The Top 8 Challenges You Will Face As A New Entrepreneur
Life is full of challenges and how we handle those challenges define us. As we enter the entrepreneur world, we will find new challenges. How we face and deal with those challenges will determine our odds of being successful.
I believe that every human who is considering entering the entrepreneurship world should know the challenges they will meet before they start. By doing so, there will be no surprises. The entrepreneur will be less apt to panic and will handle the challenge in a competent way.
Here are the top 8 challenges you may encounter as a new entrepreneur.
Top Entrepreneur Challenges #1: Cash Flow
I believe every entrepreneur has been in or near panic mode when this challenge meets them face-to-face. We send an invoice and the client takes their sweet time in sending the payment. We invested in tools and resources to complete the job and the bank account is reading empty.
The only way to solve this is through proper budgeting.
Several years ago, I developed a tool that can help you immensely. I highly recommend you consider using The Expense Tracker. I know it can help you keep control of your cash flow.
Top Entrepreneur Challenges #2: Leaving A Safe Career
Maybe the boss is not one of our favorite people. The work is monotonous, but the paycheck is always there. You spent several years in school to have these qualifications and now you are considering leaving it all to follow a dream.
I believe at least 90% of entrepreneurs have had this dilemma, but following the dream is how many entrepreneurs have changed the world.
You just need to ask yourself if it is more important that you just go through life in delirium or you wake up and live your dream?
Top Entrepreneur Challenges #3: Finding Customers
Every single business faces this challenge. It is the key to managing any business because without customers, you really do not have a business.
We talk about this challenge on this blog from time to time. Be sure and read other posts.
There are some major things you need to achieve to attract customers:
- Are you solving their problem?
- Are you marketing to your target market?
- Are you pricing your product or service properly?
- Are you staying ahead of the competitor?
This challenge will be there forever as long as you are an entrepreneur. Accept the challenge and embrace it.
Top Entrepreneur Challenges #4: Negative Influences
This is a huge challenge that new entrepreneurs run up against. Those people in our lives that are always using words like:
- Can’t
- Shouldn’t
- Don’t
- Won’t
- Etc…
The negative will wear on you if you allow it too.
There are 2 ways I suggest you meet this challenge:
- Rebel against it – Without causing dissension, just make an inner decision that you will “show them,” and proceed to do it.
- Keep clear of them – I suggest you try to maintain distance from the people who are feeding these negatives. When you are unable to stay clear, always respond with positives.
Top Entrepreneur Challenges #5: Time Management
This is a challenge that we all face and there is only one good way to meet this challenge. Just make a plan. I suggest each evening, you plan your next day. Write down your goals, the tasks that need to be completed and put them in an order that makes sense.
I suggest completing the hardest tasks first because you will feel power knowing you are solving the most difficult stuff and you will “fly” through the easy tasks.
Top Entrepreneur Challenges #6: Being Lonely
The entrepreneur world can be a lonely world at times. When working a regular job, there are normally other employees and people around you but as an entrepreneur, you most likely will be alone a lot of the time.
It is important that you do take time to spend with friends and family. Get out and socialize and Facebook doesn’t count.
Top Entrepreneur Challenges #7: Taxes
This can be a huge challenge because as an employee, your employer just automatically deducted taxes. You will want to save any, and all receipts and I suggest having a separate account where you simply deposit a percentage of your revenues to cover tax payments.
Earlier, I mentioned the Expense Tracker. Many of the users have stated how much it has helped them with their taxes.
I do recommend that you contract an accountant too.
Top Entrepreneur Challenges #8: Fear
When an entrepreneur tells me they have no fear, I have a difficult time believing them. If they said they will show no fear, that is more believable. We all feel some fear, but it is all how we handle that fear. If we let it hold us back, it has control. If we move forward in the face of fear, we have the control.
Who will have the control in your entrepreneur dream?
Conclusion
In looking at my entrepreneur path as well as many others, these ARE the top 8 challenges. But we can look at challenges in a fun and exciting way… It is something to overcome just like the hurdle in a track race or the defense in a football game.
The successful entrepreneur looks at challenges as a normal part of the business. They rise up and above and overcome the challenge.
I know you have the ability in you or you would not be reading this post, so rise above the challenges and go out and live the entrepreneur dream.
As I say: Make The Rest Of Your Life The Best Of Your Life. You can find out how to do that right here.
So what challenges are you facing? Are there any not listed here that I may be able to give you some help with? Just leave a comment and I will give an answer.
And will you help me? Please hit the share buttons and let others see this article.
Thank you.
To The Top!
Eric
EricTippetts.com
