Opening a business is one of the most rewarding things you will ever do. It is an opportunity to chart your own course and pursue the possibilities you desire. The challenges entrepreneurs will face vary depending on the industry, but there are some universal challenges that all entrepreneurs must rise above on their road to success.
1. Shifting Career Gears
It is practically impossible to maintain one career while starting another, and very few entrepreneurs are able to perform this dance for an extended period of time. At some point, every entrepreneur needs to cut ties with the old so that they can focus on the path forward.
2. Learning How to Manage
A good manager realizes they don’t know everything and that they need a team of professionals watching over everything from accounting to product development. Learning to manage employees and contractors is one of the biggest challenges entrepreneurs face when they start their enterprise. Mastering the art of management is essential because it frees up time and resources so that entrepreneurs can focus on the path forward instead of getting mired in the minutiae.
3. Making Decisions
Being the boss means you have to make decisions day in and day out. Entrepreneurship is one long list of decisions. Some will be good, some will be bad. The road to entrepreneurial success is paved with one decision after the other. This can be stressful and overwhelming, which is why it is crucial for entrepreneurs to learn how to sort, sift, and process information so that they can make the decisions their company needs to be successful.
4. Financing & The Unforeseen
Securing financing isn’t as simple as raiding the bank account or having a successful kickstarter. It requires careful planning and detailed consideration of the expenses that come with opening a business. Moreover, it requires consideration of the unexpected, including delays in delivering merchandise, changes in material costs, licensing fees, insurance premiums, and the list goes on and on. Many new entrepreneurs fail to take these into account within their business plans and in the process end up spending far more than they expected once they get started.
5. Staying Engaged
It is easy to stay engaged and motivated when things are good. When things are going well, it is a pleasure to get up and go to work. As a new entrepreneur, there are no sick days and there are no vacation days. There is no calling into work when you just don’t feel like going in. Staying motivated takes dedication and an inherent sense of responsibility to yourself, your employees, and the customers you want to serve.
6. Learning Logistics
From employee schedules to inventory delivery, logistics are the cornerstone of every enterprise. Learning to master the logistics of every aspect of your business is crucial, and it’s one of the hardest skills to master. It is a skill that the most successful entrepreneurs spend years learning, and decades mastering.
The WT Enterprise Center is made up of entrepreneurs just like you and we understand the time-consuming, stressful process of being an entrepreneur. We invite you to contact us to learn more about the services and resources we offer that help entrepreneurs master these skills and many others. We will be happy to help you build a great company as you step into the world of entrepreneurship.