Entrepreneurial Challenges - cfagbata

How To Deal With Top Entrepreneurial Challenges

The entrepreneurship journey does come with many challenges.

Entrepreneurs, usually, run into obstacles, all due, to the complexities involved, in running a successful business, or, better still, trying to turn an idea, into a profitable venture.

While some of these entrepreneurial challenges can vary, there are some that appear, to be common to all businesses.

I have come up with, what I consider, as top entrepreneurial challenges, faced by entrepreneurs and how to navigate your way around them. Please, find them below:

Quitting Your Job

This, usually, springs up, from the idea, of not putting all your eggs in one basket.

Trying to play it safe, you do not want to quit your 9-5 job, so, you engage in it, alongside your own business, simultaneously.

The truth, however, is that, if you want to move up the ladder, as an entrepreneur, you will need to invest, a significant amount of your time and energy, into your business.

And you know what that means? You, really, need to quit your job! Sounds alarming, right? You, however, need to get a grip of these below, to keep you going:

  • Life, itself, is a risk. Entrepreneurship is, not left out.
  • No pain, no gain. No profit-making, if you do not take the bull, by the horn
  • Self-determination, might just, be your x-factor

Making a great move, in the entrepreneurial journey, involves you, breaking some mental barriers.

Expecting Results

Coming new into the entrepreneurship ecosystem, you should be aware that, you have left your 9-5 job behind you and probably, invested all your money, into your new venture.

You have read entrepreneurship books, listened to TED talks, attended seminars and workshops, yet, it appears, as if your business is, hitting the brick wall.

At this point, you start to doubt and possibly, get filled with regrets that, you have just made a very big error, in your life’s decision.

No need to fret. Entrepreneurship is a journey that takes longer, to yield results. Patience and continuous hard work are required. You need to keep tracking your progress, while putting all you can, into your venture.

Also read, Entrepreneurship: Starting Up Well And Going Ahead Strong In 10 Commandments

Onboarding Employees

Every entrepreneurial journey starts, with an idea that gets transformed, into a successful enterprise.

You have an awesome idea, ready to transit, into a huge business. You have outlined, all the marketing strategies that you need. All appear, to be in place.

You cannot, however, pull this off, you will need to onboard, a great team that, would enhance your efficiency.

This comes down to, finding the right set of people, as your employees and this, might take quite a while, conducting a series of interviews.

Rather than waste your time, do the needful, by specifically, stating your job description:

  • Be specific on the type of employee you require
  • Define the task of each employee
  • Let the employees know what you have to offer them in return for their services

Getting this right, will enable you to save precious time, as you would not have to bother about, having mismatched job candidates.

Time Management

You may, likely, have a challenge, with managing time, if you have never managed a huge project before.

Time management is a skill that must be imbibed, by an entrepreneur. You can manage time, by:

  • Creating detailed schedules
  • Assigning deadlines, for created goals
  • Following your own guidelines
Business Marketing

Nobody succeeds, without having a defined plan. You need to have a go-to marketing strategy.

Without plans, your competitors would, easily, outshine you. You can make the job easy for yourself by:

Learning the fundamentals of carrying out a go-to-market plan, or, outsourcing it, by getting someone, who fits in your budget.

Business Growth

What happens, when you can no longer handle your workload? With improved results, more work appears to come in.

In order not to get caught up, on the web, you will need to keep growing. Some of the things you need to do at this stage include the following:

  • It is, your job, to keep getting new talents onboard
  • Delegate tasks accordingly
  • Outsource, if necessary, to reduce the workload

For your business not to be stagnant, you need to keep on finding ways, to improve on it.

You do not need to break, under pressure. Apply these tips to overcome your entrepreneurial challenges.

Featured Image: dynamicbusiness.com.au

Startup founder - cfagbata

Startup Founder? Ask these Questions Before Seeking for Funding

All appears to be set, for your startup, except for that, seemingly, important part, which is your source of fund.

Looking to raise millions, in seed funding, an average start-up founder would look no further, than the direction of an angel investor, or, a venture capitalist.

Before moving ahead on such, however, take a pause and demand from yourself, “do I need to obtain this funding?”

Have you thought of not being ready, to use funds that you are not, mentally, prepared for?

An unnecessary pressure can be on you, when the fund is secured, at the wrong time.

On the other hand, if you made a choice, to go for it, remember that, you might be “forced”, to give up a part of your start-up.

I have come up, with some questions, worth asking by a startup founder, before making that decision to go for your startup funding:

Is External Funding Really Required?

As much as a startup founder seek funding for their venture, they should realise that it is not free.

In considering external funding, founders, or, entrepreneurs, ought to weigh their options.

You may have to give up a large chunk, of your profit and unwanted pressure, from your investor, to deliver results.

This pressure may force you to take on certain obligations, for your investors that you are not prepared for.

Also read, Is VC Funding the best for your startup

How Much Am I Willing To Give Up?

Accepting external funding means that, you are giving up, part of your organisation, out for money.

Have you considered, what you will give up, in terms of control?

Remember that, when you get funded, investors come on board and they will, definitely, have inputs, as to how operations are executed, in your organisation.

Also, think of what the actual value will be, of the returns, for any fund raised.

For instance, if you give up 30% of your company, would the return on it, be worth, over what 30% profit would have returned?

Who Is My Ideal Investor?

Beyond raising funds for your start-up, investors can offer you, more than that money that you seek.

At different rounds of fund-raising, you have to define the type of investor you require.

What do you need from them? A Silicon Valley-based investor, might not be the right person for you, considering the market you want to break into.

Ensure that, your vision, mission and core values, are aligned, to what your ideal investor might turn out to be.
Is My Business Worth The Investment?

Put yourself, in the shoes of an investor and see, if you will, actually, commit a huge amount of fund into your start-up.

If your answer is no, then, think of what you can do, to make it worth investing in.

What would attract an investor, to throw in his hard-earned money, without thinking twice?

Consider certain things that you may have to change. Check out some parts, of your services that need improvement.

How Prepared Am I To Answer Questions?

Are you ready to be under the fire, when you stand before investors?

You can deliver a great pitch presentation, but it is another ball game to, accurately, answer questions thrown at you.

Beyond your pitch deck displayed on a PowerPoint presentation, you should have facts, figures and trends, on your industry, right there in your memory.

What Do Investors Expect At The Fund-raising Stage?

For every round of seed funding, the expectations of investors, are quite different.

At the round of pre-seed funding, you might be able to play the emotional card, with your passionate sales presentation.

But moving beyond that stage, if you cannot demonstrate metrics, like revenue, customer acquisition and retention, then, you are not, up to the task.

Ultimately there are lots of questions a startup founder can ask but the ones discussed here are very essential for their funding journey.

Also, read, Why Focus On Raising Startup Funds, When You Can Do This

Featured Image: the1thing

Global Entrepreneurship Week

Training Entrepreneurs in Abeokuta as part of the Global Entrepreneurship Week

I love entrepreneurship and enterprise development with a passion, so you can gauge how excited I am about the Global Entrepreneurship Week (GEW) – for a number of entrepreneurs out there, it is a time to celebrate this crazy way of life that gives us sleepless nights, yet we simply love it.

Entrepreneurship can indeed be challenging and that is why only the strong survives! I don’t mean strong in terms of physical strength alone but also mental toughness and ability/willingness to innovate.

My wish for all entrepreneurs out there is that this week marks the beginning of greater and better experiences in your life and business.

In my little way of giving back, I would be in Abeokuta, Ogun State to speak on the theme “Moving from Shoproom to Boardroom” at the Chronicles Entrepreneurs and Business Development Summit. I will be representing Mazi Sam Ohuabunwa OFR., one of Nigeria’s most respected entrepreneurs who is the lead speaker at the event.

So, if you are anywhere around the south west then you can catch me live at Spice Hall, GRA, Ibara, Abeokuta, Ogun State. Full details below;

Global Entrepreneurship Week summit with Chronicles Media
Global Entrepreneurship Week summit with Chronicles Media

Happy Global Entrepreneurship Week!