Starting your own business is certainly quite the endeavor, and consequently, there are many things to consider when launching your own company. Of course, the biggest thing to determine is what your business will be and do. After that, especially if you’re starting your first business, you may not be aware of some of the challenges you are likely to face. As overwhelming as starting a business can be, however, there are ways to prepare. To help, 14 Forbes Coaches Council experts share common entrepreneurial challenges and their top solutions for overcoming them. Here’s what they had to say here.
People like to create two categories for business owners: entrepreneurs and female entrepreneurs. I have never understood why the two have to be separated. Haven’t we reached the point in our society where we’ve stopped delineating between the capabilities of each gender? (Watch the videos in the Always’ #LikeAGirl campaign for tear-jerking examples.) Can’t we just focus on the subject of entrepreneurship without breaking it down further? Read more.
Entrepreneurship is an exciting, celebrated & sought-after profession. More than being a profession, its a passion of individuals who really want to change the world through their services, products, ideas and make a lasting impact.
But with this bright side that is visible to all, including the people who embark this journey, entrepreneurship almost always has a painful, dark side to it that no one talks openly about, that a person entering this world is unaware of or grossly underestimates.
Before the riches, the celebration, the media coverage, the frenzy comes in, an entrepreneur has to struggle with daily failures, lack of resources for survival, family and friend’s pressure, social isolation due to lack of time, at the personal level.
And on professional side, an uphill task of convincing people to work for them & to join their vision and continue with it even when adversities hit in, an even tougher task to win customers who haven’t ever heard of you, to keep them happy and keep multiplying their growth while also getting access to capital without which any big idea can fail. Along with this is the onslaught of competition with newer technology, more money or any combination that could put an entrepreneur’s vision at severe risk. The breakneck speed at which all of this happens, these changes in an individual’s life who once was thrilled with his/her new idea, can throw an individual off balance and make a person susceptible to a host of emotional and mental health issues. Read more.
Recognizing the economic and cultural benefits entrepreneurs bring to their hometowns, mayors and other local leaders are looking for practical ways to attract and retain more of these economic heroes. Rather than luring businesses from the outside through costly incentives such as tax breaks and calling it growth, more mayors and their communities are now looking within.
“Growing your own [economy] through investing in entrepreneurs is an economic development imperative for mayors and their cities,” said Betsy Hodges, former mayor of Minneapolis. “Entrepreneurs grow the cities they live in. The money stays in their community. They hire local. This leads to an upward spiral of success for the city.” Read more.
Returning as a guest to Franchising & You is Holly A Ford, Entrepreneur, Executive Franchise Broker, Radio Host and Author. Fresh on the heels of the recent publication of her best-selling book, Create Your Own Wealth, a Collection of 2-Minute Topics on Franchising, Holly shares her goals and objectives around the book’s development along with the motivating factors that led her to ‘putting her thoughts down on paper.’
The book’s Table of Contents is like no other with riveting chapters including, World Domination – Creating Wealth through Franchise Expansion, We are the World – The Social Entrepreneur, and Diamond in the Rough – Why Invest in an Unprofitable Business.
Franchising & You airs every Saturday at 9:30 AM EDT / 8:30 AM CDT with each segment available on-demand. Listen here.
The corporate world can be a comfortable place with its steady income and predictability. But after many years in a corporate job, you may begin to feel stifled. After all, you need to work within set hours, may desire more work/life balance and higher income potential. You might have new ideas, but no support to implement them. And do you want to be your own boss? If these sentiments resonate with you, a corporate job to entrepreneurship may be your next career transition.
However, leaving a corporate job to start your own business is a major step and you may be wondering if you have what it takes. At BirthdayPak, we have found that the skills and experiences our franchise owners acquired from their corporate days have positioned them for success as an entrepreneur. Here’s why you have more transferrable skills and advantages than you think, and they can benefit you as a business owner too. Read more.