ENTREPRENEURSHIP IS ABOUT OVERCOMING OBSTACLES
Entrepreneurship is not for the faint-hearted, there is thrill and possibility of failure at every step. The task of a good entrepreneur is to keep pushing and believing in themselves. Entrepreneurship is a race that has no finish line in sight because the surety of success will restrict you from working out of your comfort zone. You will not look for things that would help your business earn extraordinary returns because such things demand extraordinary hard work.
As an entrepreneur, one thing that needs to be borne in mind is that hard times are the times when you need to push yourself to your full potential. So, here are a few obstacles faced by an entrepreneur:
Picking the right team Team is one of the main components of business that can either assist you to build your dream business or hamper your growth. It becomes all the more important to choose the right people for the job. It can get a little time consuming but you should avoid rushing the process as it might result in the selection of people never meant for this job.
Marketing Strategy Many times you would be oblivious about adopting a good marketing strategy for your business as you might not know which one works best for your company in a particular industry. Trial and error is one of those methods that can give a lot of success, one should never shy away from trying that out in their business.
Finding the Right Customers Building relationships with customers has always been a crucial aspect of success for any business, as they say, that 80% of the business profit comes from 20% customers, popularly known as the 80-20 rule. Once a business is capable of winning over the trust of their customers by providing them quality services over and over again, they have won half the battle already. A customer who trusts a brand stays loyal and committed to it for a long period ahead in time.
Funding Once a business has successfully tested their idea and has established themselves in the market so much so that they have a customer base that is giving them business regularly, they need funds to upscale their operations. Now, funds can be raised through debt or equity. Raising funds through equity requires them to do a lot of networking in order to get going even further.
There is a lot that goes into setting up a successful business and that could not be summarised into a few points but going right in the above-mentioned aspects can definitely give you an edge over the others. Entrepreneurship is indeed a “Roller Coaster Ride”