An entrepreneurial journey is one which entails many challenges-some can be harsh whereas some can be rewarding. Many a time the challenges are insurmountable and can lead the entrepreneur to fall into an abyss of frustration. But isn’t entrepreneurship all about being patient and perseverant? The story of successful entrepreneurs often includes instances of having to face numerous challenges and also overcoming them. Here are some of the most common challenges every entrepreneur faces in their entrepreneurial journey:
- Taking a leap of faith: Pursuing the idea brewing at the back of your mind full time isn’t as easy as it sounds. A nascent business requires a lot of nurturing and it won’t be an easy task simultaneously managing another career. An enterprise getting attention only during the weekends and weeknights won’t be able to grow significantly. One has to undertake the risk of abandoning the ideal day job in order to make an infant business grow in the market.
- Financing the business: Developing an idea isn’t just enough for an entrepreneur- the next big step is managing the capital for their enterprise. Entrepreneurs don’t have it easy when it comes to managing the capital. They have to rationally make a decision about financing their emerging business be it through personal savings or loan or even through venture capitalist. Many a time, lack of proper capital is the main reason why a business fails. The journey of developing an idea to managing the capital to revenue generation is long and a painstaking one.
- Managing the right cohort of workers: Assembling a business team is quite a task for entrepreneurs. Without the right teambuilding, a business won’t be able to function properly. An entrepreneur needs to hire right kinds of workers with the suitable qualifications. Besides that, entrepreneurs need to be deliberate in the decision making regarding their workers so as to not burn through the budget in a short span of time.
- Connecting with the customers: Let’s suppose you have an amazing product but it doesn’t sell in the market. For a company to succeed, a proper connection with the customers is crucial. It is not just about selling the product, it is also about creating value and satisfying the customers. Apple can be taken as a great example for this. Apple is not focused on selling stuff but on building relationships with customers and making people’s lives better. By creating an emotional connection with its customers, Apple has done the near impossible – it has acquired a loyal following. Brand loyalty has played a huge part in its global success.