Hi, today we will look at the 5 most common Challenges that new Entrepreneurs face (In their early Days).Lets start-
Starting a new business is a lot of work and is not easy setup without efforts and commitment.These are the problems that every new Entrepreneur or Enterprise face at the start most of them quit at some stage and those who pass these barriers lead a successful and prosperous life.Those are the people that change the world and how people think about them.
1- Number one on Our List is (Integrity)
The quality of being honest and having moral principals.People often define integrity as doing the right thing even when no one else is around. It is the ability to act with honesty and be consistent in whatever it is you are doing based on the particular moral, value or belief compass you have. Beliefs, values and morals all relate to the culture in which you operate, so culture plays a role in determining exactly what integrity involves.
The Importance of Integrity in Business
In the contemporary business world, integrity is one of the most sought-after qualities not only of individual employees, but of companies. An in-depth look at integrity reveals why it is so fundamental to business.
(Read more in Detail on Integrity here).
The new Businesses find it very hard to gain Integrity among customers at first because integrity is gained with time and the fact that if you maintain your products/services quality overtime.Because customers only come back if they trust you.
For an example: A customer will like to buy an Apple iPad over other new brands tablets because Apple has gained integrity overtime.So,new business definitively face integrity problems in first or couple of years of startup ..some quit and some dont..Those who dont quit succeed and the leftovers follow them.That’s the trend of 2015 and future..
2- Number Two (Big Competitors)
1 of the most common challenges that new Entrepreneurs face is big competition, big fishes don’t let small fishes to eat or live in an aquarium (Business field is just like an aquarium,it looks great from outside but life inside is hard and challenging).
First,year of businesses is challenging and comes with new challenges everyday.Where big competitors are a big threat to a small business that just started setting up roots in the soil (industry) but the roots are at very top soil.It the same to planting a small plant near the big tree.Since, in first year a new business has’t gained integrity and trust of customers as it takes time to build up and marketing section is not very strong due to other startup costs.
So,my recommendation to you will be stick to the area you are working on dont panic, work hard and one day it will be you (The big fish in Aquarium).
3- Marketing (stand at 3rd position among challenges that new Entrepreneurs face)
In the beginning, no entrepreneur is sure the business will definitively fire up or their likely more chance of back-fire , there what new entrepreneurs make mistake. Marketing is essential part of starting business, being unsure about success and conducting excessive amount of research is when you make a business plan ..once you start with business plan be confident and work hard.(That’s why a good business plan plays such an important role in starting a successful business. Learn to make a good bussiness plan on my post on How to make business plan) .
I am sure everyone of us watch TV, and we watch TV commercials .. now tell me truly -Which product are you most likely to buy i will list 2 commercial and you think in your mind which one you are most likely to buy)
1- A commercial with Hot model featuring a product
2-A commercial with a famous star (for an example:David Beckham) featuring a product
Well, it depends on what you choose.But, the common and true thinking is big star have a trust worthiness and integrity of their own.. so if they feature a bad quality product it sure they will loose integrity hence they choose their commercial carefully which interns is a signal to customers of the product that the product will be also trust worthy.
so, its highly recommenced to market yourself and your product at the very start of your business and find someone that is already trusted in that field to feature your products and services.
4- Cash Borrowing and Resource Management
Cash is King. And for new businesses its not easy to secure big financial help from financial institutions.As you are new to industry you will definitely lack contacts and its hard when borrowing money as no one will give away their money in someones hands that has no past record.And one other aspect is resource management, managing resources is very important and using your resources to best of their potential is a challenging job.
5-Maintaining high standards
By high standards i mean good quality products at market price.It is challenging for a new business to sell products at low profit when you are wraped with lot of pressure from the sponsors but it about building brand.Once, you build a brand you can sell anything, they will buy anything from you blindly.
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