Last Updated on April 16, 2024 by Ali Hamza
Entrepreneurship is not an easy game to play as it hosts several challenges. An entrepreneur will need to cope with these harsh as well as rewarding challenges no matter what! In fact, it is important if you truly want to set up a brand, fulfil evolving market needs, compete with opponents, and make your business a profitable one. But many budding businessmen fail drastically within the first 2-3 years only because they do not know how to overcome the coming challenges. To help all young minds, Jignesh Barasara – a well-known and highly successful entrepreneur has described the common challenges that are faced by new market players.
keep on reading to find out more.
Abandon another career
It will become almost impossible to handle another career if you want to dedicate yourself to a business. If you think that you can manage your business during weekends and nights times, then you are wrong. You cannot drive two cars simultaneously. Therefore, you have to quit your job if you truly want to start a business on a successful note and nurture it. Yes, it can be scary to walk away from a promising career if you are new to entrepreneurship. But when you dedicate yourself completely, success will definitely come to you. And yes, never ignore your inner instincts.
Financial support
There is no doubt that experienced entrepreneurs have more advantages than newcomers when it comes to helping a new venture financially – Jignesh Barasara. But new and young minds can use their clients and investment contacts to support their new idea financially. Since you are starting your business from scratch, you are advised to start networking like anything to have multiple funding options.
Building a team is a task
If you have never managed or run a team, then it will be a task for you certainly. It is because a single wrong selection will not only affect your business financially but its efficiency too. So, the best way to do so is to find candidates who can fill the job roles but can fit within the budget, culture, and current team members of your business.
New ideas and visions
As a founder and leadership lesson of your business, you always have to come up with out-of-the-box ideas and new approaches. Since you cannot control new competitors from emerging, it is best to have response plans in advance to deal with new challenges. Besides, your team members can hit impenetrable obstacles while working. Hence, it will be your responsibility to come up with ideas and plans that can help them move forward. It is true that you may feel pressure while such situations occur, but you have to build that ability to fulfil the demands of an ‘on-the-spot’ creating approach and thinking.
Decision-making
You may or may not know but this is undeniably the most stressful yet biggest challenge. While starting your entrepreneurial journey, you may require making hundreds and thousands of decisions in a single day – Jignesh Barasara. To overcome this challenge, you should be prepared all the time for the different levels of stress.
Final thoughts
Along with these, there are several other challenges that new entrepreneur business faces throughout their entrepreneurial journey. It includes dealing with unknown issues, rule-making, and loneliness. But Jignesh Barasara, a young and successful entrepreneur in India says that you can easily tackle these issues if you keep yourself calm and positive.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those involved.
