Seven Common Entrepreneurial Challenges You Can Overcome
Entrepreneurs face many trials throughout their journeys. Especially when you’re starting out, you might be stressing about what lies ahead, but these challenges are what shape you as a business owner and leader.
If you can approach your struggles with a level head and learn from your mistakes, you will accomplish far more than the person who was too afraid to try. To help you confront—and overcome—the challenges ahead, members of the Young Entrepreneur Council discuss some of the more common issues beginning entrepreneurs can face, as well as how they can go about solving the problems. Here's what they said:
Members discuss a few challenges newer entrepreneurs can face.
PHOTOS COURTESY OF THE INDIVIDUAL MEMBERS.
1. Cash Flow
A considerable number of entrepreneurs struggle to pay the bills while they are waiting for payments to arrive. A very common reason is delayed invoices. Entrepreneurs often encounter that perform a job, send an invoice with a 30-day payment term. Meanwhile, you have to pay wages, utility expenses, operational costs, etc. Require faster invoice payment terms or even upfront payment. - Jessica Baker, Aligned Signs
Many entrepreneurs struggle with the proverbial burnout because they lack some crucial time management skills. The two biggest culprits to burnout I’ve witnessed—both personally and as an observer—are feeling the need to immediately respond to people all day (reactive mode constantly), and not having the courage to say no to people. - Ron Lieback, ContentMender
3. Worrying Too Much About The Future
In the early stages of a startup, it feels like the next few months will determine if the company survives or dies. Many entrepreneurs worry too much about what will happen months from now instead of focusing on the tasks at hand. The best strategy to overcome worries about the future is to concentrate on what you can solve today. The answer to your problem can come along when you least expect it. - Kyle Wiggins, Keteka
4. Time Management
Entrepreneurial ventures are often hindered by poor time management skills. In order to get a project off the ground, there is a lot of work to be done. Often, entrepreneurs are on their own, at least at the onset of a project, and they struggle to prioritize their tasks in an efficient way. Preparing a project schedule ahead of time and updating it consistently is the best way to avoid a pitfall. - Bryan Driscoll, Think Big Marketing
The biggest struggle that entrepreneurs face is internally with their own mindset! Whether it be fear of rejection, fear of failure, fear of not being perfect, etc., having a growth mindset will help get past this. The other is lack of focus, in terms of aligning their "why" with the how and the what. Meditating daily, reading one book weekly and having morning rituals will help with all of this. - Aliya Amershi, Techie Concierge
Being an entrepreneur means constantly making difficult decisions about your business and its future. It's important to know that you won't always have all the data or metrics you need to make tough decisions. Great rewards often come from great risks. Being indecisive can be more detrimental than choosing the wrong option, and many times, even the "wrong" option leads to understanding and growth. - Michael Miglio, ICO Law Group
In the beginning, it is often hard to let go of certain tasks because you want everything to be perfect. By having your hand in every task, it can get overwhelming, and eventually you can lose sight of what the actual goal is, which is to grow as a business. Accept other employees' versions of perfect. Hire well, hire early and delegate efficiently. - Ajmal Saleem, Suprex Learning