Entrepreneurs are the value drivers of this modern world. These entrepreneurs can be from within big companies or small companies or just a graduate. But what ultimately matters is starting a company and people daring to do new things. There are thousands of people who are building new businesses every year. Some of them become huge and they have changed how we see the world today. There are people who are getting ahead, making a difference and are leading us. There are opportunities that these people identify in time. Seizing these opportunities in the correct markets and striking at the correct time is what makes a difference. There are a few entrepreneurs who start well but cannot make it long enough. There is competition in the market they cannot survive. Then why do they make choices that don’t seem rational from the distance? No one makes irrational choices. Every choice we make is rational to us at the time. So what makes one beaten during the game time in the playground?
These are certain challenges Entrepreneurs face particularly in competitive markets:
- The Perfect Idea-
- Investment and Finance:
- The Right Niche-
- Aggressive Market and Competition-
- Dealing with your Monthly Expenses-
- Dealing with Negativity, Loneliness and Self Doubt-
Pick the right idea and the right business and your work as an Entrepreneur will get a lot easier. Most of the startups fail because they aren’t real business in the first place. As an Entrepreneur you need to know as to why a common man will use your product, why a common man will invest his hard earned money on your product, what different your product is as compared to market locums, is your idea really ‘out of the box’ that people will actually be attracted to your product?.
Money is the King. Executing any sort of an idea requires cash. It is a driving force that will trigger what kind of start your business is going to get. But where should the money come from? Do you have enough capital to run the business? If the answer is no, then you will have to borrow, which can be a bad idea. There are investors in the world that might come to your rescue depending on your USP. If your USP is strong enough to attract these investors, you are all sorted. But finding these investors is going to be difficult as there is already rivalry in the business. Another plan is to start small. Finance yourself with a smaller amount and creatively turn your start-up a top earner. You can also crowd-source if your business supports social causes in any form.
You need to decide which class of Customers to Target. Is your Product a Perfect fit for the Elderly Lot or it targets the youth of the country or you are into baby products? Finding the Right Niche helps you to find the Customers and it’s a challenge only if you don’t have a good Product or service. Not everybody in the world will buy what you’re selling, so concentrate on finding the people who are in need of your service.
Gone are those days when it would take a fortnight to get one legal document to pass through to have one final seal. Earlier It would take a month or several to get your business started or even have your name registered as a company. Today you can go online, register a domain within a day and get yourself started. Having said that ease of kick-starting the deal, the players in the market have increased. With every single player who might be focusing on single product in the business it will become difficult for you to sustain. Every day there are new entrepreneurs who will jump in the same market as you are. There is enough guidance, motivation and other tools available from experts online for the new entrants. What you have to do is focus, believe and continuously self-motivate to market your product at the correct place and time. If you don’t focus and seize, someone else is just waiting there to click their mouse. It’s a complex of focus, perception and marketing. And the masters of this complex will endure.
There will be a big hole in your pocket when you decide to quit your existing Job and start your own Company. Yes, you have your savings, but it won’t last long.
It’s extremely stressful when you don’t know when your product will start making you the right amount of money it deserves and going penniless for days will actually make you question your decision as to why you started you own company in the first place. But NEVER GIVE UP. And never go back to the safe and secure 9-5 Job, You don’t want to be dragged back in your past again because mustering up the courage to start something of your own is a big deal in itself.
There are People who take immense pleasure in seeing others fail. If you have people like this in your life, as most of us do, cut these energy sucking Vampires out of your life. You don’t need such people as a top up in your life when you are as such going through hell for running your own business. Startups are never easy, it needs dedication, self-discipline, patience, belief that you will finish the race, you don’t have to make it worse by clinging around these people and ruin whatever you have achieved so far.
Every business faces its own set of problems. These are just one of the many problems faced by emerging Entrepreneurs, but these are just minor issues for making it big in the evolving world.