There are many liabilities as far as the business aspect goes, that might concern entrepreneurs that are just entering the market. Starting from coming up with an idea that is relevant for the market, studying it, coming up with funds, hiring the right people, etc.
Let’s take a look at some of the aspects that are holding these entrepreneurs back.
Finding a competitive idea
Every one in a while we all come up with a great idea, which in our mind, is worthy of making millions. However, in a world where the market is equipped with mostly everything the world needs, these innovative ideas are like mining for diamonds. You need to study the market, figure out what the people need the most, and how much the product is demanded.
Deicing to hire someone is always hard, especially when you are hiring someone in your own business, this is the reason why entrepreneurs almost always struggle when it comes to this. They don’t know exactly what qualifications they need out of people, they don’t give clear requirements, and so, they are stuck going through multiple CVs’, not being able to make smart decisions. This process takes up a lot of time and doesn’t often prove successful unless you set some clear rules.
Delegation of Duty
After going through the hardship of employing the best team for your company, entrepreneurs at times find it hard to trust them with some tasks. They always have this controlling feeling, that if you don’t do something yourself, it won’t be done right. However, if they keep following this logic, it can lead to problematic situations. You create a team for a purpose, it only makes sense for entrepreneurs to take a look at duties, and divide them accordingly to his teammate’s assets.
It is hard to find a way to merchandise products that hasn’t already been done. On the other hand, proper marketing costs a lot these days, making businesses take a step back. They start to doubt if this is an investment, they are willing to make, or if that money is put to better use somewhere else. More often than not, startups decide on the latter, which costs them in the long run.
Without marketing, it is close to impossible for the people to learn about a product, let alone create a mass of clients who are interested in it. This will immediately create a lack of profits and overproduction.
This will forever remain an issue in the business world. Whether you are just starting, or you need capital to expand, securing a loan is always hard. The numbers of individuals/ businesses applying for a loan have gone up a lot in the past years, and ironically, the number of these loans approved has gone down. The banks no longer have faith in businesses, because small companies keep going bankrupt, and therefore they can’t pay back what they took. So, entrepreneurs are left trying to figure out how to secure these loans, or any other method of securing capital, which is a long, stressful process.
One of the biggest problems entrepreneurs have is that they want to do everything at once, they juggle too many responsibilities because they are not able to acknowledge a hierarchy of importance. Not every problem needs your immediate attention. You need to learn to think about your responsibilities rationally because there is no way you can solve everything at the same time, that will only cause chaos and a mess. Lean on somebody’s help, make a work calendar, take a step back and put things into perspective. Do not go around wasting your time will small insignificant chores, which will postpone bigger issues.
There are the business types of liabilities, and then we have the psychological issues that accompany those. The correlation is really simple. If your mind is not easy, neither will your work, or your body be. You need to be mentally prepared for what you are getting in, because if you are not, things will fall apart fast, and you are much keener to cave under the pressures. Here are a few of the problems you might run into psychologically when you are a struggling entrepreneur.
Your workplace is NOT your child, nor your family, nor everything that will ever matter in the world, so don’t treat it as such. Sure, you have to do what you love and love what you do, but there needs to be boundaries. Being consumed by your work leaves no room for social life, and it may seem like something that wouldn’t bother you, but with time it can produce psychological issues such as, but not limited to, depression.
Taking on all this responsibility is not easy, especially when it comes to an endeavor that big, so, normally, entrepreneurs will begin to display signs of stress. You must learn to control it somehow, because stress can be the cause to many other derivative issues, and can even cause you to slip up, in your job.
The constant feeling of "having a lot to lose"
Once starting a business, or when in the process of, you constantly invest yourself in it, because to be honest, there is a lot you need to put in, to make it work. Starting from money to your time, and somewhat even your personal life. Having done that, you start to feel that if you don’t commit 110%, everything will fall and you will lose everything. This will start to become a nagging reminder every day.
In the end, after all of these factors, you need to remind yourself to prioritize and breathe. Everything will work out the way it should, and you constantly stressing over every small detail, is not doing you or your business any good.