ARE YOU A NEW BUSINESS OWNER? HERE ARE WAYS TO OVERCOME COMMON CHALLENGES
INTRODUCTION:
Embarking on the journey of starting your own business is a thrilling yet formidable endeavour. The prospect of entrepreneurship holds equal measures of excitement and apprehension. In this blog post, I explore the five common challenges that await my coaching clients who are aspiring business owners and provide invaluable tips to conquer these hurdles. Consider this post your comprehensive guide to not only overcome the obstacles but also to thrive in the dynamic and ever-evolving world of entrepreneurship. Whether it's navigating fluctuating income, building genuine connections, stepping out of your comfort zone, battling the fear of failure, or mastering the delicate dance of time management, this guide is your compass to success in the entrepreneurial landscape.
I coach many aspiring entrepreneurs and here are some of the more common challenges that will arise from our sessions. By tackling these challenges head on, it will allow you to triumph over any stumbling blocks and thrive in the dynamic world of entrepreneurship.
CHALLENGE 1 - FLUCTUATING INCOME
The fear of not making (enough) money when launching a business can evoke a range of emotions, from anxiety to self-doubt. Entrepreneurs often grapple with the uncertainty of financial stability, especially in the initial stages or if you’re accustomed to a steady income flow.
It's crucial to recognise that these emotions are not uncommon when starting a business; they are part of the entrepreneurial journey.
Tip to overcome this challenge:
Acknowledging the normalcy of such fears can alleviate some of the emotional burden.
Prepare your mindset (& finances) to embrace the ebb and flow of income (or lack of) and remind yourself that the shortfall is only temporary.
Plan ahead, and create a detailed budget of your outgoings
Only sign up for the most necessary subscriptions to run your business and seek out and utilise any “free plans”
Embracing a proactive mindset, entrepreneurs can channel these concerns into strategic planning, financial mindfulness, and a resilient approach to navigate the inevitable ebbs and flows of early business stages. Understanding that the fear of financial instability is a shared experience among entrepreneurs can provide solace and reinforce the notion that overcoming such challenges is an integral part of the entrepreneurial narrative.
CHALLENGE 2 - BUILDING BRIDGES OF TRUST
Cultivating strong relationships is a cornerstone for success when contemplating the launch and continued success of any business. Building trust within your professional network takes time and patience, emphasising the significance of genuine connections.
In the entrepreneurial realm, relationships are the bedrock upon which partnerships, collaborations, and opportunities are forged. Trust is not an overnight achievement, but rather a gradual process that requires sincerity and consistent effort.
Yet it takes time to build those connections.
How to Build Greater Trust in Working Relationships
Be genuine, engage in meaningful conversations, and seek to understand before being understood.
Recognising the importance of patience for long-term gain
Invest time in networking events, join communities, and be generous with your time
Offer a trial service to a few ideal clients and ask them to write a testimonial in return
Recognising the importance of patience in relationship-building allows entrepreneurs to lay a solid foundation, ensuring that the connections cultivated are resilient, authentic, and conducive to long-term success in the competitive business landscape.
CHALLENGE 3 - STEPPING OUT OF YOUR COMFORT ZONE
I get it. It’s comfortable, cozy and you know it well. One of the common challenges Entrepreneurs face is often the of fear stepping out of their comfort zones due to the inherent discomfort associated with the unknown. The familiar provides a sense of security and control, making the prospect of venturing into uncharted territory intimidating.
However, embracing discomfort is pivotal for personal and business growth.
Stepping beyond comfort zones allows entrepreneurs to challenge themselves, fostering resilience and adaptability. It opens doors to new opportunities, experiences, and innovative solutions that may remain undiscovered within the confines of familiarity. The dynamic nature of the business landscape demands constant evolution, and pushing boundaries becomes a catalyst for creativity and success.
As comfortable as it may be, growth lies just outside its cozy borders. Yet if we don’t step outside of our comfort zone, how much are we really challenging ourselves to do better?
Here are you some tips to help you step out of your comfort zone:
When you’re starting to feel uncomfortable or feeling the fear, be aware of this and lean into discomfort. With more practice, you will become more comfortable with the uncomfortable.
Be curious - a great tool for cultivating a growth mindset. Explore new avenues, be open to saying “yes” to opportunities and let curiosity lead the way.
Work with a coach, mentor or consultant who can guide you through this growth phase.
Practice makes perfect. The more often you practise what you’re fearing, the more familiar it will become.
In confronting the fear of the unknown, entrepreneurs not only expand their skill sets but also enhance their ability to navigate uncertainties, ultimately fortifying both themselves and their businesses for sustained growth
Remember, every great business success story starts with a daring leap.
CHALLENGE 4 - BATTLING THE FEAR OF FAILURE
The fear of failure is a pervasive companion in the entrepreneurial journey, stemming from the innate human aversion to setbacks and the unknown. Entrepreneurs often grapple with the fear of not meeting their own expectations, disappointing external parties, or facing financial repercussions. This apprehension is grounded in a broader societal narrative that tends to stigmatise failure rather than celebrate it as a crucial component of growth. Fear of failure is intricately tied to self-worth and the perception of success, making entrepreneurs susceptible to doubts about their capabilities and the viability of their ventures.
However, it's essential to recognise that this fear is more about the perceived judgment and societal norms surrounding failure than an actual inability to succeed.
How to overcome this:
It's essential to recognise that this fear is more about the perceived judgment and societal norms surrounding failure than an actual inability to succeed.
Reframe that failure is the enemy and embrace it as a teacher and that it is a part of the journey.
Explore your fear of failure with a coach
Make sure to adjust and implement changes to glean insights from your missteps. It becomes a genuine failure only if you repeat the same approach without modifications.
Remember, the only failure is the failure to try.
CHALLENGE 5 - BALANCE TIME AND PRIORITIES
Time management and prioritisation pose significant challenges for entrepreneurs initiating or running a business.
Balancing the demands of both professional and personal spheres can feel like an elusive juggling act. While the myriad responsibilities may seem overwhelming, recognising that effective time management is within their control empowers entrepreneurs to make intentional choices on how they spend their times
Remind yourself that when you’re the owner of the business, you hold the reins to how you manage your time
Tips on how to manage your time better
Balance looks different to everyone. Work out what your your ideal day look like and work towards that. Flexibility here is key.
Set clear boundaries, prioritise ruthlessly, and practise the art of saying no to ease burden and over committing.
Use some productivity tools to help you prioritise such as the Eisenhower Matrix (Urgent-Important Matrix), Trello, and the Pomodoro Method.
Ensure you carve out time for yourself. You can’t pour from an empty cup
Entrepreneurs must view time as a valuable resource to allocate judiciously, ensuring that their efforts align with overarching business goals. By embracing this sense of agency, entrepreneurs can navigate the intricate dance of time management with purpose, fostering both business success and personal well-being.
And there you have it. 5 most common challenges new entrepreneurs face and ways to overcome them. Which one is most relevant to you?
ABOUT ANGELA FOULDS - LIFE & LEADERSHIP COACH
Angela Foulds is a qualified ICF-Accredited coach who empowers individuals and organisations to greater understanding of how the power of their mind ultimately decides the results they see in their lives and work. Angela acts as a catalyst for positive sustainable change supporting her clients through transition and growth.
www.angelafoulds.com