No matter who you are- an established entrepreneur, an employee, or just an aspiring student- You very well know that being an Entrepreneur in challenging. There is a major difference between working FOR someone, and getting work done, from someone, and running a business. The Entrepreneur’s Life is filled with uncertainty, risks and too many ups and downs- more downs than ups (initially ofcourse :P)
In order to use your weaknesses as your strength to achieve success……
Here are 7 Setbacks Entrepreneurs need to overcome, in order to move ahead this 2017!
1. Hazy Purpose
Money can not buy happiness. But yes, money can buy you expensive cars and luxury, which in turn might make you happy. Agreed. But, is it all about money? While some of you will honestly nod your head saying “Yes, it is all about Money.” Some might disagree. And there are some super smart people out there who will say “NO, its not always about Money”- but will have money on their minds 24/7. The point being- don’t do that. Your business is nothing but a living, breathing example of your ambition and passion. You start off with some other purpose, end up with something else. This, is a major setback many entrepreneurs face.
Overcome this by: Bringing clarity. Don’t go off track. If money is your ultimate purpose- so be it. There is no need to sugarcoat it. Same with glamour, big brand name- or any such purposes. Don’t lose track on your purpose for your business.
2. Negative Mindset
“It’s all in your mind” works quite truly with Entrepreneurs. With so much competition, stress, maddening energy and unmatched efforts, a negative mindset eventually creeps in. This holds back entrepreneurs from taking risks, making decisions, and lot more.
Overcome this by: Focusing only on your business and growth. Use other entrepreneurs’ growth and success only as inspiration, or mere reference. Don’t compare. Even the most successful entrepreneur was once a fresher, and every one has gone through the phase that you are in. Take constructive criticism.
3. Weak Business Model
This is the last thing an entrepreneur would need. An unscalable business model, with unreachable goals, and crazy deadlines and targets, is definitely going to fail miserably. There is a thin line between getting out of your comfort zone and pushing yourself to unreachable limits. And most of the times, due to lack of experience and judgement, most entrepreneurs design business models which are extremely weak.
Overcome this by: Focusing on your strengths. Push yourself? No. Push your stronger self ahead. Keep a check on company resources, see who your target audience is, see what marketing strategies have worked in the past for similar products as yours, and then, build a business model with a strong foundation and efficient back-up.
4. Microscopic Focus
Sometimes, entrepreneurs begin with just one product or idea, and then, stick to it for ages. Even after coming up with various other products and ideas, they still invest only on that one product and try selling it efficiently in the market. This doesn’t always work. Instead, this puts various limits on your customer reach and the reach of your business in general.
Overcome this by: Balanced investment in all your products. Launch them all, keep a good marketing strategy which can work commonly for them, if possible, and sell.
5. Underestimating Freshers and Overestimating “Experts”
You might almost roll your eyes on this point, because you have heard this so many times! But the fact is, that it is true. You, as entrepreneur, keeping faith on only “Experts” and neglecting positive facts about freshers, turns out to be a major setback in the long run. Not only are you paying the experts more, you are missing a chance to explore talent and creativity which freshers bring to the business.
Overcome this by: Having a criterion to qualify for your job, independent of tags like “Fresher” and “Expert”. Yes, it sounds lame at some point, because yes, there is difference in terms of experience in both these two. But remember, how you were a fresher when you started. 🙂
Apart from these, there are various other setbacks an entrepreneur faces, but overcome at least these 5, and see the difference it makes.
It’s 2017, and it’s time to MOVE ON and Rock it!