The 6 Biggest Obstacles You’ll Face When Starting A New Business

By Stefan Paulo

The 6 Biggest Obstacles You'll Face When Starting A New Business

Entrepreneurship comes with as many rewards as it comes with challenges.

Regardless of whether you’re just beginning your career as an entrepreneur or you’re experienced, there are obstacles that will always resurface, such as establishing your company’s brand and authority, beating the competition, or making a profit.

However, if you’re a new entrepreneur, you’ll have a few unique obstacles that you must overcome.

Depending on your own strengths, your personality, and your business background, some of them will be easier to overcome than others.

In order to focus on these obstacles and not get distracted by administrative tasks, you may want to invest in a company formation agent. They’ll take care of the paperwork while you can focus on the big things.

Below I discuss six common obstacles faced by first time entrepreneurs, and how you can overcome them.

1. Abandoning your current career

For the vast majority of entrepreneurs, managing a steady job and your own entrepreneurial career is a difficult task. If you don’t have experience running a business, you should definitely consider abandoning your current career first. While this will give you more freedom to handle your new business, it will also remove your steady income, making it a hard trade off.

This is one of the biggest obstacles that you can face while trying to start your own business. It is especially important that you take your time and consider all the options before making such an important step. Many entrepreneurs fail the first time they try to start a business and chances are you could be one of them. If possible, take some precautionary measures. Perhaps you could try to hold on to your current job while your new business is still in its infancy.

Follow your instinct but don’t ignore the details.

2. Fatigue

While working your regular job, you have to stick to a schedule. In most cases, the job requires you to be present for 7-8 hours a day. You get sick days, paid holidays, and all the goodies. At the end of the week or at the end of the month, you get your pay check and the cycle starts again.

If you want to run your own business, everything you just read will change completely. There’s a vicious circle that you have to try to avoid as much as possible. Most young business owners tend to spend more hours working than their employees.

This happens because most young entrepreneurs believe that the business might immediately fail in their absence. Thus, they spend most of their weekdays and weekends at the office, trying to solve every problem and come up with every solution.

This might be effective at the beginning, but fatigue will eventually kick in and you might find yourself facing other problems.

In order to make the most of your business idea, you must find a balance between work and play. Otherwise you’ll end up exhausted and might even end up wanting to abandon everything.

3. Answering the big questions

There are no guarantees in entrepreneurship. From the biggest to the smallest, entrepreneurs have failed Go to the full article.

Source:: Jeff Bullas Blog

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