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What is the Biggest Challenge Entrepreneurs Face Today?

Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 713administrator Site Admin
edited January 12 in Business Planning
Hello my fellow community members!

I want to start an engaging conversation, and am hoping for a lot of responses from users with different backgrounds, experiences, successes, failures, etc.

This will allow our members to ponder certain aspects and questions about starting a business they may not have considered before, and it will be a great thread for advice.

So, what do you think is the biggest challenge facing entrepreneurs in today's day and age?
Ryan O'Bleness
Community Moderator
StartupNation, LLC
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Comments

  • abdelrhmanabdelrhman Posts: 35subscriber Bronze Level Member
    Before addressing your question and start discussion I will be thankful if you really start the conversation with your thoughts :)

    So go one and I will be the next :D
    Special Discount - 50% For SN Members for Logos , Banners , Website Designs , Business Cards
    www.webpixiee.com
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 713administrator Site Admin
    abdelrhman wrote:
    Before addressing your question and start discussion I will be thankful if you really start the conversation with your thoughts :)

    So go one and I will be the next :D

    Well, it was my intention to hear from the community first, and then provide my opinions, but I suppose I can start it off.

    I think there are three key challenges facing entrepreneurs today.

    1. Funding/financing: If you do not have the proper startup funding, you're obviously going to be behind the 8-ball. Can you effectively pitch angel investors or VCs? Do you have enough money saved up personally or the resources to bootstrap? Can you produce a successful crowdfunding campaign? And once you do have the funding, do you know how to manage it? There are a lot of stresses with funding.

    2. Passion: Most entrepreneurs will have the drive and passion they need to succeed early on, but when they face adversity or when they fail the first time, will they have the motivation to keep going? Also, going back to the beginning stages, if this person has a secure job and good salary, would they be willing to drop everything and venture off into the unknown to build their dream business? Your passion and determination should be what motivates you to succeed.

    3. Unknown aspects The majority of startups fail. So what will make yours any different? How long will your business last? Will you be able to attract subscribers to your website or enough customers to your product? How long will it be until you turn a profit? There are so many questions that entrepreneurs constantly need to ask themselves, and constantly need to find solutions to.

    Also, things like not doing proper market research or a competitive analysis may destroy your business before it even begins.

    In my opinion, these are the things that need to be addressed in order to be successful. Please let me know your thoughts.
    Ryan O'Bleness
    Community Moderator
    StartupNation, LLC
  • Martha GrahamMartha Graham Posts: 5subscriber
    i think the following challenge entrepreneurs face today.......
    Courage to start your own business - It is not so simple to start your own business. you need lots of You need a lot of courage and strength to start a business . there are many competiors are already in mareket you have will have to be compete with them. and also remind hardwork is the key of sucess.
    a perfect plan - what are your planning to go for? make a perfect plan .research on your competitor and Before ideating, always remember that if your business doesn’t provide solutions to the consumers or doesn’t give something that they want; then you are going to fail as an entrepreneur for sure.
    apply Effective Marketing in a minimum budget, financial security , etc.
  • QuickFMSQuickFMS Posts: 36subscriber Bronze Level Member
    Managing business efficiently is one of the main concern for any entrepreneurs. This management includes employees, workplace and business resources. We must have a proper plan and strategy in order to maximize productivity with the efficient use of resources.
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 713administrator Site Admin
    Some solid points from both Martha and Quick FMS. Managing, proper research, planning and having the courage to go for it are all factors for sure.

    Thanks for contributing to the conversation.
    Ryan O'Bleness
    Community Moderator
    StartupNation, LLC
  • abdelrhmanabdelrhman Posts: 35subscriber Bronze Level Member
    I think you guys mention really important challenges that really face most of us these days.
    I will say that my biggest challenge I always face in my business besides the finance is lack of focus, as most of the entrepreneurs working on many channels trying get more clients but they didn't know what is really work and what is not, for me it end up with big fail as you should focus on one channel when you really feel that you are good with it , move to another one and it really helps me much :)
    (Sorry for my bad English - hope you got what I want to say :) )

    Thanks
    Abdelrhman
    Special Discount - 50% For SN Members for Logos , Banners , Website Designs , Business Cards
    www.webpixiee.com
  • xohopcomxohopcom Posts: 11subscriber
    The economy of the world is in trouble i guess, 79 percent of those who started their small business (with five or fewer employees, including themselves) have drawn on personal savings to fund their dream.

    I think There are many fledgling businesses out there who aim to build something long term with a tangible product that will change our world for the better and Most of them don't have the luxury of millions of dollars in VC backing but survive on highly effective and foolproof cash flow management practices. Correct me if im wrong
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  • bharat.nimblechappsbharat.nimblechapps AhmedabadPosts: 186subscriber Silver Level Member
    'Closing Sales' is the biggest challenge in every business.
    I am online marketer at Nimblechapps Web Development Company | Mobile Game Development Company
  • PRGuyDCPRGuyDC Posts: 20subscriber
    I think the biggest challange nowadays is marketing. Competition is also another but with marketing, you can sell anything. I was told that once and I am starting to lean that this is so true :(
    A startup Tech Guy who is getting is starting PR on the side with mentality, you pay only if covered.
  • George_AndrewsGeorge_Andrews Posts: 1subscriber
    Everyone has valid points but according to me....
    The biggest problems entrepreneurs face is to get the Product-Market fitment (It is the alignment between what the product / service offers and what the market / customer really needs.)
    After this..
    The second biggest problem is to find the right people for the job.
    The third biggest is to ensure that funding is available and it should be use wisely.
    George Andrews
    Construction| Building Materials| Architect
    http://www.buildmatic.in
  • RizAseemRizAseem Posts: 9subscriber
    Here's the biggest challenge that Entrepreneurs face today

    Noise

    Not physical noise. But noise in the marketplace. There is too much advertising. Too many people selling the same thing, with the same promises. Too many consumers being burned with empty promises. Too many business owners selling poor quality services, with poor value propositions.

    This creates noise in the marketplace. Makes it harder for an honest Entrepreneur to stand out. To find customers. To sell their product.

    This is the biggest challenge faced by entrepreneurs today.

    But in this is the opportunity. Any business that can really distinguish itself will instantly stand out. Like Seth Godin says, A Purple Cow.

    As an example, if you're an accountant and you're just advertising 'Tax Filing', and 'Consulting Services' with a tagline to the effect 'We have the highest standard of integrity' -- that's empty, hollow BS.

    Instead talk about the specifc, viseral reason why you have the highest integrity.

    Break out through the noise -- not by shouting the same thing louder -- but by creating a different melody altogether.
    P.S. Want to be more productive in your business? Click here to get my the guide “7 productivity tools every business owner must have”.
  • Jeff MarlonJeff Marlon Posts: 71subscriber Bronze Level Member
    Hi

    Basically challenges varies but here are some most important ones.

    1- Sustainability - Continuously focused and engagement in most effective goals.
    2- Development - Developing work force day by day, which can become effective resource of the company.
    3- Recruitment - Recruiting people as per the company's requirement at the moment.
    4- Industry - Get to know industry trends and so identifying opportunities.
    5- Success - Taking company to the top.
  • ridgejoh@2017[email protected] Posts: 23subscriber Bronze Level Member
    Wow! I see a number of great solutions that I am familiar with and some are new! I would also like to add, I think the Biggest Challenge Entrepreneurs Face Today is" Estimating the right amount of effort and think that it will take to succeed".

    Have you ever looked at successful entrepreneurs and wondered how their success came into fruition?

    They often put in 10X's the effort and thoughts than your average entrepreneur. Most entrepreneurs give up too soon! Staying Power!

    No matter what endeavor we follow, INCREASING our ACTIVITY and LEVEL OF THOUGHT to the correct proportions is CRITICAL to Success!
    John Ridgeway
    http://rusecurenow.com/
    #1 Business Security Website for Information and Solutions
  • jayanth06jayanth06 Posts: 2subscriber
    The biggest challenge entrepreneurs face today are:-
    1.Abandoning another career.
    2.Financing.
    3.Teambuilding.
    4.Being the visionary.
    5.Dealing with the unknown.
    6.Loneliness.
    7.Rule-making.
    8.Decision-making.
  • david14beckdavid14beck Posts: 39subscriber Bronze Level Member
    Entrepreneurship comes with the following challenges:
    1.Abandoning another career:If you are planning to start a business then it is impossible to simultaneously manage another career.If you want to grow your business you need to quit your job.

    2.Financial Management:For experienced entrepreneurs it is easy funding in a business because they have a pool of capital from the business they previously sold.As a new entrepreneur you need to think about all the funding option before choosing one.

    3.Team building:It would be difficult for you to choose a team if you have not managed a team before.You need to consider many things such as their cost to the business,their culture fit,how they would work together as a team.

    4.Regulation and Compliance:Rules and regulations do change when there is a change in market and technologies.It would be beneficial for you to hire a consultant who would guide you under such situation and helps you understand the risks and complexities associated with your business.

    5.Competencies and recruiting the right talent:Finding the right people and developing the right skills is necessary for your business.Finding the right workers for the job would be a wise investment.

    6.Technology:Your business should be up to date with the new upcoming technologies.You should have a god hand with integrating new technologies,particularly app development and cloud computing.

    7.Customer Service:Customers expect instant customer service so you need to satisfy their needs in a given period of time.You should find new ways to improve your customer service.

    8.Decision Making:This is the most stressful challenge as entrepreneurs have to make hundreds of decisions in a day.You need to prepare yourself for this stress if you want to establish your business.

    9.Maintaining Reputation:It is an important task to monitor and maintain your reputation and it is best if third party monitors it from a certain distance.
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