Seven Ways To Overcome Entrepreneurial Challenges
Millions of people started a business during the pandemic. In fact, people launched businesses at more than twice the rate of pre-pandemic times, according to NBC News. Stepping into the role of CEO and being more in control of your career may sound appealing, but entrepreneurship comes with many challenges. Statistics show that about 20 percent of businesses fail within the first year.
If you’re a new business owner or you’re thinking about launching a new company, it helps to have some pointers on how you can move past barriers as they pop up on your journey. In this issue of Promotional Consultant Today, we discuss a blog post contributed by Pearson to the award-winning Women on Business site. Read on for some smart tips for entrepreneurial success.
1. Boost your education. Entrepreneurs should commit to lifelong learning. This doesn’t mean you need to go back to school and finish your degree or earn a more advanced one. It means you should look for programs or courses that will give you fresh skills you can use as you map out your business plan.
2. Look for ways to collaborate. Having a strong network is key to getting your business off the ground and helping it grow in the months and years to come. The post notes that your network should include social connections as well as work-related connections. Your job is to reach out to these people to see how you can collaborate with them. This communication gives you exposure and more accessibility to a broader audience.
3. Hire the right people. Entrepreneurs must determine their business’ core purpose and identify the kind of employees they need. Once you have this part down, look for candidates that possess the skills you need. The post adds that business owners should take good care of their employees—these professionals are the backbone of the company.
4. Embrace criticism. You may not get everything right the first time, and that’s okay. When you learn to listen to criticism from your customers and employees, you can understand what’s not working so well and make adjustments. The only time you should be concerned is when criticism outweighs any positive feedback, according to the post. This means that your direction or business strategy is off.
5. Watch the trends. When you’re launching a new business, keep your eyes on what your target market is buying. Trends matter because people tend to buy what everyone else is buying, the post points out.
6. Leverage technology. Some businesses falter because they can’t keep up with changing demands. For example, businesses that didn’t go online during the pandemic struggled to keep customers. Many lost income and had to shut for good. You can get ahead of this challenge by studying the latest technology, including artificial intelligence and cloud computing.
7. Stay in tune with the company. The post notes that running a business doesn’t mean you should delegate all tasks and then sit back. You should always be on the same page as your employees and well-informed about your company’s performance.
It takes sacrifice and a lot of hard work to start a business and make it successful. New business owners and entrepreneurs can follow the tips above to help their company rise above any challenge.
Compiled by Audrey Sellers
Source: Women on Business is an award-winning online destination for the news and information women need to be successful in business.