Every person I know has some challenges but it seems entrepreneurs have more than their fair share.
So if you are entering the entrepreneur “jungle,” I want to help prepare you. Here are the 5 biggest challenges entrepreneurs must overcome.
Challenges Entrepreneurs Must Overcome #1: Cash Flow
I would rate this as the top challenge entrepreneurs face. It is imperative that you pay the bills as well as pay yourself. But when invoices are paid late. It can cause chaos in your system.
There are 2 things I am sure can help you overcome this challenge.
- The Expense Tracker is an app we developed that can help you keep track of all money going in and out. It is also quite beneficial when tax time rolls around.
- Find Your Side Hustle. In today’s world, there are so many ways to discover ways to make extra money. The key is not getting overwhelmed and hurting your main source of income. I have found that with my daughter going to college and downsizing our lives. There is so many items you can put up for sale on simple apps that bring the buyers to you.
Challenges Entrepreneurs Must Overcome #2: Marketing Strategies And Techniques
Even entrepreneurs who have marketing degrees can find this challenging. From determining your target market to knowing where to invest in campaigns, many entrepreneurs have thrown money away with little or no return on investment.
One of the best ways to overcome this challenge is to research and find people who have successfully marketed a business similar to yours.
Ask for testimonials and proof of successful campaigns.
Challenges Entrepreneurs Must Overcome #3: Doing It Part Time
I completely understand why an entrepreneur would keep their day job when first starting their business. But with that comes less sleep and little play. It is not only a challenge for the entrepreneur, but also for his/her family.
The best way to overcome this challenge is to find a tribe of people who will handle many of the daily tasks. They could be partners, employees or freelancers. Just make sure their vision is aligned with your vision.
Challenges Entrepreneurs Must Overcome #4: Meaning
At some point in time, many entrepreneurs have a “flash” that says, “Is this all there is?” What is the meaning.
If you started the business with a bigger purpose than just money, that flash will be easily answered. But if you started the business just for money, you will have chaos running through your brain.
So, I suggest you “nip this in the bud early.” Have a higher purpose for what you are doing. Find meaning in your business and this challenge will be overcome before it is a challenge.
Challenges Entrepreneurs Must Overcome #5: Time Management
Along with #1, this is also one of the biggest challenges entrepreneurs face. If only there were 4 more hours of each day…
But their isn’t, so we have to properly manage the hours we have. It isn’t easy, but it is do-able.
- You need to take time and make out a list of goals… Long-term goals that are broken down to yearly goals. Your annual goals need to be broke down to monthly goals, then weekly goals and daily goals. Now you need to determine daily tasks to meet your weekly goals. So your task list is in perfect line with your goals.
- If any tasks you are currently doing do not align with your goals, get rid of them.
- If possible, delegate tasks.
- Always question if what you are doing is the best use of your time.
Challenges help us grow. So embrace the challenges and use these tips to overcome them.
I hope this helps you.
If you have any questions, just comment with them and I will get you an answer.