It’s no longer uncommon for someone to walk away from an employment opportunity to start their own business venture. There are many who would happily sacrifice their 9-5 for a chance to become an entrepreneur, and others content to turn their hobby into a part-time opportunity.
However, any entrepreneur can tell you that starting your own business comes with it’s fair share of challenges. The risks, the obstacles, and the emotional sacrifice made can be enough to deter even the savviest of people. Nonetheless, those who endure the mental challenges and overcome the many obstacles are likely to encounter great business success in the long run.
That success can come in many different forms and if you’re looking for overnight success than you may want to opt-out early. Part of the experience of being an entrepreneur are the milestones reached throughout the business growth process.
Trinity Manning – “You must have clear and concise financial goals”
Trinity Manning, CEO of OnceLogix, explains that in order to succeed, you must first have clearly defined goals. Furthermore, you need to save to invest as much money as you possibly can for a long as you possible can. Needless to say, that without fuel you cannot set off on your journey and, likewise, without money you cannot begin the entrepreneurial path to success. Knowing is half the battle – preparation is the key to success.
Miko Brand – “The best way that I know to grow personal wealth is first to understand the value and importance of investing in yourself and saving for your future”
Having the right investment is a fundamental part of being a successful entrepreneur. Nevertheless, one similar mistake that many entrepreneurs have in common is that they fail to make the most crucial investment of all – investing in themselves!
Miko Brand, Co-founder and CEO of Miss Jessies, explains that the best way to grow personal wealth is to understand the value and importance in investing in yourself. It is with discipline and understanding, she explains, that an entrepreneur is required to succeed. Failure to educate and learn will only fail you in the long run. Learning is key to ensure that you remain ahead of the competition in any industry.
Rachel Corson – “Think about the problem you are trying to solve and who you are trying to solve it for”
As an entrepreneur it is important to understand your customers and research the market. Entrepreneurs must gauge and understand the level of demand and recognise what they can do to meet that requirement.
Rachel Corson, founder of Afrocenchix advises that an entrepreneur should determine the problem that they’re trying to solve and match what they’re offering to that need. Any entrepreneur should research their specific market and be open minded enough to make challenges to their original idea to meet customer’s needs.
Alicya Sinclair – “nothing is as good as experience”
One way to avoid the many pitfalls that entrepreneurship presents is to find a mentor that can give you necessary guidance in times of uncertainty. Mentors can prove to be a great source of encouragement and generally have extensive knowledge and wisdom to share.
According to Alicya Sinclar, founder and director of Sinclar London, one of the best ways to avoid the many challenges that entrepreneurship presents is to work and hire people with more experience than yourself. Alicya explains that despite this generation being one of the most fearless generations ever, the good foundation of any business is knowledge and experience. Find people who can advise you, so you don’t commit the same mistakes and therefore avoid any unnecessary hardships.
Elizabeth Solaru – “It’s important to manage any crisis and be flexible”
Ultimately, one of the many challenges that entrepreneurialism presents is to be a leader themselves, who must be always be assertive yet flexible – to have mastered the ‘Taoist’ like attributes.
Elizabeth Solaru, founder and owner of Elizabeth’s Cake Emporium explain that one of the most important lessons that she has learnt was that sometimes things don’t always go according to plan and that’s it is important to manage any crisis and be flexible. It is with this mindset that an entrepreneur can expect to see longevity and keep level headed in difficult times – which there most definitely will be!