How Much Do You Really Know About Budding Entrepreneurs

How do you define a successful entrepreneur? For some people, entrepreneurship means investing funds and setting a business. However, in the words of Stanislav Komsky an entrepreneur is someone who is a leader, a risk-taker, a visionary, a pit bull and essentially a superhero all rolled into one. The most common traits you will find in a successful entrepreneur are motivation, passion, self-belief, hard work, and dedication.

Success and failure are two sides of the same coin, therefore, to become a successful entrepreneur there are various challenges that an individual need to face to reach the top.

Let’s explore a few challenges for the new entrepreneur

STARTING AFRESH

One should be prepared to start and nurture a business from scratch. That would mean, leaving a successful career behind, maybe as a doctor, lawyer, or even a journalist. One has to risk leaving behind a secure job environment with a secure future for something that is unpredictable. There are no easy ways to evaluate if it is the right decision, however, one just has to follow one’s instincts.

OVERCOMING COMPETITION FROM ESTABLISHED PLAYERS

Starting off a business is not an easy task in the competitive world. The competition will try to play the role of challengers to defeat them. Also, there will be many ins and outs from within the ecosystem, which will play a role in having a new competitor thrown off the market. Many in the ecosystem usually come up with similar products or services at more competitive rates. Moreover, they enter the market with aggressive marketing techniques to fetch existing and new customers. However, healthy and positive competition always gets noticed and appreciated. One should be worried when one is being ignored by competition, which means there is a long way for you to prove your existence yet!

FINANCE AND ECONOMICS

Funding is required to start a new business venture and which is not easy tasks. The initial capital might come from selling off an old company or previous stream of income being diverted into new business. A new entrepreneur though needs to exploring investment contacts to find out the new source of income. The initial stage of the business requires a lot of networking to bring in funding and new sources of revenue.

TEAM-BUILDER

Behind every successful business, there is a successful team. Therefore, it is essential to pick the right employees for the right job requires intelligence and a business insight to boot. Finding the right profile need to be balanced with the deserving pay for that individual. The best thing would be to recruit people from professional life, one whose ability and personality you already know about instead of choosing completely unknown commodities. References and a vote of confidence from friends and colleagues often come in handy. Trust is the biggest component in building a team if an employer and employee don’t trust each other, it becomes difficult to make decisions when it comes running a business.

VISIONARY & QUICK-THINKER

A budding entrepreneur is someone who can think quickly on his feet and always prepared with a plan in advance for the future. From planning to execution, as the leader one has to take charge and keep alternative solutions in mind. A new business, or any new initiative, as an entrepreneur, one needs to be on one’s toes to address the ups and downs, in a planned and thoughtful way. The most challenging thing in the entrepreneurial journey is not only to think about the business but also ensure a steady flow of revenue to sustain the endeavor and the salary credit to the employees/team on time along with the quality of service/product whatever the company is into.

Final Thought

So these are the challenges every new entrepreneur deal in the competitive environment. You can’t become successful overnight, but if you really want to make a difference in your life, be passionate and determine like leader Stanislav Komsky.

Originally Posted: https://stanislavkomskysite.wordpress.com/2018/10/17/know-about-budding-entrepreneurs/