what are the challenges of entrepreneur
Answers
Answer:
Cash flow management. The challenge: Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they're waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world
Answer:1. Cash flow management
The challenge: Cash flow is essential to small business survival, yet many entrepreneurs struggle to pay the bills (let alone themselves) while they’re waiting for checks to arrive. Part of the problem stems from delayed invoicing, which is common in the entrepreneurial world. You perform a job, send an invoice, then get paid (hopefully) 30 days later. In the meantime, you have to pay everything from your employees or contractors to your mortgage to your grocery bill. Waiting to get paid can make it difficult to get by — and when a customer doesn’t pay, you can risk everything.
2. Hiring employees
The challenge: Do you know who dreads job interviews the most? It’s not prospective candidates — it’s entrepreneurs. The hiring process can take several days of your time: reviewing resumes, sitting through interviews, sifting through so many unqualified candidates to find the diamonds in the rough. Then, you only hope you can offer an attractive package to get the best people on board and retain them.
3. Time management
The challenge: Time management might be the biggest problem faced by entrepreneurs, who wear many (and all) hats. If you only had more time, you could accomplish so much more!
4. Delegating tasks
The challenge: You know you need to delegate or outsource tasks, but it seems every time you do something gets messed up and you have to redo it anyway.
5. Choosing what to sell
The challenge: You know you could make a mint if you just knew what products and services to sell. You’re just unsure how to pick a niche.
6. Marketing strategy
The challenge: You don’t know the best way to market your products and services: print, online, mobile, advertising, etc. You want to maximize your return on investment with efficient, targeted marketing that gets results.
7. Capital
The challenge: You want to start or grow your business, but you have little capital to do it with.
8. Strapped budget
The challenge: Even though cash flow is fine, it seems you never have enough in your budget to market your company to its full potential.
9. Business growth
The challenge: We’re assuming you are growing, not that you can’t grow, and you’ve come to the point at which you can’t take on any more work in your current structure.
10. Self-doubt
The challenge: An entrepreneur’s life is not enviable, at least in the beginning. It’s extremely easy to get discouraged when something goes wrong or when you’re not growing as fast as you’d like. Self-doubt creeps in, and you feel like giving up.