6 common problems of entrepreneurship and solutions to handle them from an experienced entrepreneur
In the ultra-competitive world of entrepreneurship, starting and sustaining your own venture is not an easy task. You will face a lot of problems, especially in your early days. But this should not stop you from following your dreams, instead, you should keep going and seek solutions to the challenges that you face. But, sometimes you need guidance from experienced people to overcome common problems of entrepreneurship which they have also faced in their early days.
Here we would like to share solutions to six common problems of entrepreneurship from an experienced entrepreneur, Akshit Mehta, who is the founder of Vorq Space. While building Vorq Space (a startup which provides shared offices and co-working spaces) he faced many problems, which definitely include the following problems. Thus, take a look at the amazing tips that he has shared to tackle these early-stage problems.
1. Criticism from family and society
When you’re writing the story to your life, make sure you, and not the society, holds the pen. Make sure that you not only hold the pen but also write the script from your heart. Always be brave when writing your script, it’s your story, and there are no limits to what you can have, what you can do, or what you can be.
You have to prove it to yourself that you want it bad enough; it’s going to hurt you if you don’t get it. And this where you will learn to conquer your mind. Once you’ve conquered, nothing can stop you.
It’s very easy to be positive, and say that everything is going fine, but that’s not life. Let’s be realistic.
Will you be the one to stand up, when things are tough and nothing is going your way? Will you be able to believe in what’s right and what brings results to your life. That’s when your character will shine. That’s when your story is born. Your story of success, no matter how small.
2. Struggling to fund your start-up
When you start out, you must realise that you have raw talents, skills, and abilities. A person can show you a path, but you have to be the one to take the risk and walk on it. Sometimes you’ll have to go out of your way to find your skills for yourself. No one will find your gifts for you. You have to search for them on your own. Once you do, make a special effort to do what you do best. Once you’ve done your best, is when you’ve mastered the game, and that’s when there would be people who believe in you and would invest, either time or experience
that they have garnered over the years, in your startup.
3. Huge workload
You need to force yourself to step out of your comfort zone and connect with who you are. And most importantly, you need to cut ties with things, situations that no longer served you, helped you or enhance you. It won’t be easy. It will be the hardest thing you have ever done. In order to work on Vorq Space, I really had to commit myself to limit useless social gatherings, to stop wasting hours on tv series or even travelling the world. I was hard on myself — but I needed to be.
4. A long phase of failures
Failure, for entrepreneurs, is inevitable. It may be in the form of losses, like losing an important deal to a competitor or being unable to make payroll. But there are many ways to handle it better. Being prepared is sometimes difficult. Thus here are some tips to tackle failures:
a. Never make emotional decisions.
b. Always have a strong support network, which makes decision making easier.
c. Re-evaluate situations before jumping to conclusion.
5. Hiring the right staff
Always be quick and efficient when you’re interested in a specific applicant. There must always be a follow-up, even if there is no decision made.
Job Descriptions should be well written and detailed, which would help in finding the right candidate for the job and make the hiring process easier.
Keeping an eye on reviews and referrals is a must. It’s better to have the applicant bring in a recommendation letter and referrals, which would make the scrutiny process shorter and quicker.
6. When to quit as an entrepreneur
There is no rule that you should shut down your startups immediately on failing. The story of a startup is built on failures. Once you realise the passion for that business has died out within you, but you still have a vision, you could continue the startup. But, if there is no vision as to where would want to be; it’s better to cut the losses and shut down.