“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs.
Most of us have the desire to be our own boss at some point in our lives and to be able to do things we are passionate about, achieving goals that we have set for ourselves. Having a professional job is great but it often limits your ability to do experimental stuff to achieve the target, you are bound by rules, processes, and systems. A job is often looked as living someone else’s dream. While Entrepreneurship allows you to pursue your own vision, dreams and aspirations. This what drives people to entrepreneurship and makes it so attractive to people of all ages.
The decision to start your own business comes own set of risks and challenges. Today, to start a business all you need is a computer and some spare time. This has led to enormous competition in the market.
While handling this competition there are many problems faced by entrepreneurs. Them being-
1. Recruiting the right guys:
Off recently, India has turned to be a land of start-ups, there are many young graduates bitten by the the entrepreneurial bug. This has made hiring great talent much difficult, as there are not many individuals willing to confine themselves to a 9 to 5 job. What businesses of today need more than great qualifications, they need individuals with some analytical skills, that can find a work through the challenges thrown at him. Lack of experience is a plague to the industry. Setting up a good, reliable team is a very important task.
2. Being the leader:
One should be tough enough to make the right decisions instantly for any sort of problem that is at hand. The leader should set an example for the rest of the team. This majorly includes responsibilities such as rulemaking and perseverance. A confident entrepreneur could achieve tremendous amounts of growth.
3. Time management:
As cliche as it gets, “Time is money”, this proverb fits aptly for an entrepreneur. Discipline is directly proportional to rewards. Being an entrepreneur, one must be precise about his deadlines and should be persistent in working towards them. If an entrepreneur lags behind on his efforts, business will suffer eventually, and the company would be in trouble.
Financial challenges are the most painful challenges that entrepreneurs have to deal with given the considerate number of tasks at hand. Entrepreneurs generally require high investment while setting up initially with no certainty of profits. In such a situation, often business founders are required to put in extra capital. When business begins to generate some steam and entrepreneurs feel the need to expand, there is a considerable requirement of capital for hiring talent and spending on marketing activities.
5. Game plan:
There needs to be a clear idea of the path, the business will take to achieve its peak. From production to management to marketing to customer satisfaction along with correct execution is the key to a good game plan. This will help achieve a higher aim with efficient functioning. There are subtle elements which need to be taken care of, one of them is the internal atmosphere or work environment. All these points need to be noted while making a game plan, which after effective execution will lead to achievements.
6. Absorbing criticism and tackling Self-doubt:
This goes without saying, Entrepreneurs are required to have and maintain self-confidence always, even when the business is undergoing a tough time. At such times, Entrepreneurs are required to sustain the zeal and motivate employees, investors and other stakeholders. They must take efforts to discard any self-doubt that arises from external criticism and tackle the situation constructively to find opportunities in stressed situations.
7. Curating brand image:
This is a very essential part of being a successful entrepreneur. The more one focuses on being a brand and not a generic business is what makes them unique. This will lead to a higher value and recall for the company within the industry and outside it. Once a brand is recognized in the industry it is crucial to maintain it, without losing momentum.
Being an entrepreneur is tough for sure, but if managed efficiently and confidently, the goal isn’t out of hand.