Entrepreneur challenges are derailing factors affecting a lot of folks who aspires to be an entrepreneur. They pose as obstacles opposing the dreams of many youths in becoming whom they desire to be.
We are in a generation and age where entrepreneurship seems to be taking the lead as securing an employment and sustaining an already existing job seems elusive.
A lot of youths are are beginning to embrace entrepreneurship as a major or alternative source of income as the labor market is quite competitive. In the book, “the-business-of-the-21st-century-by-robert-kiyosaki-
The author emphasized on the two categories of individuals and their different perceptive towards achieving financial independence. ” The Rich Dad and the poor Dad. While the former believes in creating a job, the later believes in searching for a job. According to Robert kiyosaki. The poor Dad’s slogan was ” go to school, get good grades, graduate and get a job. Unfortunately, a lot of youths became so stuck with such mentality. Till Reality began to struck on them on Realizing that the labor market has become saturated. With people being unemployed or underemployed, while many others are loosing their jobs especially in this covid 19 where there is economic inflation and the standard of living depreciating.
Entrepreneurship is becoming so versatile, broad and highly recognized. And the good news is, while job opportunity or labor market can be saturated, Entrepreneurship can never be saturated because ideas are invented on regular basis.
Creativity does not wither.it only varies as insights and inspiration emerges. Unlike employment,Creativity is so broad that it can accommodate any individual willing to give it a trial irrespective of his/ her academic qualification, social class or family background. This is why entrepreneurship has come to stay. However, in order to become a a successful entreprenuer. , one has to develop Entrepreneurship skills. A lot already have these skills. But the problem is how to overcome some challenges associated with entrepreneurship.
There are entrepreneur challenges that might surface in your journey towards achieving your financial freedom. These challenges tends to become a stumbling block towards your vision. If not carefully tackled, may derail it.
Let’s look at some of these challenges.
Top entrepreneur challenges and how to overcome it.
Sufficient capital.
Property, land, furniture, resource and capital are all assets and very vital to human.
However, the last which is capital seems to be more vital and highly sought amongst others as it breeds the rest. For example, one can’ t acquire a property, land, furniture or resources without a capital.
Thus making capital to be one of the top considerations towards achieving financial freedom via Entrepreneurship.
Unfortunately, this is one of the top entrepreneur challenges a lot of folks have. There are ideas but lack of capital or insufficient capital to execute it.
Hence some may resort to giving up on their entrepreneurship ideas as a result of this.
The major problem here is usually the mindset a lot have towards entrepreneurship. Some people presume that one has to have millions or billions in their account before they can commence their business. They neglect the laws of little beginning. They forgot that many great people and legends started off small. Many big firms and enterprise started off as a small retailer shop. Many CEO’s in reputable firm and organizations were once an employer. If only we could embrace little beginnings and the important of starting small. We would excel.
Waiting for sufficient capital will always lead to Procrastination . Delay might be dangerous. Start off little, with persistence and determination, you will always attain your desired height and target.
Consistency
Ability to be consistent is another top entrepreneur challenges facing a lot of youth who aspires to achieve financial freedom. Youthful age comes with exuberance accompanied with high drive and strong passion to succeed.
A lot are willing to work hard and pay the sacrifices, but only a handful are willing to wait patiently and remain consistent till the hardworking begins to pay. A lot of youths desires to have everything at their beck and call instantaneously.
Hence the reason why many indulge in social vices just to meet up with their targets. A lot had given up on their dreams as soon as they discovered that results and productivity are taking longer than expected.
As an entrepreneur or aspirants of one, one of the inevitable challenge you will certainly face is delay in productivity or outcome. Not every business or skills will succeed instantly. Some will have to take an ample of time requiring you to be patient and preserve. And all you need at that period is consistency.
Knowing the right career or skills to choose.
A lot of people have the passion to succeed. A lot of people have the zeal to become their own boss. But the major challenge is their ignorance on the career path, business, or skills to focus on.
They have no foresight on the exact path to take. Their mind and body is willing to work, but their intellect is weak. Such people do not have a specific plan. They can venture into a business just because everyone around them is doing such business and once is not working, they give up immediately.
They are always skeptical in the choice of skills to choose. They heard that being a music artist is the trend. They delve in, With the intention of making money and fame in few months. They give up within few month if their intention wasn’t fulfilled. In other to solve this entrepreneur challenges, Every aspiring entrepreneur should know this. In choosing a career path or field of business/ skills. There are three major point to take into consideration.
The first thing to consider especially when choosing a skill is passion. passion enhances career.What are you passionate about? Passion induces interest and interest drives motivation. When you are passionate about a skill, you will likely give in your best to ensure it works.
Most times, people fail in a particular thing not because they are incompetent, but because they didn’t develop interest to succeed. Your passion could be your talent. Once you’ve realized it, develop interest in it, love it and cherish it like is all you’ve gat. The passion is what will hold you firm and spur you to remain consistent even when result ain’t forthcoming yet.
Your area of expertise-
In choosing the right skills, Always consider your area of expertise and not what is on trend.
You really don’t have to be a pro in it. Neither do you have to be perfect. Knowledge can always be developed.
Learning is a continuous process. All you need to do is to keep acquiring more knowledge and keep developing yourself. As a good web designer, don’t loose your focus or opt into music just because you hear that music pays a lot. Especially when you don’t have the needed skills for it. Whatever is worth doing, is worth doing well. No skills or talent supersedes others. Just be the best in your chosen field.
Even if it seems as though people are not succeeding in it. Break the status quo by searching outside the box. Strive to do something different from what every other person is doing so you can always achieve a different result and be at the top of the game.
This is another entrepreneur challenges that needs to be tackled. There is a popular adage. ” Time is money”. Which implies that the value money possess can also be equated with time.
In other words, the amount of time you invest or waste is directly proportional to the amount of profit or loss you will encounter over a given period of time.
Time is infinite, it can’t be induced or manipulated. We can only learn how to adjust and make it fit in to our daily routine and schedules in other to meet up with our daily targets.
A lot of Aspiring entrepreneur often use time as an excuse for not achieving their dreams and target. It is not really about having sufficient time, but utilizing it well.
There are people who spend not more than 2 hours a day, working on their dream, yet achieving tremendous result. If you don’t know how to manage your time appropriately . Even if you are given 24 hours free time. You will be amazed that you ended up wasting it without achieving anything tangible.
Tackling this Entrepreneur challenges associated with time entails knowing what to do and at the right time to do it.
Curbing or discarding. any irrelevant activities which might pose as a distraction thereby wasting your time.
Spending your time in activities that are worthwhile.
