Starting a new business can be daunting. Many young entrepreneurs can face any number of challenges. These challenges can range from anything from the anxiety associated with abandoning the comfort of an old career to the difficulties of managing cashflow. However, many guides exist to help entrepreneurs. What are some of the challenges faced by entrepreneurs in this day and age?
Challenges of Starting a Business
One of the biggest challenges faced by entrepreneurs occurs even before they’ve really started. The prospect of giving up a career to pursue starting a business is terrifying enough to quell most people’s fantasies. Often times, many people’s careers are the result of years of hard work and ingenuity and it can feel wasteful to throw all that away. However, these skills gained by past careers are not wasted – rather, they can be put to use in pursuit of entrepreneurship.
Another pitfall of becoming an entrepreneur is financing. The hard truth is that starting a small business is a major investment and that investment is not limited to time. Enterprise Ireland offers a wide variety of supports and grants for up-and-coming small businesses in Ireland. In addition to that, networking and connecting with others can open up new venues for funding.
While many people prefer to work independently, this is difficult if not impossible to do when running a business. Businesses are dependent, not only on their owners, but also on their employees. When demanding quality from those employed, it is important to operate as a team working to achieve a goal. Team building can be difficult and workplace conflicts are bound to arise. However, many resources exist to enhance team-building skills in the workplace.
Businesses change with the season. In this rapidly evolving world, there is nothing more important than planning ahead. Another challenge that entrepreneurs face is adjusting their expenses in accordance to their expected profits – this challenge is closely related to another issue faced by many entrepreneurs. This issue is managing cash flows. Regardless of whether or not profits are being made, wages and bills must still be paid. Having a clear plan, realistic expectations and a thorough budget can help circumvent these issues.
However, all the planning in the world can’t help life throws a curveball at you. A good example is the COVID-19 pandemic which decimated many small businesses. Being able to handle and adapt to unplanned hardship is the key to surviving as a business.
Despite this, it is important to not let your business consume you. It is important to have a life outside of being an entrepreneur, whether that be spending time with your family, online and thrilling gambling with the help of Unibet promo codes, reading books, or playing sports. Having a healthy fulfilling lifestyle and a good work-life balance is key to being an entrepreneur. While long hours and hard work are a must, over-extending oneself can lead to long term exhaustion that can have negative impacts on your business in the long run.
Despite all these challenges, many resources exist to help young Irish entrepreneurs looking to take these big steps and start their own business. After all, entrepreneurship is beneficial not just for individuals looking for to integrate their passion into their work but for the community as a whole, as it creates jobs and stimulates the economy. startup.ie is a blog containing advice and guidance for Irish entrepreneurs.
The initiative contains courses for entrepreneurs to sharpen up their skills or develop new ones. Skill development and the ability to learn new things is crucial for any business owner, regardless of how long they’ve been operating. The rapidly changing market demands for people who can keep up with it.
The initiative also offers guidance on a variety of other areas such as accounting, finance, company formation, IP and trademark advice, web design, virtual offices, and marketing, all of which are incredibly valuable in the development and prosperity of a business.