5 Problems all Entrepreneurs Face and How to Solve Them

So, you want to leave the 9 to 5 jive for good and become an entrepreneur? Considering the fact that a lot more money can be made being an entrepreneur, your decision is quite valid. Heck, even the amount of money you make in a day could be higher than what you could manage to make in a year as an employee. However, the question here is can you do the same?

The highly competitive business world has brought with it numerous problems and challenges for entrepreneurs, but that in no way means you cannot overcome them. But for that to happen you must first understand why these common issues occur as well as how they can be solved, which is exactly what we will be highlighting in this article.

1. Securing Funding

The Issue:

To start and grow your business, you need to secure a significant amount of funding. However, the amount of capital available to most new ventures and startup founders is unarguably limited. As a result, people often look for investors to raise much needed capital, but quite frankly they won’t just open up their wallets for every great idea that knocks on their door.

The Solution:

It’s advised you resort to other funding options available. There are a variety of ways to secure funding for your business. This includes bank loans, grants and even fundraisers. You can certainly choose these routes, but let’s face it, nothing beats the growth that is fueled by funding your business on your own.

Remember, you cannot launch a million-dollar company overnight, so focus entirely on your initial customers. Work your way to find new customers, but strive to consistently be remarkable to the ones you are already serving. Good word-of-mouth means more customers will come to look for you and though this growth might be steady and slow, you will be able to survive most problems while they are still small.

2. Human Resources

The Issue:

It’s not potential candidates who dread job interviews. Instead it’s entrepreneurs and why wouldn’t you? The hiring process takes up so much of your time! You have to carry out interviews, review resumes and sift through so many candidates to find the right one. Once you do, offering an attractive package is the only way to get them on board as well as retain them.

The Solution:

You can save yourself a considerable amount of time by pre-qualifying potential candidates through exclusive ads. However, make sure the requirements for being hired at your company and the daily work requirements are mentioned in a specific manner.

Once you have compiled a list of prospects, you need to schedule a “walking interview” with each of them. Ask questions that are relevant to the offered job as well as the candidate’s expectations, long-term goals and experiences. Behave as if you are seeking a partner who would help you grow and operate your business. Once you have selected a candidate, make sure both parties are clear about each other’s expectations and only then give them a job offer.

3. Time Management

The Issue:

Perhaps the biggest problem faced by entrepreneurs is time-management. You have to wear so many hats which leaves you little to no time to spend on the more important tasks. Undoubtedly, if you had more time at your disposal, your list of achievements could be longer.

The Solution:

Like money doesn’t grow on trees, so doesn’t time. You have to make and spend your time as wisely as possible. After all, time is money! Here are a few suggestions on how you can manage your time more effectively:

• Create a list of goals which starts with your lifetime goals and goes all the way till your specific day-to-day tasks. In this way, you will only need to meet your daily tasks in order to fulfill your lifetime goals.
• Delegate or eliminate tasks that do not match your goals.
• Delegate tasks that do not absolutely need to be done by you.
• Make sure to have a time monitoring software that will help you maximize efficiency and productivity of your work.

4. Technology

The Issue:

There is absolutely no doubt about the fact that technology is an absolute necessity. From software upgrades to latest security and everything else, technology is the key to business success, but staying on top has always been an issue for most startup businesses. And with so much already on your plate, it is unlikely you will have enough time to address the technological problems you are facing as well as keep up with the changes in the technological landscape.

The Solution:

The problems here are many, but the solution is simple: you need to hire someone who can handle wearing the technological hat for you and while they are busy doing so, you are left with more time to focus on other important business matters. If you are wondering about the expenditure, you can outsource IT support without incurring a high cost. Why not assign your EA the job?

Undoubtedly, there are many ups and downs in the life of an entrepreneur. However, if you make use of your available resources as effectively as possible, your business will be able to get through the darkest of days and blossom into a successful one.

5. Marketing

The Issue:

You have your product or service, you have your business cards, you have your Facebook page. But it seems like not enough people are buying, calling, visiting your website. We’ve all been there. Whether it’s in the beginning of the entrepreneurial journey or right after a product launch, there’s nothing worse then rolling something out, and getting little or no response.

The solution:

A mixture of targeted marketing and word-of-mouth will help fix the issue of how to get the word out. Be careful, there will be social media experts, PR firms, advertising networks that will be knocking down your door with promises of getting a million people to see your product. It takes a long time to become an overnight success so do your research, stay away from anything that looks too good to be true, and look for recommendations from business owners that have seen actual results.

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