Owning a small business (or a big business) comes with a lot of challenges. The good news about that? You’re not alone in facing them.
All business owners face some of the same problems and challenges. That means there’s a built in community of people who have been where you are, and lots of intel on how to get through a challenging situation or business problem. You can learn from people who have come before you and be supported by them.
Here are four business challenges all entrepreneurs face.
Self doubt can be constantly lurking in any entrepreneur’s mind. It’s easy to see all the holes in your plans, or to measure yourself against someone else. When you endlessly compare yourself to others you can get stuck in circles of self doubt.
It’s one of those business challenges that all entrepreneurs face. The best way to deal with it? Talk to others about it. Share your fears and ask for help when you need it. Self doubt is common but it can be conquered.
Getting your company in front of people is more challenging than ever. There are so many ways to communicate with people, but that means there’s a lot of competition. Know that other brands are constantly changing their marketing tactics and moves to reach new people and keep old customers happy. There is not one thing that will work for everyone throughout all time; marketing is constantly changing. That means there’s always an opportunity to reinvent your message.
Daymond John, founder of FUBU, closed his clothing company 4 times in the early 1990’s due to cash flow problems. He struggled with being able to afford and sell product on a consistent basis. Of course, now FUBU has earned over $6 billion in sales. You are not alone if you have a tough time being consistent, especially in the beginning.
Even the Silicon valley unicorns that grace the cover of magazines can struggle with growth. Taking the idea from your head to real life, and then to a recognizable brand that generates real money is very hard.
Growth can be a struggle but there’s always a way forward. James Dyson, founder of Dyson vacuums, made over 5,000 prototypes before he found one that worked. His advice to other business owners? Keep going. Accelerate when everyone else gives up. Growth comes over time.
No business challenge is easy to get through, but you can indeed get through them. Ask for support, find systems that work for you, and remind yourself why you wanted to get into business in the first place. You can get through any business challenges out there with these tools.