How To Overcome Entrepreneurial Challenges

The common term these days is “start a business”. But sometimes, we fail to realize that the entrepreneurial journey is not for the lily-hearted. Several entrepreneurs have faced grave challenges that made them give up on themselves and their businesses.

Deciding on a product/service

An entrepreneur often makes the first decision on the product to sell or the service to render. Sometimes, it is even difficult to make this seemingly simple decision. Niches are saturated and one could be lost as to where to focus on. To solve this, identify a need in your community. Do a market survey and ascertain the terrain. In every place, there is always a need; a gap to fill. So, don’t just decide on a product/service from the top of your head, research it. You can even hire a professional market researcher to help you out.

Source for funds

This is one of the greatest challenges faced by entrepreneurs. Being a third-world country, Nigeria is not an environment where people can easily get access to funding. But how do you solve this?

Staffing

Another task that proves difficult is staffing. Many a time, it seems difficult to recruit the right people on your team. Have detailed qualification criteria while listing any position. This will help sieve out candidates that will not be the best fit for your business. Also, before an interview, thoroughly scrutinize applications, so you can have a shortlist for the interview.

Generating revenue

One of the greatest headaches of entrepreneurs is making more sales and generating revenue. A trusted way to go about this is having a budget and sticking to it. You might be wondering how that affects your revenue. It does, big time! In your budget, you should detail what to spend money on and how to fund your marketing process, which will in turn drive sales. If you spend on irrelevant areas, you will keep running into debt, running overhead costs, and not achieving anything. Channel your finances to fund your sales and marketing project, as well as other factors that will boost sales. Those are where you should invest your money. Have a marketing/sales team that is goal-driven. Have set targets, with strategic action plans to back them up.

These are just a few of the many challenges faced by entrepreneurs. But this is a good start for you. manage your time and financial resources properly, to drive the results you need. Train your staff to understand the business goals, and work with them to achieve these goals.