No Ordinary Ordeals: Entrepreneurial Challenges for the Millennials

If starting our own business was as easy as baking a pie, everyone would become an entrepreneur. Entrepreneurship comes with its own complex problems and risks. Sure, starting a business and seeing it grow is rewarding, but in order to achieve the end results, a lot has to be compromised.

Here is a list of challenges modern-day entrepreneurs often face:

Financing

New entrepreneurs often struggle with finances when it comes to starting a new business. This is the case with experienced and established entrepreneurs, too. However, they have one advantage over newcomers: a wide support network. Through previous investments and solid connections, they can always bounce back up when they are in a dire situation.

Therefore, as a newcomer, you will need to start networking and building connections.

Teambuilding

Those who have managed a team before have experience leading a group of employees to accomplish tasks.

However, if you don’t have experience, picking the right team can be difficult. Furthermore, it’s not enough to find the right candidates. You also have to consider the costs of bringing in new recruits, how they will add value to the team, and whether their contribution will be beneficial for the organization.

Most entrepreneurs struggle in this department because they are often under the pressure of making sure these positions are filled as soon as possible.

Innovations

Being an entrepreneur means that you have to take risks and come up with ideas. Many entrepreneurs have to come up with innovative solutions that can rival their competitors’ ideas. When a new competitor emerges, entrepreneurs are often given the responsibility of coming up with a response plan.

Sometimes this includes on-the-spot thinking, and this can be a struggle for less experienced entrepreneurs.

Decision-Making

Operating a business means making hard decisions at times. This is the most stressful challenge any entrepreneur faces. Sometimes you will be required to make a hundred decisions throughout the day. These decisions can be minor or major and will make an impact on the way the business operates.

Some entrepreneurs are unable to deal with the stress of making on-the-spot decisions, but it’s important to take initiative so that your business can grow. Your team relies on you as the leader.

Overcoming obstacles requires perseverance, grit and determination. By overcoming the obstacles in your path, you will be prepared to take up new challenges that will mold and shape you to become a better leader.

Steve Rizzo is a professional motivational keynote speaker who helps those in the business sector find their drive through emotional enhancement, perseverance and grit. If you are looking to hire a guest speaker, visit his website for further details or call 724.540.5092 for booking information. You can also check out his speaking presentations to learn more!

 

 

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