Here are the top 4 biggest challenges for entrepreneurs this 2016:
Income cash flow and financing
Funding the business is not easy; keeping the income positive was even more challenging for most young entrepreneurs.
As a new entrepreneur, you’ll be starting from scratch. You’ll feel like a newly grad entering the real world. It can be tough; most of the time, it is.
Make sure that you’ll plan the income flow of the business. Make your psyche and emotions are ready to handle the possible business ups and downs.
Prepare to make it full time
Some entrepreneurs started as employees who opened a business as a side job. If you wanted to give your dedication into growing the business, abandoning your present career may be necessary.
This is not an easy decision to make. For a business to grow, it is either you’ll hire a trustworthy manager or manage it yourself. Most of the time, if you are new to business; you’ll choose the second option.
The fear of losing a long term opportunity that your day job can offer is not easy to bear.
Stress and loneliness
You’ll never know until you find yourself feeling lonely and crying at night. Being “the boss” excites new entrepreneurs to start a business. Managing their own time without asking for a boss’ permission sounds great.
The possibility of earning more is also so attractive for young business owners. This is not until they feel stressed and overwhelmed from the business’ demands. Unlike employment where you’ll be working for a fixed eight hours a day without worrying because salary will come; your business might require you to work for extra hours. This is sometimes without the certainty that you’ll earn from it.
This feeling is devastating for new business owners. However, most experienced entrepreneurs knew that this event is normal and something that you should look up to.
Finding a Team that will Work
Once you become the boss, you’ll start to understand why your company spends so much for team building activities. Building a team is a very important aspect for businesses. Without a working team, business will not grow. One man cannot stretch to meet the demand of a growing business.
Starting a business is indeed exciting. The rewards come with many challenges that may be harsh but can surely make you a better entrepreneur in the long run.