Entrepreneur
Business

How to Tackle 5 Obstacles of Entrepreneurship

Being an entrepreneur is the most amazing and yet the most challenging thing ever. It is extremely rewarding to see your dreams become realized but, just like any good thing, it comes with its own difficulties. Here’s how to tackle some of the obstacles you might face as an entrepreneur.

Raising Funds

Raising funds to get your business off the ground can be a tough obstacle for entrepreneurs who have minimal contacts or little experience. Savings may constitute a part of your savings, but other ways to raise funds include loans and grants from banks and financial institutions, crowdfunding, sponsorship and investments.

Inadequate Planning

An entrepreneur must ensure they do detailed planning to cover each potential obstacle they may encounter with adequate solutions. One key component of the planning involves creating a detailed business plan, then having a contingency plan in place for how to handle dissatisfied customers or to handle any damages to your property or injury to yourself or employees. 

While you can, and should, plan for a lot of things in relation to your business, this isn’t going o be possible for every little thing. Sometimes, there will be things that happen, outwith your control and your plans. While you can’t always foresee these circumstances, ensuring you have a comprehensive business insurance policy will provide you with a safety net to help mitigate some of the risks as well as the necessary cover to help prevent financial loss. 

Striking a work-life balance

Many entrepreneurs find that they get lonely after a while. A business requires that you spend a lot of time, energy and work on your projects, spending less time with family and friends and many times having to give up on social events. You may end up feeling resentful, especially if the process is long.

Resolve this issue by finding a work-life balance that works. Allocate some time to spend with your loved ones, remember to de-stress by reading a book, meditating, listening to music, soaking in a bath or exercising. Remember to eat nourishing food to boost your energy. Utilize technology: message, call, video chat, email your loved ones. 

Most importantly, keep an eye on the goal you want to achieve and stay determined to reach it.

Finding and Keeping Customers

A big challenge faced by entrepreneurs is finding new customers. 79% of small to medium enterprises in the UK agreed that this was their most difficult challenge. This is an issue many businesses, big and small, struggle with, and it may be more difficult for entrepreneurs as their business is relatively new and therefore untried and untrusted. 

One way to handle this problem is customer engagement. Use social media to stay in touch with customers and network. Add a personal touch, send notes and personalized emails. Customers feel special and cared for with this kind of treatment. Hosting masterclasses or discount programs is also a good way to attract customers.

Marketing your Business

Creating awareness for your business and what it does can be difficult. You may lack the funds to hire a consultant, but there are other ways to market your goods and services. 

One way to overcome this obstacle is to create a distinctive logo or brand name. A snazzy logo is memorable, and once customers can recognize your brand, they are more likely to use your goods or services. Good customer service also helps attract and keep new customers. 

Customers can be your biggest marketers if they are satisfied with the way you do business. Use social media to create awareness; ads on Facebook and Instagram are reasonably priced, and you can enlist brand influencers online to help you market your goods. Encourage your customers to leave comments about your goods or services on your website and on social media platforms. A glowing endorsement is an extremely valuable form of marketing.

Being an entrepreneur can be a dream come true, but you must be ready to work hard at it. Hopefully, the tips covered in this article will help you overcome the common challenges as you grow your business.