8 Challenges Every Entrepreneur Should Expect

I know sometimes entrepreneurship can look like a total dream come true.

But lets be real…..

Sometimes, you end up in the fetal position on the floor, crying because you can’t figure out what’s your next move is.

Right??

Or it’s just me?

Seriously, I have been at this entrepreneurship thing for almost 3 years, which is kind of crazy..

My business model has changed quite a bit and in the last year, I caught my biggest growth year ever in terms of team and revenue and let me tell you, growth comes with growing pains and it also comes with a lot of lessons.

And the reason I wanted to write this post is to tell you and prepare you for some of the challenges that came as a total fun surprise for me to make sure that you’re ready for it because you’re going to grow but also need to know what to expect along the way.

8 Challenges Every Entrepreneur Should Expect

So these are the 8 Challenges that every entrepreneurs should expect and how to deal with them.

Challenges Every Entrepreneur Should Expect

1. Unpredictability

It’s just something that you need to think about when you’re starting a business because it is glorified to be an entrepreneurs and live this laptop lifestyle and have that freedom but the reality is, you can work from anywhere at any time, that’s awesome and it sounds super sexy and attractive but the bad news is, you can work from anywhere, all the time. 

So there is no predictability  in your schedule and when you are just solo on your own, everything is on your shoulders and it does get to be a lot.

So knowing that your schedule is unpredictable, your pay is unpredictable, and it’s really cool and great to be your own boss but what happens when you don’t know where your next client is coming from or for me, one of my biggest clients when bankrupt when I was first starting my online book marketing business and I didn’t know how I was going to survive that month. So understand that unpredictability is a big part of it.

What’s the Solution to this Problem?

The solution for this is Lead Generation.

You have to have some way outside of word of mouth to generate leads.

For me, the first thing that really worked for me to generate leads every single day without having to put in time and effort and trading time for dollars on daily basis was blogging.

When I drove into blogging and started using in a way to build my business, I was getting email subscribers and customers all day, every single day.

You can also use things like Facebook Ad, Pinterest, Instagram, etc.

There are so many things you could do but you have to know how you’re going to be generating leads and clients for your business and sales for your business.

You have to figure that out by yourself.

So that’s the solution.

Lead generation is important.

2. Dream Team

When I first started my business, I never wanted to have a team around me. I thought I could do this all by myself for the rest of my life and then you hit your capacity and then you max out because reality is, you can’t grow as just one singular person.

You can't do everything in your business on your own. Click To Tweet

You have to and you’re forced to when you’re first getting started and I totally get that and I have been there and it’s great to learn it all because then you can outsource it better.

But if you want your business to grow, you’re eventually going to outgrow it all by yourself.

What’s the Solution to this Problem?

What I did and one of the best solutions that I had, this is the solution to creating your dream team, even if you don’t have the resources right now, to create your dream team, what I want you to do is to create a graph that looks like this ;what I want to do, what I can’t do, and what I shouldn’t be doing.

So in my case What I want to do is content creation, what I want to do is to build relationships. And what I can’t do is finances and bookkeeping, because it is not my forte.

Although I did some of the part, but now I have hired people to do that part.

So now I can more stay in my genius zone and believe me, this continues to happen the more you grow, the more you realize, “Oh, I probably shouldn’t be doing that,” or “This person in my team is maxed out in their capacity, they shouldn’t be doing that.” 

So that’s the solution for this problem.

3. Stick to Your Vision

This is a major challenge, especially in this day and age, especially with something that’s an online business because shiny object syndrome is a very real thing.

It makes you feel like you should be doing this or you could do that or you should be following this guy or that.

So sticking to your vision means sticking to the thing that you’re really good at and sticking to one business model until you succeed.

Now just calm down and FOCUS, because if you’re trying to grow everything at once, nothings gonna grow.

You got to start with one thing, one thing only and actually make it a success.

Once you built one successful business, it’s a lot easier to build another successful business because you know how to do it.

What’s the Solution to this Problem?

The solution to this problem and this challenge is to create a vision of where you want your one company, your one business to be in a year and then create micro goals and also milestones of what you need to hit in order to get there because if you’re waking up each day without an exact game plan of what you’re trying to achieve, it’s really easy to get taken off course and its really easy to listen to the narrative that’s coming at you every single day that’s saying you’re not doing enough or you’re not doing the right thing.

Knowing that you are sticking to it and aligned with your vision, will help you focus on how you want to build your business.

4. System

The only way to grow your business is to have everything in a systemized fashion.

What you want to do is, you want to write everything down.

Do you have the process for how you upload and send out an email newsletter each week?

Do you have the process written down of how you write a caption on Instagram?

Those are little things but everything should be written down in a process.

What’s the Solution to this Problem?

If you don’t have systems or an infrastructure, the best place to start is just have everything documented.

You could create an internal course actually, for anyone who comes on board and for each role so that everything that you need to do is documented and, as people come on board, they do the same thing.

Making sure that everything is broken down into an exact system that anybody could follow because people leave, people get fired, people quit, people go on vacation and you want to create a culture where that’s possible and so, in order to do that, you have to have some sort of system in place that people can easily follow and make up for it if someone is out.

5. Finance

This is one of the obstacles every entrepreneurs feel during their journey.

You should be really keeping records of your profits and loss so you can never have to spend your money on something which is not bringing you profits.

The best book that I read on this topic and that really made finances click for me in my business is called Profit First.

I cannot recommend it enough and I know it’s a bit of controversial method for some people but for me it worked really well in my business and it make you also realize that as the founder of the business, “I don’t pay Myself”.

You may like to read: 10 Books That Will Make You RICH

You didn’t get into being an entrepreneur to not make any sort of money.

The reality is, you did this so you could have your own freedom and create your own lifestyle but so many times and myself included, you give yourself the peanuts and leftovers and you are nit paying yourself anything so you have to switch your mindset on that and realize that the business is based around you so you have to be paying yourself first and then, if you can’t pay the rest of your team or your expenses, you have to make cuts and you have to be a little more frugal in how you’re spending your money.

6. Hits the Fan

The more you grow the more you will Hit the Fan. So you have to be prepared for that and understand that you are going to screw up, you are going to fail, you are going to have issues that arise time to time..

What’s the Solution to this Problem?

The only solution to this problem is to take full accountability even if it’s not your role.

You have to take full accountability for it because you are the one who’s at the top and you are the leader.

So you have to figure out what’s not working and insure that it’s going to be smoothed out in the future but you as the owner and the founder of your business, the fastest way to grow is to fail faster.

Take full accountability so you can actually remedy the problem.

The biggest cancer to any company is people blaming everyone else so take accountability.

7. You need Mentor

You really do.

You have to find people who are beyond you in your business experience and even in any other industries. It’s really helpful to get a variety of business advice and mentorship to know how to grow your business in a way that’s proven and sustainable and successful because if you are just surrounding yourself with people who have never done this before, it’s going to get really lonely and tough for you to grow more.

Because the more you grow, the more your mind will mess with you. So you have to have mentors around that you can lean on, rely on and ask questions and get guidance from.

What’s the Solution to this Problem?

My solution here is source out reliable, trustworthy people and ask friends and ask people in your industry ; who do they talk to?

Also naturally built relationships through social media and found mentors that are Virtual, don’t even know I exist but I read all of their books and I read all of their social post and I gain information from there as well but find people and surround yourself with people who know more than you do.

You don’t have to be the Smartest Person in the room.

8. Everything Relies on You

The biggest challenge is everything relies on you,, until it doesn’t.

For a very long time, everything was reliant on me in my business and one of the hardest things I’ve gone through in the last year is letting go of control of a lot of different aspects.

If you are going to grow your business, you have to understand that you can’t control every single little detail.

This is going to help you out so much;let go of the things that you’re not the best at and trust your team and build the right team and build the right people alongside you and they create their own boss role within your business.

That’s really how I’ve approached it and that’s why everyone is their own boss within my business.

Final Word

Its your business and you should know how to tackle this obstacles.

But these are some of the problems that you may face if you want to become an entrepreneur.

Now I really want to hear from you; What are some of the challenges that you face as an entrepreneur.

Let’s be honest here and in the comments below, I want you guys to talk back and forth and be honest about this. And if you want any support let me know.

“Special thanks to Mr. Iman Roy (Founder of Brewed Brows Pvt. Ltd) for his contribution for this inspirational post.”

Cheers,
Shadab Alam

Shadab Alam Sign

 

 

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