how to conquer 5 most common entrepreneurial challenges
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It is not easy to start a business on your own. You have to go through a lot of challenges. Let's discuss the 5 most common entrepreneurial challenges.TRANSCRIPT
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It is not at all easy to start a business of your own.
It needs determination, belief and a lot of hard
work. You will face a number of challenges, but how
you overcome these challenges, will only leave you
stronger and more successful!
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1. Picking the right business
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1. Picking the right business
It is very easy to jump to a conclusion and start a business, but choosing the right one is very essential.
Before starting, ask the below questions –
1. Why do you want to start this business?
2. For how long do you want to run the business?
3. What is it offering people?
4. Is it even offering anything to people?
5. Are the services/ products/ solutions of any use?
Do a thorough research before investing.
2. Budget
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2. Budget
Do not go over budget!
When starting with a new venture make sure you do not spend
more than what you can manage. Calculate all the expenses –
big or small – from capital to salaries to office set-up.
Always keep a buffer and stay within the budget.
3. Setting up the right team
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3. Setting up the right team
Be it business partners or hiring employees, you have to select
the best and trustworthy team as it affects the reputation of
your company.
Don’t be in a hurry to hire people. Make sure you do a thorough
check on their professional background before giving them an
appointment letter.
4. Dealing with competition
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4. Dealing with competition
As a start-up you will find a number of similar companies who
have already carved a niche for themselves. To compete with
them is highly challenging.
What you can do, try to find some difference in your business.
Create a unique selling point and highlight it.
5. No room for self-doubt
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5. No room for self-doubt
There will be times when things will be tougher than you
expect, but never doubt yourself not even once!
Keep fighting, keep finding ways to kill that negative air. Do
not listen to people who have nothing else to do apart from
questioning and doubting your abilities. In fact, make them
your inspiration and work harder.
Mara Foundation’s Ambition
We enable, inspire and empower ambitious entrepreneurs in Africa. With the support of our Mara Mentors we will:
Inspire millions of young people in Africa to become entrepreneurs.
Teach entrepreneurs new skills.
Enable entrepreneurs to turn business ideas into a reality.
Guide business owners to grow businesses and hire (more) employees.
Empower entrepreneurs by providing a platform to showcase their business and build their network.
THANK YOU
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