Top 4 Challenges Every New Entrepreneur Face

Do you want to enter the field of dream entrepreneurship? If yes, then you must certainly know that, although there are several easy methods to start up a business in this technology enabled world, still there are lots of challenges which you are most likely to face while starting up a new venture. The competition is tough as there is constant flow of new ideas in this globalized economy. However, the problems can be eliminated by implementing healthy solutions to it.

We have compiled below various problems faced by the entrepreneurs and a possible solution to it.

1. Funding:

Funding plays a vital role especially when there is a launch of a new venture. But most entrepreneurs fail to acquire venture capital for startup funding most probably because they lack convincing power or they possess no proper idea. In such case, it is always advisable to invest your own money if you have enough capital already to bestow or else contact a venture capitalist. Moreover, you must know that where to use the fund in a better manner to get effective results. You can also impress the credible investors with your presentations and with definite work in progress rather than by just discussing about it.

2. Relationship with Customers/Clients:

In order to make your business flourish, it’s always essential to maintain a cordial relationship with the customers. However, most entrepreneurs in the regular startup routine for profit building forget to build a relationship with the credible customers and as a result fail to furnish the needs of the potential customers. Remember that maintaining a cordial relationship with customers is sure to benefit you in the long run, because satisfying your customers with their needs will fetch you more profit and increase the momentum of your business. Therefore, you must always note down your customer’s expectations and need from your business and cater them with their specific requirements in time. Also you must take efforts to answer to their queries regarding your products and services.

3. Pessimistic thoughts/ feelings:

It’s quite obvious that the results of your startup venture may vary from time to time, but it does not mean that you start feeling negative and sad when there is less profit or nothing going in the way you wanted it to be. This feeling is sure to increase if you do not take the right step towards your main target. So, prevent yourself from negative thoughts by having more patience, working hard and by thinking something fruitful. Likewise, stop listening to people who may sound discouraging, as they may diverge, you from your track.

4. Time Management:

Starting a business, implementing solutions and pleasing consumers are all time bound, in this competitive business world. Moreover, there are several businesses endeavoring into the market with a target of reaching to the customers as soon as possible. Therefore, in order to stay ahead in the competition entrepreneurs should learn time management skill. You need to plan well to grip on to the running time. Proper planning is sure to decrease your stress level and can enable you to manage everything systematically and proficiently.

Resources

http://thomsondata.com
http://tekkek.com/entrepreneur/entrepreneurs/2013/04/the-7-largest-challenges-entrepreneurs-encounter/
http://boldanddetermined.com/2014/03/31/top-10-challenges-youll-face-new-entrepreneur/
http://www.entrepreneur.com/microsites/solutions/assets/entrepreneur-solutions-playbook-fedex.pdf

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