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How to conquer 5 most common entrepreneurial challenges

It is not easy to start a business on your own. You have to go through a lot of challenges. Let's discuss the 5 most common entrepreneurial challenges.

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How to conquer 5 most common entrepreneurial challenges

  1. 1. Image courtesy: www.eusedublin2013.com It is not at all easy to start a business of your own. It needs determination, belief and a lot of hard work. You will face a number of challenges, but how you overcome these challenges, will only leave you stronger and more successful!
  2. 2. Image courtesy: http://boldanddetermined.com/
  3. 3. Image courtesy: cfbc.co.uk
  4. 4. 1. Picking the right business Image courtesy: www.contactvirginmedia.com
  5. 5. 1. Picking the right business It is very easy to jump to a conclusion and start a business, but choosing the right one is very essential. Before starting, ask the below questions – 1.Why do you want to start this business? 2.For how long do you want to run the business? 3.What is it offering people? 4.Is it even offering anything to people? 5.Are the services/ products/ solutions of any use? Do a thorough research before investing.
  6. 6. 2. Budget Image courtesy: brian-nagel.com
  7. 7. 2. Budget Do not go over budget! When starting with a new venture make sure you do not spend more than what you can manage. Calculate all the expenses – big or small – from capital to salaries to office set-up. Always keep a buffer and stay within the budget.
  8. 8. 3. Setting up the right team Image courtesy: therefugechristianchurch.com
  9. 9. 3. Setting up the right team Be it business partners or hiring employees, you have to select the best and trustworthy team as it affects the reputation of your company. Don’t be in a hurry to hire people. Make sure you do a thorough check on their professional background before giving them an appointment letter.
  10. 10. 4. Dealing with competition Image courtesy: www.entrepreneur.com
  11. 11. 4. Dealing with competition As a start-up you will find a number of similar companies who have already carved a niche for themselves. To compete with them is highly challenging. What you can do, try to find some difference in your business. Create a unique selling point and highlight it.
  12. 12. 5. No room for self-doubt Image courtesy: designtaxi.com
  13. 13. 5. No room for self-doubt There will be times when things will be tougher than you expect, but never doubt yourself not even once! Keep fighting, keep finding ways to kill that negative air. Do not listen to people who have nothing else to do apart from questioning and doubting your abilities. In fact, make them your inspiration and work harder.
  14. 14. Mara Foundation’s Ambition We enable, inspire and empower ambitious entrepreneurs in Africa. With the support of our Mara Mentors we will: Inspire millions of young people in Africa to become entrepreneurs. Teach entrepreneurs new skills. Enable entrepreneurs to turn business ideas into a reality. Guide business owners to grow businesses and hire (more) employees. Empower entrepreneurs by providing a platform to showcase their business and build their network.
  15. 15. THANK YOU Website: mentor.mara.com App: iTunes, Blackberry, Android, and Nokia. Customer Support: support@mentor.mara.com Mara Foundation is supported by a number of partners, including: