7 Challenges new Entrepreneurs Have no Idea About
The challenges of an entrepreneur are many and varied. In order to solve them it takes an incredible range of skill sets. People think it is all glamor and glitz but I’m here to give you the unadulterated truth.
You will sweat, you will fight, you will work 100hr weeks, you will question your decision and you will want to give up. Fortunately, as a man living the indomitably audacious lifestyle, you will not brook failure, you will persevere, and you will conquer.
Even though entrepreneurship is a long and often difficult road, there is a feeling so sublime, so earth shatteringly powerful, and uniquely fulfilling it brings that I would not give it up for anything else in the world. Welcome to Indomitable Audacity, where you will embark on your own pursuit of happiness and seize your destiny.
Early in my life, from the time I was just a teenager I have dabbled in entrepreneurship but only as a hobby and as a hobby it refused to pay me. It was not until my third year of university that I decided to go for broke and decide to live the lifestyle that I now advocate. The challenges that I have experienced as an entrepreneur are what allowed me to learn and I want to share them with you so that you will learn.
1. People are just Lazy
You may think that with your stellar idea and the passion that you have, people around you will just imbibe it and it will reflect in everything that you guys do.
Wrong, they are not indomitable, you are. They are not Audacious, you are. The sooner you understand that, the better off you will be. Once you can understand that individuals are not as motivated as you and do not see your vision as clearly as you, the sooner you will be able to take measures to curtail this problem.
The simple truth of the matter is that you must incentivize to attract the top performers, whether that is giving away a portion of your stock based on performance or sponsoring vacations. Whichever route you take, know that it will ensure loyalty in the short term before you have the strong reputation needed to attract employees. One last thing on employees, be prepared for a high turnover rate when you are first starting out.
They will use you to learn and then bail but don’t take this personally, everyone is looking out for their best interest. They will lie, cheat, and steal; your best bet to curtail this behavior to to fire mercilessly or pay the consequences.
I’m calling all you beginning or aspiring entrepreneurs incompetent and if you don’t like it then cry me a river. Even if you are an expert in your chosen field before you go into business for yourself, there are things that you simply do not know or understand about the nuances of being an entrepreneur.
You have to do almost EVERYTHING yourself no matter which level you start out at.
The learning curve is steep and not for the faint of heart but the audacious man will take these challenges in stride. “If you believe it then you can achieve it.” You DO NOT know it all but as long as you know that you don’t know you are in good shape.
If you accept the fact that there is still a lot to learn and adopt the “novice” mindset you will go very far very quickly. NEVER feel that you know all there is to know, that is the beginning of the fall.
As a man thinketh is an apt description, if you allow your ego to get in the way then you are in for one hell of a surprise.
Some men are pansies and refuse to chase their dreams, while others are not. This may not be a challenge for someone who has accepted the indomitably audacious lifestyle but I want to mention it for those that are still in the transition phase.
Starting can feel like an insurmountable challenge when you have no track record of success or skill in your chosen field.
The thing is that you WILL gather the information, the skill, and the connections that will make it possible to achieve greatness in your endeavors.
Look and you shall find whatever it is you are searching for. This is not my first website and it will definitely not be my last.
Why? Because with my previous websites I have learned a few tricks of the trade and I am still learning but this would not have been possible if I hadn’t started! Now, new entrepreneurs, don’t have trouble starting that first project but they usually have trouble starting a transition process; taking it from a one man show to a conglomerate. Take a page from Nike and just do it, the rest will fall in place if you don’t allow yourself to be discouraged by the little setbacks.
Indomitable Audacity – Attempt Fearlessly
I want to mention this one because it was a personal challenge to me. When you are starting out, they tell you to focus but once you achieve a certain amount of success, they tell you to diversify. When it comes time to diversify you will likely be recalcitrant to do so, I know I was. After having spent months or years learning the tricks of the trade, it is not easy to start afresh because the process was grueling enough the first time.
I have good news for you though, it gets easier. When you go through the process the first time you learn two things.
1. How to excel in your chosen field.
2. How to go about learning new skill sets.
The second is arguably the more important of the two. The skills you acquire that enable you to learn even more skills will allow you to achieve greatness time and time again.
I know how to build WordPress websites, I know the best themes to choose for my audience, I know where to look for technical support, and I know the basics of making money online but these particular skill sets pale in comparison to my ability to cut the learning curve in half no matter what I am doing.
Embrace diversification and you will unlock the millionaire brain. (P.S. The average millionaire has seven sources of income so make sure you diversify).
So you have been working hard over the last year, you have read over a hundred books, and you are considered an expert by many.
It’s time to delegate but this is a major challenge of an entrepreneur, your business is your baby and you want to spend every waking moment with it. I fell into this trap as well but I’m here to tell you that the main goal of being an entrepreneur is attaining freedom.
Freedom from a 9-5, freedom from a boss, and freedom from an office. That is one of the major reasons why I have an internet business and a brick and mortar business.
I wanted to be free from the whim of a boss as well as have the ability to make a full time income while working part time.
I need for you to dispel the thoughts of having to look over the shoulders of your employees. If they mess up, TERMINATE THEM, no if ands or buts. There is one caveat here,
do not fire somebody for a genuine mistake; fire them for sloppiness, laziness, and repeated incompetence. There is no sentiment, they are playing with your money, your livelihood, and your success.
With that being said, know that you MUST delegate if you ever want to have time to live the life you worked so hard to build.
As long as you are practicing an indomitably audacious lifestyle, your business will expand to the point where you will be unable to do everything yourself.
Rather than killing yourself in the attempt I strongly advise you learn to delegate all but the most important activities.
You will quickly learn that time is money.
There never seems to be enough money to do everything that you want to do, it the way the world and man are. We have very limited needs but unlimited wants.
It is especially difficult when you are just getting the ball rolling. You do not have a solid reputation, people have not learned who you are, and financial institutions are less than thrilled when you walk through their doors.
If you have a truly novel idea, crowdfunding may be a viable option for you. The thing with crowdfunding is that there are certain ideas that work and there are certain ideas that do not. What seems to be trending now are fashion, technology (especially green tech), and anything else that appeals to society as a whole.
It probably wouldn’t be a good idea to bring the idea of a tire shop to a crowdfunding website unless you were going to be making those tires out of a new synthetic 100% biodegradable substance.
Financing will always be a problem when you are doing business so the first thing you need to do is get comfortable with never actually having enough money to make ALL your projects a reality. This is true no matter how large or how small a company is. Do you think Shell and Chevron are able to pursue all of the different projects that are on the drawing board?
Absolutely not, if they were then they would be the only two companies in existence because they would literally have their hands in everything.
7.Being an Entrepreneur with no Obsession
I am always talking to my fellow entrepreneurs and they think that they only need to be passionate about something to make it work but I am an advocate of obsession.
Passions are rich man’s hobbies.
Finding what you are obsessed about will decided whether or not you make it into a raging success. Passion is good but in order to be able to put in the long haul, you need to want it so bad it hurts.
When you are putting in those 100hr work weeks and your personal relationships are suffering it is not passion that will strengthen you it is obsession.
If you are starting a business do not make the mistake of following your passion, make the decision of living you obsession and you will see that the world will reward you much more quickly than you ever thought possible.
If you cannot do the business you are in for the next fifty years then you have a very simple course of action to take, liquidate all of the assets and go and pursue your passion. The people that follow this very small piece of wisdom will thank me for it later.
The challenges facing entrepreneurs are wide a varied but they are not nearly as insurmountable as you may think. The hardest part of doing anything is really just to start, the rest will take care of itself as long as you put in the necessary work.
Avoid the trap of passion that popular media would have you follow. Choose your employees wisely and be quick to fire them if they give you any reason to. Work hard, fast, and smart so that within a year, you will have tangible results to show for the sacrifice you have made.
Diversify when the time comes and do not forget to start delegating as soon as possible. Now get out there and Seize your Destiny before somebody else enlists you to seize theirs.
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