What do you think is often the hardest part of being a new entrepreneur? How do you overcome this obstacle?
These answers are provided by the Young Entrepreneur Council (YEC), an invitation-only organization made up of the most successful young entrepreneurs in the world. YEC members represent almost every industry, generate billions in revenue every year and have created tens of thousands of jobs. Learn more at yec.co.
1. Compensation tasks
My biggest hurdle as a young entrepreneur was the balance between all the tasks that I had to do every day. I took on most of the management of our teams by myself. I believe it is possible to overcome this obstacle by slowly training your top performers into managerial roles. Give each person an extra responsibility or two each week and they will eventually be ready to step into the role.
– John Turner, SeedProd LLC
2. Market the business yourself
While you may have a very good idea, the challenge still remains of taking the business from non-existent to popular. Most of us start on a relatively small budget, so we have to grow our business on our own without the required experience or knowledge. I overcame this obstacle by researching and analyzing successful strategies that might fit my business.
– Kevin Ryan Tao, NewEve
3. Faced with financial instability
The biggest obstacle every new entrepreneur faces is financial instability. So I think it’s a good idea not to quit your job until your business picks up steam. However, if you can’t balance your job and startup, make sure you have a backup plan for every action. It is also advisable to set up an emergency fund that you can access in times of crisis.
– Thomas Griffin, OptinMonster
4. Be your own boss
The hardest part is not having a boss, a fixed schedule or game plan. I hired a business coach and that way I felt responsible to a quasi-boss who gave me deadlines and a general roadmap for marketing and visibility. I ended up finding my flow through trial and error and realizing the type of profession where I had normal business hours. Do it well, do it better.
– Givelle Lamano, Lamano Law Office
5. Feel constant uncertainty
The biggest hurdle I had to overcome as a young entrepreneur was the constant uncertainty that always slumbered around the corner. Not sure if the market research is right, if your marketing strategies are working, if you can achieve your goals on time, etc. But the best way to overcome this is to embrace them with open arms. Accept the fact that there is no such thing as a reward without risk.
– Josh Kohlbach, wholesale suite
6. Adapt ideas
Being able to make changes immediately when your data shows you’ve done the wrong thing is a task anyone would find difficult. Entrepreneurs cling to their ideas or fall into the trap of the sunken cost fallacy. But the sooner you can let go of strategies and elements that aren’t working, the faster your business will grow.
– Syed Balkhi, WP beginner
7. Feeling lonely
When you first start out as an entrepreneur, you may face loneliness that will keep you to yourself for hours at a time. Running a new business takes a lot of energy and time, leaving you with less time to spend with friends, family, and loved ones. It is important to prepare for the lifestyle of an entrepreneur so that you are mentally and emotionally prepared for the task.
– Jared Atchison, WPForms
8. Manage your time
When you first become a business owner, time is both your friend and your enemy. Learning how to prioritize while managing yourself, your team, and your organization is imperative. Find out which time management techniques will work for you. When you have found your personal recipe for success, stick with it. It’s hard to make time for everything, but it’s an essential part of any startup’s future success.
– Ashley Sharp, live with dignity
9. Reach your target audience
The hardest part of becoming a new entrepreneur is figuring out how to reach your target audience. If you start your journey with just one product, you have a long way to go. Spend time finding your audience on social media and competitor websites. Learn more about the goals and weak points of your prospective prospects and create content that is tailored to their needs.
– John Brackett, Smash Balloon LLC
10. Find a work-life balance
The biggest challenge as a young entrepreneur is to find the perfect work-life balance. Many founders believe they have to work 60 hours a week if they are to be successful. You need to learn to set your pace and spend time away from the office to keep your momentum going and avoid burnout.
– Chris Christoff, MonsterInsights