4 answers
Sonia
Student
Virginia Beach, Virginia
1
Question
Asked
517 views
"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"
Login to comment
4 answers
Adaobi Ogheneovo B.SC Acct, MPA , IBM
CLIENT MANAGER
65
Answers
Saint John, New Brunswick, Canada
Updated
Adaobi’s Answer
Key challenges entrepreneurs face when starting a business:
1. Lack of capital: Securing funding is often a major challenge for entrepreneurs. They can overcome this by exploring various funding options like loans, grants, crowdfunding, or seeking investors.
2. Market competition: Entrepreneurs need to differentiate their products or services in a competitive market. Conducting market research, identifying unique selling points, and creating a strong value proposition can help overcome this challenge.
3. Building a team: Finding and retaining talented individuals can be difficult for entrepreneurs. They can overcome this by networking, leveraging their personal connections, and offering competitive compensation packages.
4. Managing uncertainty: Starting a business involves inherent risks and uncertainties. Entrepreneurs can overcome this by developing a solid business plan, conducting thorough market research, and being adaptable to changing circumstances.
5. Time management: Entrepreneurs often face time constraints and have to juggle multiple responsibilities. Prioritizing tasks, delegating when possible, and utilizing time management techniques can help overcome this challenge.
6. Marketing and sales: Entrepreneurs need to effectively market and sell their products or services. Developing a comprehensive marketing strategy, leveraging digital marketing channels, and building strong relationships with customers can help overcome this challenge.
7. Scaling and growth: Scaling a business can be challenging due to resource limitations. Entrepreneurs can overcome this by focusing on operational efficiency, strategic partnerships, and exploring new markets or customer segments.
By being resilient, seeking guidance from mentors or business advisors, and continuously learning and adapting, entrepreneurs can navigate these challenges and increase their chances of success.
1. Lack of capital: Securing funding is often a major challenge for entrepreneurs. They can overcome this by exploring various funding options like loans, grants, crowdfunding, or seeking investors.
2. Market competition: Entrepreneurs need to differentiate their products or services in a competitive market. Conducting market research, identifying unique selling points, and creating a strong value proposition can help overcome this challenge.
3. Building a team: Finding and retaining talented individuals can be difficult for entrepreneurs. They can overcome this by networking, leveraging their personal connections, and offering competitive compensation packages.
4. Managing uncertainty: Starting a business involves inherent risks and uncertainties. Entrepreneurs can overcome this by developing a solid business plan, conducting thorough market research, and being adaptable to changing circumstances.
5. Time management: Entrepreneurs often face time constraints and have to juggle multiple responsibilities. Prioritizing tasks, delegating when possible, and utilizing time management techniques can help overcome this challenge.
6. Marketing and sales: Entrepreneurs need to effectively market and sell their products or services. Developing a comprehensive marketing strategy, leveraging digital marketing channels, and building strong relationships with customers can help overcome this challenge.
7. Scaling and growth: Scaling a business can be challenging due to resource limitations. Entrepreneurs can overcome this by focusing on operational efficiency, strategic partnerships, and exploring new markets or customer segments.
By being resilient, seeking guidance from mentors or business advisors, and continuously learning and adapting, entrepreneurs can navigate these challenges and increase their chances of success.
Rob Beers
I am operations and production manager of a brewpub
14
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!
Jennifer Jackson
Film Director
79
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
Amber Cunningham
I own a small painting and cleaning business
1
Answer
Flint, Michigan
Updated
Amber’s Answer
Those are two great answers right on the money. Answers from life experience that couldn't be more true.... So what I will add is FEAR, DOUBT and INSECURITIES. That voice inside your mind that uses the word Can't. The whisper of all the voices that spoke nothing but doubt in your ear. Fear, Doubt, and all the insecurities they bring are something you will need to overcome in order to make the tough choices necessary to succeed.
You have to be able to not only trust yourself but believe in the decisions you make sometimes against all odds. And there will be times when as Rob said you have to wear many hats and it's overwhelming, frustrating and it's times like that when doubt and fear can set in.
So my advice in short would if you are going to do then have faith and trust in yourself and do it 💯. And know/expect that there will always be someone whispering doubt in your ear when you are at your most vulnerable point. That's just life and the nature in which we live it. Your self trust has to be stronger than the doubt.
Also chose something you are interested in. Think of it this way ...... You have to be interested in it enough to eat breath and sleep it daily and still have the will and drive to wake up and be all about it the next day. Otherwise what's the point? Cause if money is the only thing interesting to you about what you do then trust me when I say you won't do it long. The desire for money only gets you so far. It has a way of becoming less important as time goes on. Do something you love and you will love doing it. It becomes less like "work" and more like a calling. And if what you love changes don't be afraid to change with it. Change is not bad denial is what will get you.
Good luck to you
You have to be able to not only trust yourself but believe in the decisions you make sometimes against all odds. And there will be times when as Rob said you have to wear many hats and it's overwhelming, frustrating and it's times like that when doubt and fear can set in.
So my advice in short would if you are going to do then have faith and trust in yourself and do it 💯. And know/expect that there will always be someone whispering doubt in your ear when you are at your most vulnerable point. That's just life and the nature in which we live it. Your self trust has to be stronger than the doubt.
Also chose something you are interested in. Think of it this way ...... You have to be interested in it enough to eat breath and sleep it daily and still have the will and drive to wake up and be all about it the next day. Otherwise what's the point? Cause if money is the only thing interesting to you about what you do then trust me when I say you won't do it long. The desire for money only gets you so far. It has a way of becoming less important as time goes on. Do something you love and you will love doing it. It becomes less like "work" and more like a calling. And if what you love changes don't be afraid to change with it. Change is not bad denial is what will get you.
Good luck to you