Asides financial challenges, there are many other challenges that await entrepreneurs at the inception of a business or service. Most entrepreneurs do not envisage these challenge. So when they occur, they come as surprise and make some entrepreneurs fizzle out.
As aspiring entrepreneur or a starter, these are five stressful unimaginable challenges you may face:
When you start your business, you may have a partner or a mentor who is there to help you fine tune your ideas. It might even be a team of more than two people, where roles have been distributed and each person know his function in the development of the new business.
It’s easy to imagine that you will grow the business with these set of people you started with; but sooner or later, one of them is likely to leave. This is likely to take you by surprise and have some moral effect on you and the business, especially when the business has not been firmly established.
Every entrepreneur, either introvert or extrovert is prone to face this social problem because starting up a business requires dedication of time and energy. So you work long hours trying to make sure the business turns out the way you have pictured it. All these while you are not aware that you have been cutting ties with friends and family and in the long run, when you need the companionship, there is no one to offer it.
Oftentimes, businesses, especially start ups, grow dependent on “anchor” clients, who either provide the major portion of your incoming revenue. When an anchor client leaves, it will definitely tell on the business, cause you to doubt your approach, and even affect your customer service ability and client retention efforts. So in as much as you might want to think that the major clients guarantee you of constant income, it is good to envisage their departure and plan against its effect.
It doesn’t matter how long you’ve been building or how far you have gone in penetrating the market. When a competitor arrives that replicates your business model, especially with unique ideas, and it does what you are doing in a better way your company will be put in jeopardy.
Instead of panicking, take the time to analyze the competitor’s approach. What is the unique service he or she is providing that you are not providing or how he or she doing it differently. Then you find a way to outcompete him or her. This may include cutting prices or augmenting your service.
No matter how enthusiastic and energetic you are at the beginning of your business, you will be face with the probability of burnout. Although, it may take several years, or only a few months, to develop; but when it sets in, it will become nearly impossible to reverse. Burnout turns your passion to something you are forced to do. It makes the business more difficult to manage. However, having burnout is not the real problem but failing to know when it sets in, so as to tackle it before it affects the growth of your business. So, be careful. Do not over work yourself. Take some time out and engage in activities different from your business. This balance will prevent burnout.
Challenges are normal. Life itself is challenge. So when you face any of these as an entrepreneur, relax and tackle it, because once it is tackled it is no longer a challenge.Please Follow Us @ThePageNg