrepreneur though needs to look for new sources of revenue by constantly exploring investment contacts or hunt for new clientele willing to pump in revenue into the project. Starting off a completely new project requires a lot of networking to bring in funding and new sources of revenue.
One can’t succeed in any business without a successful team around them. Picking the right personnel for the right job requires intelligence and a business acumen to boot. Finding the right profile need to be balanced with the correct pay for that person. The best option would be to recruit people from professional life, one whose ability and temperament you already know about rather than going in for completely unknown commodities. References and a vote of confidence from colleagues and acquaintances often come in handy. Trust is the biggest factor in building a team, if you can’t trust an employee it’ll be very difficult to trust their decisions when it comes running a business.
VISIONARY & QUICK-THINKER
A good entrepreneur needs to think quickly on his feet and plan well in advance for the future. In events of deviation from a plan, as the boss one has to take charge and keep alternative solutions in mind. A good entrepreneur needs to make positive of the so-called impediments/ obstructions on the runway to building an enterprise. A new business, or any new initiative, defacto has to face its fair share of the unknown and as an entrepreneur, one needs to be on one's toes to address the speed-breakers, in a planned and thoughtful way. Very important and challenging in the entrepreneurial journey is not only to think about the business but also ensure a steady stream of revenue to sustain the endeavour and the pay-cheques to the employees/team on time along with the quality of service/product whatever the company is into. The word of mouth on the company, its founder and people is the KEY at all times. Handling this volatility is one of the most important aspects of running a successful business.