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14 Ways To Tackle Challenges Every Entrepreneur Will Face

Forbes Coaches Council
POST WRITTEN BY
Expert Panel, Forbes Coaches Council

Starting your own business is certainly quite the endeavor, and consequently, there are many things to consider when launching your own company. Of course, the biggest thing to determine is what your business will be and do. After that, especially if you’re starting your first business, you may not be aware of some of the challenges you are likely to face.

As overwhelming as starting a business can be, however, there are ways to prepare. To help, 14 Forbes Coaches Council experts share common entrepreneurial challenges and their top solutions for overcoming them. Here’s what they had to say:

Photos courtesy of the individual members.

1. Find A Mentor Before Beginning Your Journey

For entrepreneurs with no previous experience, find a mentor. Do your research to learn about the people in your industry. Create a list of what they have achieved, but take a deeper look into where they began. What was their original vision? What were their "failures"? If you are able, connect with them directly and determine why they decided to pivot. Create your synthesis and build from there. - A. Margot Brisky, ELDA4U, LLC

2. Learn To Delegate

My company is now 12 years old, and I can say that being an entrepreneur is the hardest work, but the most fun and rewarding! One challenge I encountered (and still struggle with) is knowing when to delegate. Just because I can do something doesn't mean I should. I wish I had outsourced tasks earlier, such as bookkeeping, social media, etc., and freed my time to focus on the things only I can do. - Morag Barrett, SkyeTeam

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3. Get Your First Customer

The biggest challenge for someone starting their own business is attracting their first customer or investor. Without a customer or an investor, your business is just an idea. But once one person says, "I'm in," it helps boost an entrepreneur's confidence in pursuing their business endeavor and investing even more resources. - Billy Williams, Archegos

4. Determine Your Relationship With Money

Most entrepreneurs don't expect to be challenged by their relationship to money. But we all have "money baggage" in the form of dysfunctional beliefs, emotions, and habits that limit our money-making potential. The best way to deal with this limitation is to commit to self-inquiry through coaching so you can uncover and remove your money blocks. Being with people who have great money relationships will be a big help. - Rose Kirby, Rose Kirby Ltd

5. Make Sure You Have A Support Group

One challenge of starting your own business is facing isolation from others. Many entrepreneurs go it alone, so make sure to check in with colleagues, mentors and professional groups frequently. You need honest feedback, but also a sense of community during your endeavor. - David J. Smith, David Smith Career Coaching

6. Don't Overdo It

While dollars are usually the driving force of business ventures, it is important to factor in the emotional cost of entrepreneurial ventures. Stressors can be lessened by incorporating these emotional related activities into the success equation: set aside time for family and friends, allocate time and space to think and keep a line of demarcation between business life and personal life. - Deborah Hightower, Deborah Hightower, Inc.

7. Manage Doubt And, When Possible, Eliminate It

All new entrepreneurs at some point in their journey will experience doubt, which is the single most dangerous threat to success. Managing doubt is all about balancing optimism with practicality, and having both is key. Feeling good about what you're doing and having a practical execution strategy that makes sense will help minimize and in most cases eliminate doubt altogether. - Jamelle Lindo, PARADIGM People Development

8. Treat Hiring Like A "Real Business"

Interviewing creates a time drain on entrepreneurs. Expect to take an inordinate amount of time to review resumes, do online and in person interviews, and find a complete cultural fit. Don't skimp on the entire interview process to get someone in "just because you are a startup" or an entrepreneur. Hire slowly, talk about your needs, hours expectations and all the things "a real business" would do. - John M. O'Connor, Career Pro Inc.

9. Understand That You Have To Actually Sell It

The big mistake many entrepreneurs make is that they earn every technical credential available, put up a website and then expect four-figure sales to roll in based on their qualifications. No matter how good you are, you rarely get sales without some form of selling. It's critical to demonstrate your ROI through conversation/coaching, copy and clean identification of the gap your services fill. - Laura DeCarlo, Career Directors International

10. Spend Your Money Wisely

There is one constant challenge in business — money. For a startup to a five-year burgeoning business, having finances for operations, staffing, inventory, sales, marketing, equipment and more make the wheels turn. It’s the oxygen of business. Seek help from professional business advisors and peer CEO groups to help you identify appropriate funding sources for all the stages of the business. - Rick Itzkowich, Vistage Chair San Diego

11. Don't Overcommit

Many entrepreneurs overcommit to new customers. The best way to tackle this challenge is knowing who you can call upon when the new customer says yes and orders more product that you can produce. Have a Plan B and be ready to execute it. - Cindy Stack, Whole-Life Leader

12. Charge What You Are Worth

Whether you sell a product or a service, all entrepreneurs will face the question: how much do I charge? I understand today that the question should be reframed as: how much do I truly believe I'm worth? The answer to that question determines pricing, success and more. I've consistently increased my prices over the years, and now I know that they are simply a reflection of how much I value myself. - Carolina Caro, Carolina Caro

13. Figure Out Your Niche

I remember the first client and fifth clients being the hardest to close. It was due to a lack of experience and vision. Don't take work just to take it. Determine your niche and where your expertise stops. Being a generalist can be paralyzing. - Brian M Harman, Business Management Hallmark

14. Focus On Revenue-Generating Projects

Once you start a business, you'll find your time slipping away quicker than ever before. Whether it's digital or on paper, you need to keep a journal of how you spend your time. Each day tally both your revenue-generating and non-revenue-generating activities. If a majority of your time is spent on revenue-generating projects, you're on the right track. If a majority of it isn't, course correct. - Kyle Cromer Elliott, MPA, CHES, Kyle Elliott Consulting

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