As an entrepreneur, you’re all too familiar with the multitude of challenges that come with owning a business. Starting something from scratch, often without much guidance, is an obstacle most entrepreneurs face. Couple that with limited capital and resources and you have a recipe for sleepless nights and immense stress.
Let’s face it; as challenging as entrepreneurship is, it is at least twice as much rewarding. Overcoming obstacles is part of the game. The only thing that can help you as a businessperson to get through the difficult times is an attitude to keep pushing and always moving forward.
We’ve listed the top three challenges of entrepreneurship and how they can overcome them.
Manage Cash Flow
Cash flow is essential to all businesses, not just new ones. However, as a new business, entrepreneurial ventures often struggle with strict budgets and delayed invoicing.
These problems often result in restricted cash flows. The waiting period from delayed invoicing and payment can get difficult to get by and if a customer fails to pay, you could potentially risk everything.
The solution: While proper budgeting and planning is a good way to start, it often does not guarantee a stable cash flow. One way to resolve the cash flow challenge is by asking for a down payment for your product or service.
Another strategy is to file invoices within 15 days of the order, which is half the time of a typical invoicing period. This way, if a payment is delayed, you have two weeks to address the issue before the bills for the next month start lining up.
Entrepreneurs are often required to play multiple roles in their business. From marketing strategies, to hiring staff, handling finances and dealing with vendors, it can be a lot to juggle.
The solution: Break down your tasks and goals into manageable chunks. As generic as that may sound, prioritizing and aligning your daily activities with your goals is the easiest solution.
Break your vision for the business into annual goals, then quarterly, monthly and then weekly.
How many times have you been told that your entrepreneurial venture is probably not the most successful idea?
Most entrepreneurs push these doubts away while planning their venture, but it’s extremely easy to doubt yourself and want to give up when things go south. Self-doubt is the biggest hurdle that entrepreneurs face.
The solution: Surround yourself with people who care and those who believe in you. Having a support network of friends and family who understand your vision and goals in life is a great way to overcome self-doubt. With their support and advice, you can reel yourself back in if you ever catch yourself falling in self-doubt.
If you want to know more about how to navigate the personal and entrepreneurial challenges better, bestselling author and professional business keynote speaker Bill Wooditch is someone you should hear.
Bill draws on personal success stories and examples through his presentations enabling thousands across the US to strive harder, do better and achieve their goals!