- July 5, 2017
- 3 minute read
Seven Challenges Entrepreneurs Face
Money is the one component that keeps people from becoming entrepreneurs. You need money to stay in business and pay your employees. You can try to self-fund your business through your savings, apply for a loan or line of credit. Either way, you will be spending money before you start making money and that creates risk. Risk leads to stress about the future.
Entrepreneurs can get money by attracting clients. However, sometimes you need capital for advertising to get customers. Your focus is to avoid dependency on anchor clients. In addition to a small group that makes up more than 50 percent of revenue.
Finding time for development of your business and available capital for promoting is an entrepreneur’s biggest challenge. You must find a way to be in control of your cash flow, find money from loans, and develop lines of credit from bank and investors is paramount.
The pressure that an entrepreneur faces is immense. You must find a way to deal with pressure and overcome it. You are responsible for the entire organization and for most entrepreneurs you are the entire company, and this requires you to wear multiple hats on a given day from CEO to CFO. If you do have employees, you are responsible for their livelihoods as well. Take a deep breath and break up a big task into a small task, and if that is overwhelming break those tasks up to even smaller tasks.
You may have a family, and you will lose some time you would want to devote towards your business to those obligations. You also may still be working an actual day job and have to find time for your business during off hours. Other commitments can drain time and energy away from you during the day. In this event use the weekends wisely, strategically use vacation time accrued during the month to give you extra time to focus on your business.
Finding Talented People
As an entrepreneur, true success is after finding talented people to implement your vision. The early days of your business require you to excel and meet your milestones listed in a business plan. You can not go at this alone and lucky for you there are talented people out there willing to take a risk with you. You can find talented people through your network or by using a site like LinkedIn. Have a sit down meeting with them and be upfront that the business may not have money to pay them their desired salary today. However, once the company is up in running the individual will be one of the key leaders. A startup is appealing to recent graduates who want to fast track their careers into a managerial position. The best scenario for them is a place of business that offers experience.
Preventing burnout is where finding and utilizing talented people come into play. If you LLC, then you can hire interns which you do not need to pay a regular salary and benefits to complete remedial work. Hiring interns can help save money, but also help fulfill the daily tasks necessary to keep your business running. Remember you are more efficient rested and by keeping your mind fresh.
Facebook May Soon Offer Subscription Tool
Facebook is currently talking with publishers about providing a new subscription tool according to reports written in the New York Times and Rueters. The hope is to drive subscriptions for news organizations that use the online service to publish articles.
Passed Over For Promotion
Anytime that you are passed over for promotion there is a feeling of hurt and anger. The key is your reaction afterward and how to stay positive about the situation.