Issa Asad Top 4 Challenges for New Business Owners
Entrepreneurs face challenges each day. Harsh challenges that an ordinary person would deem insurmountable. Seasoned entrepreneurs take the challenges in stride and use them as stepping stones to the next level. “For experienced entrepreneurs, the challenges would manifest as the need to build a brand, exceed competition, and adjust to changes in the market while at the same time keeping the business profitable,” explained Issa Asad Florida businessman, entrepreneur, and social media expert since 1996. Mr. Asad is also the CEO of 2 companies in South Florida (including Q Link Wireless and Quadrant Holdings).
New entrepreneurs also face a set of unique challenges. To climb to the next level would need that you surmount the challenges that present themselves when you are just starting out. Here are Issa Asad top 4 challenges for new business owners.
1. Abandoning Your Former Career
Abandoning a steady, promising career is probably the greatest hurdle that entrepreneurs who are just starting out face. Unfortunately, if you are bent on starting and nurturing a business to success, it will be a herculean task to at the same time be in another career.
Well, some entrepreneurs have managed to manage their careers simultaneously and nurture their businesses part-time, but the returns are usually marginal. Besides, the probability of such businesses taking off is often very slim.
It is not easy to walk away from a well-paying, long-term opportunity and plunge yourself into something uncertain and unpredictable. That difficulty is compounded when you have never run a business before. It is unfortunate that there are no two ways about it- if the entrepreneurship project is going to succeed, then you have to quit your present employment.
Financing
Financing is not difficult to seasoned entrepreneurs as it is for new entrepreneurs. That is because these entrepreneurs have probably established connections who may bail them out during a rain day, or they have a pool of capital stashed somewhere in their banks or elsewhere. New entrepreneurs, on the other hand, have to start from scratch. It means you will need to begin seriously networking and think through all the funding options available to you before beginning the business.
3. Decision-Making
Decision-making is one of the biggest challenges that face new entrepreneurs. New entrepreneurs make numerous decisions every day- decisions that greatly impact the company. As a leader in the business, you will have the last word on the big decisions that impact the company significantly, to the tiny hour-affecting decisions. If you are not prepared for this amount of stress, then you might, unfortunately, suffer what is known as “decision fatigue” in business parlance.
4. Team Building
Team building is especially hard for entrepreneurs who have never run or managed a team before. It is also difficult to pick the right persons for a startup. As an entrepreneur, you will need to consider the team’s cost to the business, if they’ll fit culturally and how well they will relate to each other to ensure unity of purpose which is essential for any startup. Those considerations are very difficult to new entrepreneurs taking into account that they feel pressured to fill some positions as quickly as possible.
If you can navigate past these four hurdles, then you’ll have firmly set yourself on the path to success as an entrepreneur. Though these challenges are common at every level of entrepreneurship, they create the most impact in the few months of the startup.
