Thursday, February 11, 2021

The top 5 biggest challenges for new entrepreneurs


Being a business owner is both exciting and challenging. It is not a route that is made for everyone, but when you have an idea and a plan nothing can stop you. Entrepreneurship is a journey that comes with many obstacles and challenges. Below we have highlighted the top five biggest challenges new entrepreneurs face, and how you can over-come them.

1.    Time management
As an entrepreneur you have more tasks to complete than time. It can become overwhelming trying to manage it all. However, you can’t allow that to negatively impact other areas for your life. It is important to set boundaries with your time, and plan out your days/ tasks so you don’t find yourself feeling burned out.

Tips to help you enhance your time-management skills:
-    Create lists of goals and daily tasks
-    Outsource jobs that don’t require your personal involvement
-    Eliminate unnecessary tasks
-    Track your time

2.    Delegating tasks

Many established business owners still struggle with this. They may tell everyone the importance of it, but sometimes it’s much easier said than done. The truth is you won’t get very far unless you learn to delegate and outsource tasks to other people that you don’t have the time or the skills to do.

Things that can be outsourced:
-    Content Marketing
-    Bookkeeping
-    Scheduling and Administrative Tasks
-    Customer Service & Support
-    Graphic Design

3.    Facing Criticism
One thing that you can expect to face as an entrepreneur is criticism. Everyone has an opinion and entrepreneurship and you may find yourself getting unsolicited advice and opinions from family and friends. Sometimes criticism may even be personal. Some people may feel threatened by your independence, and try to project their own insecurities onto you.

In those moments it is important to remember your “why” — the reason why you decided to pursue your business. When you are driven by a purpose it is much easier to ignore the critics and stay committed to your goals.

4.    Self-Doubt
When you first embark on your entrepreneurship journey, you may face some challenges or roadblocks that cause you to doubt yourself and your abilities. Just because you have more responsibilities, it doesn’t mean that you have to be more stressed. Incorporating exercise and health meals into your routine, will help you keep your mind at ease, and maintain your physical health.

If you find yourself, feeling discouraged, go back to your “why”. When you are able to have an overview of the bigger picture, the small details don’t feel as daunting anymore.

Whether you’re thinking about beginning your entrepreneurship journey, or have just begin it — be prepared to face a few bumps along the way. It’s true that being a new entrepreneur is a challenge, but it’s not too great to overcome. Perseverance and determination go a long way. You’re on the path to a rewards career as an independent business owner.