Being an entrepreneur can be surely rewarding but it does need a lot of effort and time to put in. They are surrounded with lots of responsibilities, financial pressure, hurdles, and uncertainty. In today’s ultra-competitive world, an entrepreneur has to face lots of challenges and hardships that are often overlooked. Even experienced entrepreneurs deal with these rewarding yet harsh challenges, no matter how many years they’ve been in the sphere or how well they’ve established their business. This is because every entrepreneur has to adapt to the changing trends and outperform the competitors to keep the business profitable by all means. So, if you are the one newly getting into the game, be prepared to face significant challenges on your way. There are few common challenges faced by all entrepreneurs and knowing them will help the budding entrepreneurs handle the problems and operate an efficient, successful business.
When it comes to funding, both newcomers and experienced entrepreneurs have a similar trouble – the Capital. However, experienced ones are at an advantage as they have a steady stream of revenue or able to pool in capital from their existing or previous business, to fund their new business’s cash flow. But as a new entrepreneur, you need to start from scratch and network with investors or make arrangements for capital on your own by hunting possible funding options. You can choose bank loans, funding from investors, or even go for Kickstarter campaigns with your startup ideas. But still funding your business endeavors on your own is a preferred option by many for a self-fueled growth. You need not launch a multi-million dollar business overnight, but start by focusing on a minimal circle of core customers to move ahead bigger. This way you will save some funds for your business cash flow.
For the survival of any small business, cash flow is essential. This is the prime reason why many entrepreneurs who succeed in their funding stage fall short in their cash flow management. This generally happens because of poor money management skills. As an entrepreneur, you need to be good at managing your cash flow by using your funds wisely. You have to plan proper budgeting and maintain optimum cash flow within it. Even though businesses provide significant income, it is also prone to risks, so, learn to save emergency funds. Oftentimes, business incomes are inconsistent and so entrepreneurs should be prepared for the highs and lows with effective money management skills.
Since entrepreneurs have to wear so many hats, time management stands as the biggest problem for them. Fortunately, we live in a highly advanced technological age, where you can find lots of tools to use your time efficiently and manage your schedules. Make sure to steer clear of time-wasting activities and focus your time more on what will help your business grow further. Like money, be smart about spending your time as well. You can create goal lists, broken down into simpler specific tasks that have to be accomplished every week or every day. This way, you will have your to-dos organized, your goals accomplished, and you will always stay on track. Also, don’t forget to delegate tasks, when and where possible, as it will save you lots of time. But see to it that you are prudent to choose the right person for delegation, or else you might regret.
Competition has hit every single aspect of life today. There is no such business where you don’t find any competitors in your way. When you start a business, you basically start to compete with your co-marketers in the field. It is not quite easy to overcome the competitors and there are times when entrepreneurs have to face roadblocks that impede the progress of the business. Some might even go overboard finding all ways to push you down out of the market. Fortunately, the more you rile up with the competitors, the better are the prospects of your business. So when you are pressured by competitors, it means you are being noticed in the market and seen as a threat. If you want to overcome the competition, you need to maintain your products’ quality and type ahead of others so that you can outrun them and stay successfully in the market. Aggressive competition and marketing is a norm in today’s business world, and entrepreneurs must have a thick skin and should know how to survive the competition to get ahead successfully.
Every business revolves around certain uncertainty and unpredictability. It might be exhilarating to be your own boss and set up your own hours of work, but unfortunately, in business, you do not always guarantee a steady paycheck. Entrepreneurship is about entering the unknowns and every entrepreneur should be prepared to face the unpredictability in any form. It might be disturbing at first to abandon all the accomplishments of the former day-job career but still, the eventual payoff, when the launched business becomes a success, is far greater than anything.
Overall, every entrepreneur has to face different kinds of challenges along their road to the big vision. The knowledge and skills accompanied with hard work and the right resources at hand can take an entrepreneur ahead onto the path of success, overcoming all hurdles/challenges along the way and forge ahead.
Remember, for an individual to succeed as an entrepreneur, it takes not only hard work and financial resources but also the professional knowledge and skills related to taking on entrepreneurship as a career. This responsibility of preparing the aspirants with necessary knowledge and skill set falls largely on the shoulders of the educational system that provides the students a conducive learning environment that favors the acquisition of entrepreneurship skills. This is what exactly we, at the JK Lakshmipat University, have been doing ever since our inception.
We, at JKLU, offer business administration programs designed to enable the students to meet the growing needs of the business world, putting the emphasis on efficiently preparing the entrepreneurs and professionals for tomorrow. With the specialization in entrepreneurship, students are nurtured with career-specific skills and intangible entrepreneurship traits to shape them into enterprising individuals, who can initiate and solve problems creatively.
The combination of business management and entrepreneurship at JKLU caters to bridge the gap between theoretical knowledge and practice, thereby equipping the students with all the know-how to launch a business successfully. When students are equipped with all the essential skills, they have the power to bring innovative ideas into reality and emerge as successful entrepreneurs.