When you decide to establish your own startup, you need to be fully aware of various kinds of challenges associated with this decision to be ready for them. Some of these challenges are related to the nature of business and others are related to personal issues that you need to deal with.

Every entrepreneur must be prepared properly to overcome these challenges in order to achieve success. We will discuss some of these challenges which often put obstacles in running the startups.

One of the critical challenges you will face as entrepreneur especially during the establishing phase is that others will always question your capability and knowledge to run your business. You might face that every day from different people even from the ones who are close to you.

However, facing this continuously might have a negative impact on your self-confidence, which will affect your passion to continue your business in a negative way. Try to be focused and avoid listening to this negative feedback. If you try to reply to each one of them you will eventually lose focus, instead let your success speaks out on your behalf until you gain their respect and trust.

Managing your own financial expenses is another challenge that you need to take care of. Since most of the startups are not generating enough cash in the first years, you may not be able to secure the required salary which will cover your basic needs.

Therefore, if you are an employee, it is not recommended to quit your job unless you are sure on the success of your business and its capability to manage all cash required running the daily operation including your salary. It is also highly recommended to secure the required capital amount from the beginning to avoid the need to inject money on a later stage to cover any deficit in the future which will cause financial deficit on a personal level.

Another challenge that you will face as an entrepreneur is managing your time efficiently with respect to the business needs. As you won't have enough human resources, sometimes you will need to spend more than 12 hours on a daily basis in order to build your startup on solid base which will help you succeed and expand.

Entrepreneurs should work on changing their lifestyle, so they can dedicate more time for their startups. If you are committed to a job, it is recommended to find a reliable partner that can share the responsibility of managing the business.

Moreover, as most of the entrepreneurs are in their young age, it is expected that they might have lack of managerial skills since they did not have the chance to manage a team which will help them gain managerial experience. To overcome this challenge, they must choose the right mentor who is already experienced in starting up a business and aware of all the obstacles and challenges associated with setting up a new business.

Finally, we recommend every entrepreneur to evaluate his/her performance on a regular basis. This can be done by using professional tools and criteria in order to understand the impact of all decisions that have been taken in all aspects of running the business which will help focus on the areas that need improvement.

The writer is a startups consultant and owner of The Consultation Center Office. Views expressed are the author's own and do not reflect the newspaper's policy.

 

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