Starting up a business can be very exciting when you think of the potential returns of that lucrative idea. It can make you start counting your chicks before it is hatched. However, it is essential to note that every successful business today have been faced with one or more challenges. It is therefore important for you to identify these challenges so you can tackle them when they come.
Here are a couple of challenges you will face as a young entrepreneur when starting a business
This is one of the major challenges of starting a business. Most times, you may have thousands of ideas running through your mind but you lack the funds to executive them.
Moreover, even when you have capital to startup, you still need funds to keep the business running.
No matter how small your business may be, funds are very essential for its sustainability.
Lack of funding can have an adverse effect on the growth of your business. Many entrepreneurs have faced this challenge times without numbers, you have so much to do but little funds to executive your idea.
This can be very discouraging but don’t get discouraged if you are currently faced with this challenge.
What you must try to do as an entrepreneur to keep at it irrespective of your financial challenge.
Just be consistent irrespective of the circumstance.
Additionally, you can also solicit for funds from friends, family or startup funding programs (You never can tell how much you can raise).
Remember, always keep focus on your vision.
As a startup, growing your business can be slow. You have so much dreams and aspiration for your business but realize you are just moving slowly.
Growing a business takes time, it’s not something that happens overnight. Google that seems to be the number 1 search engine today, weren’t known about twenty years ago. It took a while for them to grow their brand and become a world class company.
So, don’t beat yourself too hard, if you aren’t moving as fast as you want to in your new business.
Just make sure you are doing something daily to move your business forward and make sure you are consistent.
As a startup, there is a lot to do with limited time. The clock keeps ticking and 24 hrs just doesn’t seem enough.
You draw up a list for the day and notice you could only achieve one thing from that list. Where did all time go you may ask? It wasn’t like you were playing.
You could even work round the clock if care is not taken especially if you work from home.
Anything that interferes with your work, seems like a distraction.
You skip meals, sleep and even when you sleep you are dreaming of your work (Yes this has happened to me).
This can affect your work-life balance, you notice you have no time for family, friends and relationships.
Hello business owner, you need to take a break and prioritize your activities for the day. Draw a plan with a time schedule, you may not follow the plan and time allotted rigidly, but it will serve as a guide.
Wearing many caps
One of the things you notice as you start your business is that you will be wearing many caps.
You will be the accountant, human resource personnel, sales and marketing representation, IT personnel, and many others depending on the nature of your business.
This can be very exhausting doing so many things, in fact it can distract you from focusing on your core competency.
You need to learn a little of different roles here and there. While this can be inevitable, ensure that you do not concentrate too hard on roles that are not core to your business.
You also need to work with a plan and schedule.
You need to learn how to make business decisions in the shortest possible time.
You will be faced with so many decisions to make as you start your business and even when you grow.
You must be ready to strategize and re-strategize quickly; observe what is working or not working, make decisions on steps to take to improve things.
This can be very stressful if it is only you; until when you have a team of executives where you can brainstorm together.
Some decisions can lead to good returns for your business while some other can lead to terrible mistakes and losses.
This is somewhat inevitable as a new business person, even the experienced business person still make mistakes.
Just like a child taking their first steps, there are quite a number falls before their feet becomes firm on the ground to walk and then run.
So, don’t beat yourself too hard when you make a mistake. You have never been on the path you are taking before, it may be a very new road for you and you need some time to understand the road.
When you make mistake, instead of throwing in the towel, learn from your mistakes.
This reminded me of what I learnt from the Book Retire Young and retire rich by Robert Kiyosaki.
He narrated an experience of a time they needed funds for a real estate project, they applied to five different banks, one after the other and they got rejection.
It was at the sixth bank that they got breakthrough.
Here’s what they did after each rejection; they asked the bank manager what they could do better and kept improving on it till got the sixth bank.
Don’t let your mistake pull you down, dust yourself, learn from you mistake and forge ahead.
In business, you are bound to face competition except you have a novel idea that no one is operating. Even at that, sooner or later you will start seeing people copying your ideas and competition starts arising.
Competitors are everywhere, your business idea may be wonderful but there are people in the market already before you came.
Someone is already buying whatever you are selling or services you are offering from someone else.
For you to stand out, you must have a differentiating factor. You must do something different from your competitors.
This is where your unique selling point comes to play. What stands you out from them? Why must customers come to you? What can you do differently for them to win them over?
You need to figure out all this because you are not the only one in the market.
In summary, growing a successful business requires hard work, consistency and discipline. Slowing but surely you will realize you goals if you do not give up. Challenges are not there to break your business but to make you stronger.
About the Guest Author: Omedaro Victor-Olubumoy
Omedaro Victor-Olubumoye is a Digital Marketer and Founder of Bodmek Digitals Marketing Consult. She is passionate about imparting knowledge which she does through training and blog writings. She has expertise in Online Adverts, Search Engine Optimization and Email Marketing.