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Entrepreneurship is one of the most difficult jobs as few career paths require the kind of sacrifice and commitment it warrants. Many wanna-be entrepreneurs fail to anticipate that their path is paved with bumps and humps. So, how do you ensure your success in a hyper-competitive marketplace? One thing you can certainly do is: knowing how to avoid the most common problems entrepreneurs face in businsss.
As part of my life coaching experience, I often talk to people looking for business counselling . Well, here are the problems entrepreneurs face, based on my learning from my entrepreneurial journey so far:
Building entrepreneur problem solving skills
Make something that people really need and will pay for. Mostly, the “right” product is simple, compelling, and aligned with your business model. Therefore, ensure that you build the right product and have a discovery phase to explore the market and test your assumptions and discover more lucrative opportunities. Many disasters could be avoided by talking to customers.
Not enough listening
You need to listen. Funding is so important to early-stage startups that they try to perfect their sales pitch. But without a proven business model, you can miss opportunities by not listening to people. It’s a part of stress management techniques you can use.
This is one of the major entrepreneur problem solving skills. Too many startups spend years in a ‘stealth mode’, away from the public eye, and never come to their product. Too much of planning is a recipe for disaster. Focus on a few key themes and strengthen the revenue-generating areas before moving to minor issues.
On the other extreme are those businesses, which launch a poor early version. Ensure a base level of design and usability. Getting the balance right is not easy but perfecting it could pay rich dividends.
A clear business focus makes it easier to communicate about your product. By adding all sorts of features, you dilute your marketing message and end up with a complex product. Do just one thing really well.
Learning to say no is something you need to cultivate. A good technique is listing the things you WON’T do. It can help you make a better product decision and learn a valuable trait.
How not to accelerate your business growth ?
If you hire people too soon to accelerate your business growth, before you know about the sort of person they need, you’re in trouble. Meeting your future spouse in a nightclub is as unlikely as meeting your long-term business partner at a local gala. Thus, with a strong vision and values driving you, you’ll know the sort of person who will be right. No talented person would like to work unless they have a real bond with you and believe in your organizational purpose.
Every Big Business was a Small Business once
Every big business was a small business once. Expecting success right away is a recipe for disappointment. It takes long to grow a business, it takes even longer to make money from it. Therefore, have realistic expectations and patience. Having a cushion to fall back on and being realistic is so crucial for the success of a business.