Being prepared to withstand substantial challenges is the key to developing a bigger, stronger business. If you are not ready for these bumps in the road, you risk falling into unproductive behavior habits such as uncertainty, self-doubt, or even anger. No matter how well-planned or straightforward your business is, there will always be ups and downs.
Top Challenges Faced by New Entrepreneurs
Entrepreneur magazine compiled a list of the most common challenges that new entrepreneurs face. Whether you’re still in the planning phase of launching your business or you’ve taken the first few steps, be sure you’re ready to face these common issues.
- Leaving Your Current Career. Juggling a career while launching a business is likely to be more than anyone can handle. It can be tempting to hang on to something that seems steady and predictable, but your new business will require focus and dedication to be successful.
- Financing. Funding your new endeavor probably won’t be easy unless you already have access to your own capital or have investment contacts. The challenge of financing can make walking away from your current career even more difficult so be sure you’ve done your homework before writing your resignation letter.
- Being the Leader. For some people, this is what drives them to entrepreneurship in the first place. For others, being the one responsible for coming up with ideas, facing competition, and overcoming obstacles is a major challenge. In time, experience will refine your abilities in this arena.
- Loneliness. In the early stages, most entrepreneurs are facing the world on their own. Not having a room full of colleagues can make for long, lonely days–especially in the beginning. Once you have a few employees, you still have to be the boss and this can limit how far friendliness can go in the office.
- Decision Making. You may not realize just how many decisions need to be made every day, and decision fatigue is a very real thing that can add a great deal of stress to your day. Over time, you may refine the structure of your day to reduce this type of stress, but in the end, you’ll still be the one with the final say on most decisions.
One of the most helpful tools for persisting in the face of difficulties is a well-thought-out meaningful plan. When your plan includes your guiding principles, reminds you why you are in business and how you are different from your competitors, it can act as an affirmation that you can lean on when the going gets tough.
While you were creating and refining your plan, you took the time to determine where you want your business to be and drew up actionable ways to get there. You were full of excitement and a determination to stay on track to achieve your goals. Fears and self-doubt create resistance to success. Trust in yourself and your plan to overcome this resistance as you take steps to conquer your challenges.
In my discussion of the3 Biosphere 2 project, we learned that trees that do not have to withstand the wind end up low and creeping along the ground rather than standing tall and distinguished. The trees were weak because they were never challenged to be strong. As you face the struggles of business and entrepreneurship, you’ll learn how to rely on yourself and trust in your vision. Every time you’ve reached the other side of a struggle, you can stand tall knowing you’re stronger than you’ve ever been before.
If you’re facing self-doubt or need help creating a plan that can withstand the challenges of starting your own business, I can help. Contact me today and get ready for an unbeatable tomorrow.