As very well said by Mr. Chris Bailey but also in today’s World Entrepreneurship comes with a host of challenges. Even experienced entrepreneur and inexperienced, both equally faced challenges to establish their brand. To keep your business established and to maintain your success, some challenges may faced by you.
- Funding- This is very common challenge faced by the every entrepreneur in very first step. It’s not easy when it comes to funding. As a new entrepreneur, you’ll be starting from scratch, which means you’ll need to start networking like crazy and looking through all your possible funding options before landing on one. No matter which route you choose, all funding decisions involve complex trade- offs between near-term and long-term costs and benefits. Check out all the alternatives.
- Defects in Planning- Have you ever heard the saying ‘Those who fail to plan, plan to fail’? While I can’t speak to all facts of life, this is certainly true in business. Managers find themselves planning for all sorts of things. Implementation is the most difficult part of the strategic planning process. It involves achieving the objectives set out in the strategic plan while remaining alert and flexible to new opportunities as they unfold. For successful implementation, the strategic plan has to be robust in the first place. Sometimes an entrepreneur can’t implement the topic the way he made for the business. This Affects the roots of business and faced by many of them.
‘There are lots of hurdles faced by every entrepreneur, but there is no shortcut to success.’
- Globalization and Financial Fluctuations- Businesses are already outsourcing much of the production that used to be based in the United States. China and India will only get more advanced and more productive. Other countries will follow them. For entrepreneur, this means an increase in competition and even tighter margins. More money in the market should mean higher prices overall, as there’s more money to buy the same number of goods. While this hasn’t happened so far, it’s only a matter of time. You need financial security for business in crises.
- Decision making- One of the major challenges faced by entrepreneurs is the role that he played in establishing their business is ‘decider’. You will be responsible of all major directive decision made by you in the course of your business. The quality of a decision should be determined based on the amount and type of effort the decider put forth in making the decision. Under these definitions, it’s entirely possible that a “bad” decision ends up with a good result and a “good” decision ends up with a bad result. However it is the challenge based by every Entrepreneur whether experienced or inexperienced.
- Building trust- You have to be good what you do, building trust from the people who you gave service is very important challenge and not easy. Building trust takes time and a lot of hard work. But it is entirely doable if you and your team work make a good relationship with transparency and quality of work, good service. It is not rocket science; it is collaboratively sending someone to the moon. Establishing new brand, goodwill of your brand, building trust will take time if you work with core transparency and efficiently can be achieved.
“Productivity is not how busy or efficient you are ~ It’s about how much accomplish” by Chir Bailey