All successful entrepreneurs have a story to tell when they were just starting. You will often hear about how they were challenged and struggled their way to success. Those stories can give either inspiration or discouragement to the ones who listen. Most people only saw what they were able to achieve and not how they were able to make it. They focus on success, but no one bothers to look at the process. Stories of success can indeed give you motivation, but if you don’t put in the work, then it is all for nothing. Those trials are part of their success. It is where they learned many things that they were able to use to be successful.
All entrepreneurs will face a problem one way or another. No business model is free of problems. Starting a business is a crucial point in every entrepreneur’s journey since this is the first step. It will be the first test on whether you will be able to continue or just stop.
Since this is from a business perspective, there will be problems that are almost the same. If you are experiencing challenges as a new entrepreneur, do not lose heart. We will now be talking about those common problems encountered by new entrepreneurs.
Common Problems Encountered by New Entrepreneurs
Proper Time Management
As a new player in the market full of seasoned entrepreneurs, you will surely have problems coping up. It is because you want to be able to compete with them as fast as possible. But that will not work that way. Those entrepreneurs who started before you have paved their way and took their time. You can’t possibly expect to get there in just a fraction of time. The one thing you need to manage well is your time. As an entrepreneur, this is probably your most valuable asset. Most new entrepreneurs are not able to manage their time well, which results in not being able to finish tasks at all.
If you are not good at time management, you would need to practice that if you want to be a successful entrepreneur. In order to help in managing your time well, you can search for time management tips to apply for yourself. You can find them all over the internet and is accessible to anyone. Since this is a digital age, you can also use digital tools to help you with your workload that will result in you having more time.
Establishing Your Brand Identity
Having an idea and being able to realize it are two different things. This is one of the common problems among new entrepreneurs. Not because you have a good idea that might sell does not mean you will be able to. There are a lot of businesses being established every time, and your idea could already be taken by the time you have set yours. If you won’t be able to create your own identity, then it would be next to impossible starting it. A business needs a character in order to know what course it would take and what are the plans to be made and process to be executed.
Establishing your brand identity in the vast world of entrepreneurship is really hard, especially for those who do not have experience. It is your starting point, and this is the area where most new entrepreneurs fall off. This is the part where they decide to continue or just quit their goals.
Marketing Your Brand
Once you have a defined brand, the next to do is to spread the word about it. Marketing your own products to establish a brand identity is never easy. One of the basic business skills of an entrepreneur is to be able to create a marketing strategy. If an entrepreneur does not know how the process of selling products or services goes, that will most likely be a sign to fail. The success or failure of a business depends on how well the plan was made and executed. One of the significant points of this plan is your marketing strategy. That is how crucial it is to be able to establish your own branding and be able to market it correctly.
There are a lot of ways in which you can market your brand, especially in today’s digital age where technology has taken over how businesses work. One of the most basic marketing platforms is the use of social media. There are many different social media platforms for a business that you can use. Being able to choose the right ones can give you a big boost in your business marketing.
Getting Clients or Customers
As a new entrepreneur, you would most likely not have any clients. Looking for someone that will trust you and your business will be a hard task. One of the most memorable parts of an entrepreneur’s journey is when they first land a client. Getting that first client means that you are already on the business. It is a normal thing for a business to fail if it does not have any client or customer. In order to get a client, you would need to be able to execute a good marketing strategy appropriately.
You should know who your target market is to create a specific business plan for it. Study what your market audience wants and where they respond to. Get into their situation and learn from what their needs are. Once you have a good understanding of the market audience’s behavior, you can develop a plan on how to pursue them.
Once the business grows, so is the workload. This would mean you would need to hire people that can help you run the business. This is a big challenge, especially for small businesses with limited resources and does not have much room for error. Hiring an employee can either help you or be the reason for your failure. If you hire the wrong person and decide to let them go, it would be as if you need to start over again. Every business has a specific set of tasks within their process. Teaching them to new hires will require time and effort. If you don’t hire the right person, it would mean losing that time and energy as well as your resources.
Staying Passionate and Motivated
You are motivated and passionate at the start of your business journey. But after all the hardships and problems that come across, that will most likely be lessened by then. This problem will most likely occur in entrepreneurs that are not well prepared for what the world of business has to offer. Although there are also cases in which this happens to long-time entrepreneurs. But the most common occurrence is still within those new emerging entrepreneurs.
Keeping the drive to run the business is hard once you feel the difficulties that it entails. It is a test on how much you want the business to move forward. Always keep reminders on why you are doing your business and what your goals are. Give attention to your problem but don’t forget to look at your goals. This will most likely help you to get back and work for those dreams.
Keeping Your Existing Customer
Not because you have customers, you will feel complacent. If you don’t take good care of them, then they will most likely leave you for others who can offer them better. Keeping your clients and customers happy is an important thing to keep the business going. They are the ones who give you the resources to continue and how well you treat them can decide whether they will stay or leave.
Most entrepreneurs who do not bother to know or listen to their customer’s feedback are those who fail. It is one of the most common bad habits of an entrepreneur. There is just no way you can ignore a comment or feedback since this is the reflection of how you run your business. No customer or client would want to stay on someone who ignores them if they can find better products or services from others.
Once you have someone to help you, you would need to delegate the task to them based on the reason you hired them. Otherwise, that would just be a waste of money. Many new entrepreneurs struggle in this scenario, especially those who are first-timers in having an employee. Be sure to be able to send them the task they should do and don’t be afraid to do it. There are different reasons why you should hire an assistant, and as an entrepreneur, you should not forget why you hired someone. The goal is to help you grow your business.
There we have it, the most common problems being encountered by new entrepreneurs. Sure, there are a lot more than those and if you know some of it, share them with us. Write it down below in the comment section, and we would talk about it. I hope this article will help you in facing those challenges that await you as a new emerging entrepreneur.