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7 Challenges entrepreneurs face today – and tips how to overcome them

For the first time in history, companies are challenged to make good decisions in an unstable environment and in a rapidly changing economic situation. There is not one right way, but many possible ones. The challenges vary from company to company. Time and time again, however, entrepreneurs seem to ask similar questions. Here are a few tips in response to 7 challenges which entrepreneurs come across today.

1. Generating leads 

Many entrepreneurs struggle time and time again with the matter of generating leads for their business. It takes a lot of effort to overcome this hurdle. They have to pick up the phone and make cold and warm phone calls. They need to attend networking events and conferences in their industry and develop a clear marketing strategy. But to get their message out to the world, entrepreneurs should also explore new ways of marketing. Why not develop regular podcasts or videos to position their products and services? Be sure to take measures that match the size of your dreams and goals.

2. Expanding and developing your business. 

In addition to the day-to-day operations of a company, you also need creative ways to grow the business. In order to do so set up a weekly creative brainstorming session that encourages your team to meet and share ideas that aim to increase the awareness and boost your business, e.g. 

  • Going ‘live’ three times a week on different platforms (Linkedin, Facebook) 
  • Posting articles, content, graphics, and images three times a week 
  • Giving a bonus to your employee for gaining a new client
  • Offering a free 15-minute service to the employee every month
  • Introducing your service to potential clients via Zoom or ‘Live’ sessions and offering a discount. 

The abovementioned options give the audience an idea of what you do and the problems you solve.

3. Creating security for the future

Uncertainty has been the main theme of many entrepreneurs over the last 2-3 years. The VUCA, i.e. Volatility, uncertainty, complexity and ambiguity of events in the world continue to occupy our thinking. The pandemic and subsequent events in business and politics have made us painfully aware that nothing in our business is certain or secure. Business owners should therefore regularly question every area of their business and adjust their risk management. It may also be time to start building a new stream of revenue stream. Do you have a good team? Do you have collateral in customer contracts? Develop a plan in case they are not available as a business owner or manager. Think about what you would do if you had to start from scratch. Think about diversification while the market and your business is stable. 

4. Develop a growth mindset

Running a business requires a lot of dedication, time, energy and the ability to adapt to change. A rigid mindset does not help. The market is constantly evolving and it is necessary to have a future perspective and to work on innovations. A rigid mindset leads to mental tunnel vision and difficulty facing unexpected events. The solution lies in the ability to overcome failure and gain an advantage from it. This ability is called a growth mindset, that is the awareness of seeing change as a reason for growth, development and improvement. This is done by getting into one’s performance zone and focusing on the process rather than rigidly focusing on the outcome. It also means welcoming innovation and building a growth team.

5. Putting the benefits first

Entrepreneurs sometimes underestimate the value of what they do. Therefore, they do not have an appropriate price for their product or service. Entrepreneurs should always be clear about the value and benefits they provide to their clients and show what problems and challenges they solve for them: Their customers can realise their dreams and goals thanks to the tools, products and services the entrepreneurs and business owners provide. Therefore, increase the value of their products or services and increase the price by highlighting the benefits even more.

6. Get support from others

Small entrepreneurs as well as highly motivated founders often take the view that they have to take everything in their own hands and do everything themselves. What if that wasn’t true at all? What if you could get support? What if, instead of burning out and trying to solve everything on your own, you could bring in people to support you and help you improve your inventions, products and services? Many freelancers and self-employed people are on the market and often support entrepreneurs in their projects at an excellent price/performance based ratio.

7. Offer meaning

Entrepreneurs cannot afford to lose employees because of poor management. The costs are too high and qualified professionals are scarce on the labour market. To avoid this, they need to work on their employer attractiveness and focus on the intrinsic motivation of employees. What really makes them shine? How can they develop in my company? What meaning can I offer them? What is my company’s contribution to making the world a better place?