Challenges That Entrepreneurs Face
Entrepreneurship is hard enough without the added pressures of running a business. Recent research found that more than half of all new businesses fail within their first five years. And these are only the failures that the statistics have picked up — there could be hundreds more that have gone unreported. Jordan Sudberg believes that contending with this high risk is not for everyone, but for those who pursue entrepreneurship, it is an exciting and thrilling journey. Starting a business is full of exciting challenges, and often the problem of struggling through them is one of the most rewarding parts.
Here we’ll discuss the challenges entrepreneurs face from their business and personal perspectives.
1. Selecting a Service or Product
In the beginning stages of a business, the entrepreneur has to decide what type of business they want to start. For example, do they want to focus on a service or a product, or perhaps have a mixture of both? This decision will affect many aspects of the business, even the name. Names are essential for businesses that offer services, as most customers cannot come into their store and see their quality.
Entrepreneurs must have a sense of what they’re genuinely passionate about. Looking back at business history, we can see that some people have latched on to a single passion they use to build billion-dollar businesses. However, we can also see it used poorly by those who don’t have a clear idea of what they’re selling and why it’s essential.
2. Developing a Sales Strategy
One entrepreneur has decided on a product they want to sell and what they’re passionate about. They also come up with a sales strategy. This can be as simple as selling their products in their local community or entering the retail market. Few businesses start this way; however, founders are often some of the hardest workers and daring entrepreneurs out there. If they can survive doing this for many years to build a business, then surely anyone can learn from these lessons.
3. Establishing Starting Funds
A company needs money to survive in the beginning. This money can come from various sources, but entrepreneurs must be careful about how much they take out of each head. Jordan Sudberg leads the Spine and Sports Rehabilitation Center injury rehabilitation for athletes of all ages and abilities. Sudberg credits his success to the mentoring of others who had been in his position.
4. Maintaining a Budget
Sudberg is a pain management specialist who is currently working with a variety of entrepreneurs and their companies. This is a good lesson for any entrepreneur, as it can save them time and money in the long run. It’s another aspect that isn’t discussed very often, which makes sense since it’s not as dramatic as other aspects like designing new products or debating over new marketing strategies.
Entrepreneurs need to be mindful of these issues, as they can become obstacles along the way. Starting a business can be a very trying time for the entrepreneur. Entrepreneurs must also worry about their clients’ stock, those who have signed on to become regular customers, and those who have become clients based on word of mouth.