Published on April 29, 2020
Almost 70% of people harbor the thought of becoming an entrepreneur from time to time. But very few gets fixated on the idea and works towards it seriously. When you decide to become an entrepreneur, you have the freedom and creativity that your regular job doesn’t allow you. And that can be emotionally frustrating for many people. Following someone else’s order for a long-time might not give you the job satisfaction, you’ve been craving for.
On the other hand, coming up with a business idea, and giving shape to it requires courage and smart thinking. There’ll be roadblocks and other hindrances that you need to tackle and resolve as well.
Solve entrepreneurial problems the Eric J Dalius way
A study made on 511 organizations, reported that close to 93% of the start-up business ventures failed. That doesn’t mean that all aspiring and existing entrepreneurs should get demotivated and go back and have their desk jobs. It only suggests that entrepreneurs should have the correct mindset. That will show them the ways to move beyond their problems. The common ones are discussed below:
You are your boss
While the idea of being your boss attracted you in the first place, it might scare you when you start working on your business idea. It means you are the head of the business and the one who takes all the crucial decisions. You will have to come across challenges that you didn’t expect. For instance, the employees are motivated to please the boss and get a raise. But who should you please when you are the boss! There are moments when entrepreneurs find it challenging to balance their emotions. Hence, it is necessary to keep fixed goals and work towards it.
Other than staying motived, you should also lead a disciplined life like Eric Dalius and other eminent names. You can’t predict the exact time within which your business will start making profits. Hence, it is necessary to stay disciplined and coming up with the correct balance between personal life and work. It will provide you the zest and zeal to stay motivated and carry on with your work. When you move out of balance, acting your part as a boss will get affected. You wouldn’t be making the correct decisions and might incur a loss early on.
Not every start-up can find out whether they will be an overnight success or not. So just in case, you think that your business idea is excellent, it might take some time to develop. You might have to work on the awareness aspect. And that might take a few months to years. Usually, people read the synopsis of success stories in articles and magazines and think everything happens fast and quick. Most articles and magazines don’t mention the exact number of years it took for a start-up to develop and attain success.
A company undergoes a lot from scratch to when it becomes a success! There are moments when an entrepreneur might feel like giving up on the idea of pursuing the business. There might be sudden business growth, followed by a period of lull. Each phase indicates some effort on the part of the entrepreneur that he/she should implement. At times, there are economic instabilities. And at other times, both the people and the market are not ready for the business idea. Hence, the business becomes successful only when other conditions are viable, and the entrepreneur has worked on the service or product awareness part for a while.
Several companies fall apart because the concerned entrepreneurs didn’t know how to manage business hurdles. They get hassled when something goes wrong and acts unwisely. That paves the path to failure. Failing is a part of the entrepreneurial journey. And only those entrepreneurs who could walk through this stage were the ones who made it to success.
How to address failure and turn it in your favor? The truth is, failure isn’t the end of everything. Your business still has the chance to succeed despite its initial failures. As an entrepreneur, you can revive your business at any point. However, failure always allows you the time to check the activities that you are executing incorrectly. Alternatively, it also makes you think of activities and networking opportunities that you aren’t executing or are tapping into. Note down all strategies that you can implement and execute the same one by one. Keep a check on the results. If you want, you can consult business experts, social influencers, or image managers for guidance and support on the respective areas.
The essential element to overcome any failure is to have unwavering faith and confidence. When you lack that, progressing ahead in your business will be challenging and tough.
There are a few people who think that they are sufficient to fulfill their goals. They might feel that involving other people will add the burden and also result in conflicts. When you decide to carry out all by yourself, you will get worn out. And soon, you will start missing out on completing your tasks, and that can hurt your business. It always helps if you have two or three heads to help you get arranged and accomplish your task.
However, take time to decide who you would approach for help! Assess and determine the kind of help and assistance you need. If someone from your family and known circle can help you, approach them, and strike a favorable deal. Else, you can recruit two or three people after a process of careful interviewing and assessment. That way, you will know whether they can add value to your company or not. You can hire young candidates waiting to get work experience as well.
These are some of the common problems that entrepreneurs face and can overcome as well with proper thinking. Acting at the right time is essential as well. Also, it’s important to stay motivated throughout the process so that hurdles and hassles don’t take away your zest and zeal to create something unique and make your business a success.