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How to Overcome the Challenges of Entrepreneurship

It’s been called the startup or entrepreneurial phenomenon where in recent years the number of new business ventures launched has reached an all time high. The surge has been attributed to the lack of jobs, cities pouring more resources into innovation, and the alluring benefits of entrepreneurship.

While the number of new businesses created in 2012 dipped slightly from the year prior, it still remains one of the highest figures of the past decade. It’s an exiting time for startups and entrepreneurs. The barrier to entry is fairly low and many of the trails have already been blazed, but though there is much in place to minimize some of the risk associated with entrepreneurship, the challenges remain great.

Some of the top challenges entrepreneurs face include:
▪ Time management
▪ Branding
▪ Finding a mentor (first three via @perricollins)
▪ Goal setting
▪ Lack of support
▪ Obtaining funding and resources
▪ Developing a solid marketing strategy
▪ Trying to wear too many hats
▪ Creating balance

Jenn Maggiore, founder of Red Balloon and Always This Good, works with entrepreneurs to help them take their ideas from concept to reality. She said one of the biggest challenges entrepreneurs run up against is setting real goals.

“Business owners tend to be more successful and experience more abundance when they come from a place of passion and purpose instead of just wanting financial security,” Maggiore said. “Of course that is one important goal, but entrepreneurs need to think about building a business that truly serves them and aligns with their greater purpose.”

Maggiore also offered up a few tips for success for budding entrepreneurs:
▪ Have clear concept – how big do you want it to be? How involved do you plan to be in the day-to-day operations? What niche will you occupy? Become laser focused on a niche, become known for something specific and develop from there.
▪ Develop a strong support system – this may include peers, and experts like a financial advisor, CPA, attorney, business coach, and even a counselor or spiritual mentor. Surround yourself with people who understand you, can provide you tailored advice, and who will help you align your personal and professional goals.
▪ Prioritize without compromise – many entrepreneurs fall into a trap of not investing in themselves and end up sacrificing time with the people and things they love in order to make time to nurture the business. This often results in feeling empty, resentful and tapped. Prioritize what is truly meaningful and add the business in around that.

A strong support system will prove invaluable when launching a business. Not only do these people help keep you motivated, they will also serve as a sounding board, and help you get things done efficiently. Just don’t forget to make it a mutually beneficial relationship.

What was one of the most beneficial steps you took for your business?

Note: If you’re in the Phoenix area, check out Always This Good. The conference is stacked with speakers who are experts in uncovering a passion, startups and marketing. Use coupon code WIRED to save $20 on general admission.

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