Entrepreneurs face many obstacles when starting a new business. Today, entrepreneurs can take advantage of more resources than ever before to overcome those obstacles; here is an introduction to the most common.
For many entrepreneurs, a primary reason for owning a business is to make money. Most startups face financial obstacles, from initially funding the new endeavor, to having enough cash on hand for daily operations or to cover orders, to building capital for additional growth. There are, however, numerous avenues for funding, such as using one’s own savings or credit cards, taking loans from family, friends or a bank, or even crowdfunding.
Entrepreneurs want to offer a product or a service, most likely one they are passionate about and spend as much time as possible preparing that product or service for the market. Then, reality sets in, and they have to take time away from their passion to focus on things like marketing, accounting and IT. Yet just as crowdfunding is one way to find financing, crowdsourcing is one way to find help in these areas. A simple web search can provide many low-cost resources to help entrepreneurs outsource these important elements that don’t necessarily fall into their skill sets.
For most businesses, the goal is to grow. The advantage of growth is having the staff and resources to expand the customer base and increase sales. The disadvantage is now the entrepreneur has to become an expert in a multitude of fields such as real estate and employee management. Before embarking on an ambitious growth strategy, entrepreneurs should plan for expansion as carefully as they planned for all previous aspects of starting the business.
While managing a team, entrepreneurs should not ignore their own growth and development. Even at the height of a startup’s success, feelings of self-doubt can creep in, resulting in a lack of motivation or, for solopreneurs, even loneliness. That’s why it’s important to find a close team member or accountability partner to lean on. This person or persons can help hold entrepreneurs accountable, provide a sounding board, and keep the business owner on track through bad times and good.
Entrepreneurs who are aware of these obstacles can approach them head-on with confidence, knowing they can be overcome and that their businesses will succeed.