An entrepreneur needs to overcome many challenges before succeeding. I often point this out as a way of uplifting our kababayans who may have lost hope because of the pandemic.
It’s hard when our thoughts are divided between moving forward and holding back.
Some have succumbed to depression. But I assure you, God will never allow you to be in a situation that you can’t overcome.
Our economy is slowly recovering after a year of collapse. And we can not just rely on our government to improve our economy. The success of our entrepreneurs has a huge impact to the growth of our economy. This is the reason why we should all do our share in helping the country recover.
An entrepreneur will experience a number of high and low moments. During the low points, many think of closing their business. My advice to both aspiring entrepreneurs and those who have been in the business for some time is to remain focused on your goals and to seek strength from our Creator.
The challenges we are given are meant to strengthen our faith and ourselves. We should not just give up at the slightest hint of failure. If you are aware of the possible struggles that you may encounter, you can prepare yourself and hopefully create solutions to overcome them.
Here are some of the common challenges and how you can overcome them:
1. Not balancing your business and personal life. Not having enough time with your family and friends will definitely take a toll on your relationships. So allot some time to be with your family, friends and things you enjoy.
2. Thinking of changing careers. There is truly a right time for everything. However, you must re-assess yourself on how you manage your business. Sometimes, you are unaware that you lack the time or certain skills which are needed for you to manage the business successfully. Be open to learning new skills and becoming more aware of what is the latest trend so you can make your business function in parallel with your competitors.
3. Lack of financial planning. There is a reason why a business plan should be made prior to starting the business. Aside from laying out how you want the business to function, it is important that you are aware of your financial capabilities. Similarly, try to separate your business expenses from personal expenses. You can’t just use the money of your business anytime you want without considering the monthly expenses of your business.
4. Uncertainty over your own abilities. Your failure doesn’t define who you are. It is just possible that sometimes certain plans don’t pan out as expected. When this happens, learn or relearn certain matters in the business. Focus on what’s important, and know which are essential to your business.
5. Overthinking certain situations. There are certain matters that are beyond your control. It’s impossible to have a perfect plan all the time. Overthinking can just stress you out and could make you unhealthy. After some careful thought, let things be. Quit thinking of all the “what ifs”. You might be wasting so much time on certain issues when there are more pressing matters that might need your attention.
6. Tension among partners. Whether they are family members or friends, it is likely that you will disagree on something sometimes. Yes, it can be difficult to not make it personal. But, for the sake of saving your personal relationships with them, it is best that from the very start, to set parameters on how you should deal with the company’s problems and to not take it on a personal level.
The reality is we will always encounter problems, whether real or imaginary if we focus on the negative things. Fear is normal--it should not paralyze you from pursuing your dreams. Remember that above anything else, your main role as the boss of the company is to focus on making the business successful.
For more information, you may contact Armando "Butz" Bartolome
by email: email@example.com
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