What do you think are the biggest business problems that every entrepreneur faces?
We have all heard the saying, “business is hard”. Well, if you don’t give that statement much thought, chances are you will overlook the significance behind the notion. The truth is, every entrepreneur will encounter throughout his or her journey a plethora of business problems. The best way to deal with the unpredictable nature of business is to go into business with your eyes open.
A lot of business strategy consultants out there urge people to take risks without fully going into detail. Well sure, taking risks is an important ingredient for success. But that’s not the whole truth. The truth is, taking calculated risks is the name of the game. If you want to succeed in business, you have to have a strong idea of what’s coming around the corner. Here are some of the business problems you will face in your business life and remedies to handle them.
In order to keep your head above water in business, you need to constantly be in learning mode. The top CEO’s in the world are known to read a book a week. They do this because there is always something new for them to learn.
The best business advice that I have ever gotten was that the more information you amass, the better you are at maximising on new business opportunities and solve possible business problems. The flip side to the coin is, if you don’t have the proper information to make your business operate properly, you will soon be out of business or be marginalised in your industry and competing over the crumbs of well-informed entrepreneurs.
At Dreamerspro, we are always in learning mode in our business. The good news is this, information has never been more accessible than it is today with the advent of the internet.
You no longer need to spend time hunting down books in libraries. You can quickly log on to amazon.com, and quickly find the books you need to read. YouTube is a great source to gain access to free learning videos. The key is to make sure that you are always feeding new information into your mind to give yourself a competitive edge in business.
Sometimes it’s not what you know, it’s who you know. Actually, it’s a combination of both. That being said, a great amount of joy or pain comes from the amount of contacts you have, or lack thereof. In the business world, there are people that have the ability to alter the direction of your company just by putting you in contact with the right people who are in a position to make decisions.
For example, in 2013 when we were just getting started. we were thinking of pitching one of our public speaking/time management workshops to a multi-national in Italy. I didn’t personally know the CEO of the company on a personal level, but my old professor Silvia Pulino, who heads my university entrepreneurship department, knew him personally. After a few quick emails, we were scheduled to meet with him. So it is very important to try to grow your network to give you and your business the shot to succeed.
Business is unpredictable to put it plainly. You never really know what kind of business problems are going to show up. One day you are cruising along and bringing in $5,000,000 in revenue, and then all of a sudden the government introduces tariffs that make it difficult for your business to import goods. These type of business challenges happen on a frequent basis to businesses worldwide.
Sometimes a crisis arises from a natural disaster like Hurricane Irma which totally devastated the Virgin Islands in the Caribbean. The local businesses were totally destroyed and business owners have to pick themselves up and start again unfortunately. So sometimes, circumstances get the best of us and we just have to adapt and keep marching on.
The reality is that we cannot predict the future and what kind of business challenges we will face, but we can do our best to prepare ourselves for the hard times, because they will come.
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What do you think are the biggest problems that Entrepreneurs face? Have anything else you'd like to share? Let me know in the comments below!
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