What is the Biggest Challenge Entrepreneurs Face Today?

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  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 1,015administrator Site Admin
    There are some really great challenges being named here. At times, entrepreneurship is kind of like venturing off into the great unknown. Keep it up, all!

    One thing I would like to add to my original list is legal concerns. If you're a seasoned entrepreneur, you'll know what legal hoops to jump through. But if not, the amount of legal tasks, such as setting up your business (as an LLC, corporation, etc..), taxes, documents to sign and file, contracts, patents, copyrights (and all other intellectual property concerns), security laws, privacy policies and more. That list alone likely looks intimidating to a first time business owner.

    Best,
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • ankit007ankit007 Posts: 254subscriber Silver Level Member
    Once an entrepreneur learns to overcome these challenges, he/she will be able to reap the rewards. before starting up. Today's Most Read ... Raising Capital: Money is another biggest challenge faced by an entrepreneur. Entrepreneurs have to face numerous challenges on the road to The service you provide or the product you sell today, tomorrow could be too.
  • salmonjames21salmonjames21 Posts: 22subscriber Bronze Level Member
    Challenges and problems vary from organization to organization. However, in general, there are some common challenges that entrepreneurs face. These are like :-

    Time management. This is because an entrepreneur wear many hats.

    Tasks Allocation. It takes time to understand each employee in his/her individual capacity and sometime things gets mixed up.

    Lack of technical skills. Sometimes an entrepreneurs are jack of all trades and master of none. So this is not possible for them to get hands on all skills and domains.
  • Yourlife10xYourlife10x Washington State.Posts: 12subscriber Bronze Level Member
    I really believe the hardest thing that Entrepreneurs face today is the simple fact of denial. Denial really will cut down any entrepreneur, through himself, family, and their friends. I believe once you get past this barrier you will be faced with many new problems that will bring more denial, this is a great opportunity to grow for anyone! :D So just keeping themselves in that positive, push through anything mindset will be one of the hardest challenges. :D :ugeek: :D
    The Only Difference Between Success And Failure Of Our Planet.
    https://www.youtube.com/channel/UCL_MxANHOn9DuUdsUOD3sqA
  • ArunaAruna MohaliPosts: 4subscriber Member
    edited January 2017

    Hello All,

    According to me, there are many problems faced by an Entrepreneur. Starting from the very start, selecting the idea and turning it into a business plan is a difficult task. Here, I will solely focus on technology. I mean for a non-technical guy it may be easy to plan the business but when it comes to technical feasibility his all planning may fail there. So we can say technology can be a huge challenge for an entrepreneur.

    Most of the entrepreneurs want to start online ventures these days because online startups are the future. But the problem is they don’t have adequate knowledge about how e-commerce actually works i.e.

    • What platform should they choose
    • Whether they should choose a single online store or a full-fledged marketplace
    • What product and industry is appropriate
    • What should be the target audience
    • How much they should invest etc.

    This complete knowledge requires lots of research depending upon the business requirements. This article from Inc. Magazine will help you getting the overview of best 5 e-commerce platforms http://www.inc.com/bill-carmody/top-5-ecommerce-platforms-for-2017.html.

    They have fairly described some good platforms, which can at least help in solving the platform related question of an entrepreneur. But for more details, you should definitely check the website of said platforms to check their features and pricing.

    Regards

  • davidfederaldavidfederal Posts: 11subscriber Bronze Level Member
    According to me investment is biggest issue
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 1,015administrator Site Admin
    @davidfederal, securing funding and landing investors, whether VC or Angel, is quite difficult. That is for sure. 
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • 3d rendering services3d rendering services AhmedabadPosts: 0subscriber Member
    Cash flow management , Hiring employees , Time management and Marketing strategy is the biggest challenge entrepreneurs Facing Today
  • Gregory101Gregory101 JacksonvillePosts: 51subscriber Bronze Level Member

    The biggest challenge is an error of omission, that is, you should have done something but you didn’t.

    Warren Buffett often referred to this kind of mistake as his greatest: he saw a great deal, but instead of going for it, he did nothing.

    In the case of an entrepreneur, the mistake is NOT to explore and discover his/her greatest talent.

    Your talent is truly a God-given gift, and if you use it in the right industry, you will be, as Charlie Munger colorfully put it, “competing against idiots.”

    Tom Rath’s book, Strengths Finder 2.0, is a good place to start, but it’s very possible your greatest talent is NOT mentioned in his book.

    But he will get you thinking about talent and the necessity to find out what yours is.

    The second greatest mistake is, knowing one’s talent, NOT FULLY using it to one’s advantage.

  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 1,015administrator Site Admin
    Great thoughts @Gregory101. Keep them coming, everybody, this is a great thread! 
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • Mikehills101Mikehills101 USAPosts: 5subscriber Member
    Lot of competitors! You have to step up with new exciting promotions and loads of marketing strategy or else business is somewhat depressing in terms of sales.
  • CurtisMLeeCurtisMLee Posts: 34subscriber Bronze Level Member

    1.  Cash flow management

    2.  Hiring employees

    3.  Time management

    4.  Delegating tasks

    5.  Choosing what to sell

    6.  Marketing strategy

    7.  Capital

    8.  Strapped budget

    9.  Business growth

    10. Self-doubt


  • Tom AdamsTom Adams Posts: 70subscriber Bronze Level Member
    edited September 2017
    lack of conscientious employees
  • Helen LarsenHelen Larsen Lewes, USAPosts: 58subscriber Bronze Level Member
    Hi! Conversation is really interesting, cause situation changes and now entrepreneurs have to cope with new problems. 
    I personally think that it is still financing. Startappers might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow. And thanks to new crowdfunding opportunities now there are more competitors than it was before.

    Also there is an age stereotypes difficulties. As a young business professional, you likely have already encountered at least a few age-related stereotypes. 

    And one more modern challenge lays in an appropriate customer service. In the world of instant gratification, customers expect instant customer service - and can take to the web to share their displeasure at less than satisfactory service just as quickly :)

    Thank you for this post!
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 1,015administrator Site Admin
    edited September 2017
    These are all great points, @Helen Larsen. This is one of my favorite threads in the entire community. There are so many different challenges and obstacles that entrepreneurs must face every day, but the creativity, passion and ability to problem solve that it takes to get past these barriers is what makes an entrepreneur....well an entrepreneur. 

    Keep them coming, all! 
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
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