Challenges to expect as a new entrepreneur, and what to do

Entrepreneurship can be a frustrating journey, especially for one who is used to the structure and reliability that comes with being employed. Whereas those who are employed are paid while they are on leave or when they are off duty, those who are in business don’t get to enjoy such luxuries, as the business constantly requires their presence. 

Even so, there comes that time when you may be forced to leave employment, either willfully or willfully, and try your hand in business. During that transition, you can certainly expect to face some challenges. Here are a few of them.

Doubts over whether the idea will work…
This is a question that many who are venturing into business grapple with. What if the idea doesn’t work? If you took a loan to kick start the business, you may be living in constant fear that auctioneers will come for you if things don’t go as planned and you are unable to repay the loan. 

This fear is normal, but it shouldn’t make you quit on your ambition. You don’t need to see the destination to reach there safely. It is better to give that idea a try and progress slowly.

The feeling that you are on your own
It feels good to present a business idea to family members and close friends and get support or encouragement. But sometimes while starting out, you realise that despite warming up to your idea, no one seems to believe in you. 

In fact, sometimes your close associates watch your step and when things don’t work out and the business closes down, they come and say, “I told you that wasn’t a good idea!” but look at it this way. If you succeed, the same people will want to celebrate with you. 

Making comparisons
Many entrepreneurs make the mistake of comparing their resources and profits with other more established business men, and then end up believing they are not up to the task.

Bear in mind that even those businesses started small, and grew with time. All a new entrant in the game needs is to be creative rather than compare himself to others. 

Expecting riches too quickly 
The profits don’t come on the first day. The thought of breaking even in the first year and going on vacation may be tempting, but it doesn’t always happen. You may be forced to dig turn to your savings to sustain operations when things get tough, or borrow to keep the business running. It pays to focus on your long term goals rather than have unrealistic expectations.

You can’t be everything at the same time
As an entrepreneur, you may be required to multitask. Usually, individuals who own businesses find themselves playing multiple roles. They are the manufacturers, the managers, the supervisors, the distributors, the marketers and the delivery agents. Things are usually manageable when the business is growing, but at some point multitasking may become impossible and unless you hire more staff and delegate duties, you may never realise your potential.

Inevitable changes can disrupt your business
Technology is constantly disrupting the way we do business, and there’s no doubt your area of specialty could be affected. Take this example. Today, a techpreneur may be smiling all the way to the bank after monetizing a channel, but tomorrow, the company owning that invention may decide not to monetise the channels, or to change their way of doing business, thereby dealing a big blow to the techpreneur. 

It pays to always prepare for the unexpected in the market and consider widening your revenue streams in case inflation or a pandemic happens. Don’t put all eggs in one basket.

How to get reliable and trustworthy employees
As a business owner, you may be forced to conduct the recruiting process, but getting a good fit for the business can be difficult. Employees can make or break your business, and your hires may not know about your business vision. They may not have that same drive you’ve got and it will show in how they perform. Worse, you will sometimes watch helplessly as someone you’ve invested so much to train leaves the company in search of greener pastures. 

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