2 answers
Sonia
Student
Virginia Beach, Virginia
1
Question
Asked
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"What are the key challenges entrepreneurs face when starting a business, and how can they overcome them Share your insights and experiences with our community! #Entrepreneurship #BusinessChallenges"?
"What are the key challenges entrepreneurs face when starting a business, and how can they overcome them? Share your insights and experiences with our community! #Entrepreneurship #BusinessChallenges"
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2 answers
Jennifer Jackson
Film Director
62
Answers
Philadelphia, Pennsylvania
Updated
Jennifer’s Answer
Hi Vesta,
As someone who has experience in the field, I am more than happy to share my insights and experiences with you and the community.
One of the key challenges that entrepreneurs face when starting a business is securing funding. Many entrepreneurs struggle to find the necessary capital to get their business off the ground. This can be particularly difficult for young entrepreneurs who may not have a track record or established credit history. To overcome this challenge, it is important to explore all available funding options, such as loans, grants, crowdfunding, or seeking investment from angel investors or venture capitalists. Additionally, having a solid business plan and financial projections can help attract potential investors.
Another challenge that entrepreneurs often face is competition. In today's saturated market, it can be difficult to stand out and differentiate your business from others. To overcome this challenge, it is important to conduct thorough market research and identify your unique selling proposition. By understanding your target market and competition, you can tailor your products or services to meet the needs of your customers and differentiate yourself from competitors.
Additionally, entrepreneurs may face challenges related to time management and work-life balance. Starting a business requires a significant amount of time and effort, which can be overwhelming for many entrepreneurs. To overcome this challenge, it is important to prioritize tasks, delegate responsibilities, and set boundaries to ensure that you are able to maintain a healthy work-life balance.
Overall, entrepreneurship is a rewarding but challenging journey. By being proactive, resilient, and adaptable, entrepreneurs can overcome these challenges and achieve success in their business ventures.
I hope that my insights and experiences have been helpful to you and the community. If you have any further questions or would like more information, please feel free to reach out.
Best regards,
Jennifer
As someone who has experience in the field, I am more than happy to share my insights and experiences with you and the community.
One of the key challenges that entrepreneurs face when starting a business is securing funding. Many entrepreneurs struggle to find the necessary capital to get their business off the ground. This can be particularly difficult for young entrepreneurs who may not have a track record or established credit history. To overcome this challenge, it is important to explore all available funding options, such as loans, grants, crowdfunding, or seeking investment from angel investors or venture capitalists. Additionally, having a solid business plan and financial projections can help attract potential investors.
Another challenge that entrepreneurs often face is competition. In today's saturated market, it can be difficult to stand out and differentiate your business from others. To overcome this challenge, it is important to conduct thorough market research and identify your unique selling proposition. By understanding your target market and competition, you can tailor your products or services to meet the needs of your customers and differentiate yourself from competitors.
Additionally, entrepreneurs may face challenges related to time management and work-life balance. Starting a business requires a significant amount of time and effort, which can be overwhelming for many entrepreneurs. To overcome this challenge, it is important to prioritize tasks, delegate responsibilities, and set boundaries to ensure that you are able to maintain a healthy work-life balance.
Overall, entrepreneurship is a rewarding but challenging journey. By being proactive, resilient, and adaptable, entrepreneurs can overcome these challenges and achieve success in their business ventures.
I hope that my insights and experiences have been helpful to you and the community. If you have any further questions or would like more information, please feel free to reach out.
Best regards,
Jennifer
Rob Beers
I am operations and production manager of a brewpub
11
Answers
Colorado Springs, Colorado
Updated
Rob’s Answer
Jennifer's answer is well done and I couldn't agree more. However, I would add that there are 3 things underestimated, location and access. the amount of hats you will wear, and how a build-out and start-up actually work. Getting a better understanding of these things will take a lot of frustration and delay out of starting your business.
There was an old expression in business, "Location. Location. Location." A good location with good access and visibility matters more than being in an area that needs your service. You can not just build it and they will come. They have to be able to see you and be able to easily get to you. We opened a restaurant bar in a plaza that was adjacent to an intersection that saw a quarter of a million cars pass through it each month. We thought we had reasonable access, which we did, it was just a bit hidden. We thought we had visibility, which we did if you were on a bike or walking, but not driving by at 45 miles per hour. Our projects were shot. Our sales were slower than anticipated, and our growth took years longer.
Lesson learned, really look at your chosen location from all angles and from multiple advantages and viewpoints. See it the way your customers will see it. IF traffic doesn't drive your business, this becomes less important.
As a business owner, you will always wear many hats. I opened a brewery to be a brewer. Within in months I stopped brewing because of my demand as an accountant, or head of marketing, event coordinator, HR and Payroll, janitor, greater and bartender all took priority. This continued until we were at a point where I could employ people to do many of these things. So understand the other needs of the business that are different from the product and service you provide. There are always hidden things operationally and executionally of which you need to be aware, possibly wearing another hat playing another role, or your business may struggle.
If you can truly launch a home-based business, Yahoo! and good for you. However, most businesses require a location, space. This requires a lease and maybe even a buildout/renovation to make the space functional for your business. This means red tape and government involvement. Delays and lots and lots of money. A top commercial realtor who has experience and a pocket full of resources to help you get your new space where you need it to be for success is worth their weight in gold, and you don't pay them. Between a lease that protects you and paves the way for continued success at that location is essential. Happy to talk more about this sometime...Most of us do not know how to navigate the zoning and planning process, or the permitting, finding a GOOD contractor and how a buildout works. Find a mentor who has gone through this more than once and especially recently. I have found that there is a level of "coopertition" among competitors and they will often give advice and share their experiences. Be humble though or that fountain of knowledge will go away. Always appreciate those who offer wisdom and advice, even unsolicited or not quite on the money. You can learn something from all of it.
This is broad and general but I hope it helps.
Good luck and chase that dream!
There was an old expression in business, "Location. Location. Location." A good location with good access and visibility matters more than being in an area that needs your service. You can not just build it and they will come. They have to be able to see you and be able to easily get to you. We opened a restaurant bar in a plaza that was adjacent to an intersection that saw a quarter of a million cars pass through it each month. We thought we had reasonable access, which we did, it was just a bit hidden. We thought we had visibility, which we did if you were on a bike or walking, but not driving by at 45 miles per hour. Our projects were shot. Our sales were slower than anticipated, and our growth took years longer.
Lesson learned, really look at your chosen location from all angles and from multiple advantages and viewpoints. See it the way your customers will see it. IF traffic doesn't drive your business, this becomes less important.
As a business owner, you will always wear many hats. I opened a brewery to be a brewer. Within in months I stopped brewing because of my demand as an accountant, or head of marketing, event coordinator, HR and Payroll, janitor, greater and bartender all took priority. This continued until we were at a point where I could employ people to do many of these things. So understand the other needs of the business that are different from the product and service you provide. There are always hidden things operationally and executionally of which you need to be aware, possibly wearing another hat playing another role, or your business may struggle.
If you can truly launch a home-based business, Yahoo! and good for you. However, most businesses require a location, space. This requires a lease and maybe even a buildout/renovation to make the space functional for your business. This means red tape and government involvement. Delays and lots and lots of money. A top commercial realtor who has experience and a pocket full of resources to help you get your new space where you need it to be for success is worth their weight in gold, and you don't pay them. Between a lease that protects you and paves the way for continued success at that location is essential. Happy to talk more about this sometime...Most of us do not know how to navigate the zoning and planning process, or the permitting, finding a GOOD contractor and how a buildout works. Find a mentor who has gone through this more than once and especially recently. I have found that there is a level of "coopertition" among competitors and they will often give advice and share their experiences. Be humble though or that fountain of knowledge will go away. Always appreciate those who offer wisdom and advice, even unsolicited or not quite on the money. You can learn something from all of it.
This is broad and general but I hope it helps.
Good luck and chase that dream!