Who is an entrepreneur?
A person is taking financial risks, creating a new idea into reality to make money by starting a business to produce a product and service that fulfill the customers’ needs.
Simply, if you want to be an entrepreneur you must have a risk-bearer, organizer, and innovative.
According to Joseph A. Schumpeter, for the first time in 1934. Assigned a crucial role of ‘innovation the entrepreneur in his theory of economic development. He describes entrepreneurship as a process and entrepreneurs as innovators who use the process to shatter the status quo through new combinations of resources and new methods of commerce.
I think It makes more clear.
1st thing is that Successful entrepreneurs are generally action-oriented. They have the ability to visualize the steps from idea to actualization. They are job givers, not a job seeker.
When launching any business you have to face many challenges.
Let’s drive into the discussion detail about entrepreneurs facing challenges when starting a new business.
Challenge 1: funding
For all entrepreneurs, it is a major challenge. If you haven’t cash in hand you never implement your idea into reality. So how can manage money?
How to raise money for your innovative idea
Collect money from common possible sources such as family members, friends, bank loans, and finding investors.
You have to spend it properly to get the best out of it.
Challenge: 2 lack of business knowledge
Everyone has not come from a business background. So when you think starting a business is easy than the real scenario of business.
So, Fresher can increase knowledge and experience day by day.
How to solve the business knowledge problem
Beginners have lots of time for learning so invest your time first to learn about business processes, and the business environment then after invest money.
The best part for beginners is that there are many books, articles, blogs, and videos on the internet. Follow in social media successful business owner, writer, and popular magazine.
Challenge 4; competitor analysis
To identify your business competitor’s marketing strategy, branding, and product pricing. Competitors make it more difficult they are trying to minimize your sales.
How to do competitor analysis
First of all, you determine the competitor who is your competitor, and what product offers and SWOT analysis. Using tools to analyze competitors such as Semrush and Ahrefs.
Challenge 5: Time Management
Time never came back again so it is a very precious factor for all human begins. Therefore, time management is crucial. It was really difficult to change the timetable.
How can you manage your time?
Let’s explore.
Everyone has 24 hours a day to get their things done. In those 24 hours, Create goals and schedule task lists that you need to complete yourself to make a work-life balance. Organize everything a day prior and start your day by checking all the tasks you have.
Subscribe to Lavendaire’s youtube channel to learn time management and other productive habits.
Challenge 6: Marketing strategy
Marketing is one of the major factors to promote any business and it is one of the challenges for an entrepreneur. It helps to reach target audiences and brand awareness.
How to choose an effective marketing strategy?
In this digital world, Digital marketing is an effective marketing source for all businesses. Social media marketing is the most preferred digital marketing strategy to reach the targeted audience and expand business internationally.
Conclusion
Entrepreneurs create something new and useful products and services for their targeted audiences. The major solutions for facing challenges are giving time before investing, a timetable checklist to complete tasks, competitor analysis for thinking one step ahead, and a marketing strategy to reach customers.