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What is the Biggest Challenge Entrepreneurs Face Today?
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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,
Community Manager
StartupNation, LLC
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.
https://www.youtube.com/channel/UCL_MxANHOn9DuUdsUOD3sqA
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.
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
Community Manager
StartupNation, LLC
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.
Community Manager
StartupNation, LLC
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
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!
Keep them coming, all!
Community Manager
StartupNation, LLC