The 17th and 18th century entrepreneur meant a person who organised or operated a business. Linguistic and practical arguments beyond that period asserted that an entrepreneur meant a person who designed and grew new businesses. We agree with the latter and bear that in mind through the body of this post.
Starting out as an entrepreneur is often challenging so it is a good idea for a potential to learn how to rise above difficult situations. Considering cases of several entrepreneurs over the years till date, we identified these three common challenges entrepreneurs often have to rise above.
Challenge #1: Self
As a human, the challenge of the self is often inevitable for an entrepreneur because the self is the entrepreneur’s main fabric of existence. The self is an embodiment of his personality as he always has to nurture beliefs, raise ideas, and keep commitments.
The readiness of an entrepreneur to do these things determines his entrepreneurial success. The major reasons for failure are poor belief system, lack of ideas, feeble commitment, failure to act, misinterpretation of outcomes and neglect of responsibility.
Challenge #2: Skill
Skill is the most priceless possession of an entrepreneur and it is rarely abundant enough for it not to be a challenge. It is the entrepreneur’s crude and readily available work ability. Skill in its primary form of existence is often of only little potential. Hence, skill has to be trained and developed to its full potential and finest.
Furthermore, some skills wane with environmental development and entrepreneurs must always catch up. Many entrepreneurs have suffered bitter endings owing to lack of skills or simply poor skills.
Challenge #3: Market
Without the market, an entrepreneur will starve as there will not be any demand for his product. This makes the challenge of the market as critical as that of the self and skill. The market is the demand point for his services and products.
An entrepreneur’s worse misery is that the market is uncontrollable. It may be nonexistent, its participants may be uninformed, the infrastructures may be underdeveloped or its operation limited.
Mostly, there is no choice for an entrepreneur but to leverage on the state of the market which is usually unstable. Inability to leverage market situations and conditions has led to the surrender of many entrepreneurs.
For starting entrepreneurs, it is important to look into these three areas of challenge and make major resolutions and preparations ahead of entrepreneurial pursuit. It may therefore be useful to keep them in mind throughout the entrepreneurial journey.