Though the challenges we face when starting a new company may seem daunting, the rewards at the end will be worth it. There are many obstacles to consider when deciding to create a start-up but let us look at the most common ones and how to overcome them.
This is probably the least talked about or thought about obstacle. When you are the owner of your business, loneliness can become an issue. You need to remain at arms length from your employees and the time you spend with your family will often decrease because of all the hours you need to put in to make your business a success. You can overcome this obstacle by becoming a member of your local business chamber. Furthermore, you can rent a hot desk space once a week to interact with other entrepreneurs. It is also important to schedule one day in your week which you dedicate to your family.
When you start a new company, you may need to look for ways to finance it. You may have saved up some capital from your 9-5 job or received a loan from a bank. Another way to gain capital for your business is to look at crowdfunding. The benefit here is that you also have a target market for when your product becomes available for purchase.
You may sometimes fail in your endeavours but you must never consider these to be the end of the road. There will be times when things will not work out in the manner you had hoped. You need to brush off the dirt, consider what caused the failure from a logical viewpoint and take the lessons you learned forward. Failure is important in helping you grow in resiliency. Never give up on your great vision.
We all have weaknesses and this is the time where you grow your team to compensate for yours. We cannot know everything so when you find that you have a weakness in a certain area of business it is important to hire someone who can help you in that area so that you can grow your business. For example: if you want to promote your product in Mozambique, you could hire locals to who understand business in Mozambique to assist you in negotiations with the local suppliers.
These are important to consider at the start. Though it is never fun to implement rules, they are important for the smooth running of your enterprise. You must look at the rules which you want to put into place in your company and how they will be executed. Always try to be fair and unbiased when you apply the rules.
These obstacles can all be overcome with hard work and tenacity. Remember that starting a business is not a sprint but rather a marathon, and if you remain enthusiastic about the vision which led you to this path you will be successful. Go out there and conquer these obstacles and you will be well on your way to running a successful start-up.
Proudly brought to you by the National Small Business Chamber (NSBC).