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Are you an entrepreneur? If you are, then I believe you will customary with the pattern or enterprise challenges faced when beginning and construction a enterprise from scratch. If you are not an entrepreneur but you dream of becoming one someday, then I think you will find this narrative worthwhile.
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Why am I writing on such a topic? I decided to write on the "10 enterprise challenges every entrepreneur must face when construction a enterprise from scratch" to give entrepreneurs a behold of what to expect when they set out to start a new enterprise venture. I am not writing to show my writing skills. Moreover, I am not a expert writer; I am an entrepreneur and investor to the core. I naturally write to share my knowledge on construction a enterprise with whatever who is willing to learn.
This narrative is not meant to discourage or scare you from going into business. Instead, I wrote this narrative to prepare and highlight you on the enterprise challenges to expect and how to cope them. Just as the popular saying goes:
"He that is ready has half won the battle."
Below are 10 enterprise Challenges Every Entrepreneur Must Face When construction a enterprise from Scratch:
1. Developing the vision and Idea:
This is normally the first challenge faced by every entrepreneur. Seeing the right enterprise opening or creatively developing an idea is for real not an easy task. I call "Envisioning the idea" the first true task of an entrepreneur. As an entrepreneur, you must create the ability to see what others cannot see. While others see problems, you must see opportunities.
But Seeing opportunities is just the first task. The main challenge is going to be your ability to forge that opening into a enterprise idea. I see this as a enterprise challenge because the process of transforming opportunities into enterprise plans is like trying to turn lead into gold. I call it the process of "Creating Value out Of Nothing." If you are not an entrepreneur, you might not be customary with the process. The process of:
- Identifying a qoute
- Seeing an opening in the qoute
- coming up with a clarification
- Developing your opening into a enterprise idea
- Integrating your clarification into the enterprise plan
Another way "developing the vision and idea" will be a enterprise challenge is that an entrepreneur must sometimes assume the role of a sorcerer. Let me illustrate in detail. While others dwell in the past and present, an entrepreneur must envision and forecast the future. An entrepreneur must always be ahead of his time or else he might lose his relevance. He must have the ability to bring into gift what is yet to be. Let me give you some practical illustrations:
In the late 70s and early 80s, while Ibm saw increase in interrogate for their mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers.
While everyone saw humans flying as an impossibility, the Wright brothers envisioned a flying machine.
Back in those days when cars were institution made and exclusively for the rich, Henry Ford envisioned affordable cars for the masses.
I believe with these few examples, my point is clear. Developing the vision and idea is the first true task of an entrepreneur.
2. Raising Capital:
After developing your idea, the next challenge you are going to face is the challenge of raising capital. As an entrepreneur, you are the only one who knows the idea to the core. You are the only one who knows the story of the future. Trying to convince investors about something that doesn't exist is without fail a challenge.
There is more to raising capital than just naturally asking for money. Most investors want to invest in already established businesses with minimal risk. When construction a enterprise from scratch, raising capital will without fail be a enterprise challenge you must face.
To overcome this challenge, you must create the ability to sell your idea and vision to inherent investors. When I say "sell your ideas", I mean enhancing your transportation skill and your manner of presentation. In the game of raising capital, you must have a good story backed by a strong enterprise plan. If you are interested in learning how to successfully raise capital, you can check other articles I have written.
3. Assembling a Team:
The third challenge you must face in the procedure of developing a enterprise is assembling the right team. When I talk about a team, I am not talking about quarterly employees. I am talking about a "round table strategic enterprise team" that will meet normally to brainstorm on ways to grow your business.
As an entrepreneur, you are bound to have strengths and weaknesses. That is the more infer you need to assemble a strong team that will cover up for your weaknesses. A team is a necessity in your quest to build a business. Now Seeing a enterprise team is just the first hurdle, transferring your passion and vision to your team is the real piece of cake.
You must strive to make sure your team sees the future you see. They must believe in your possibilities and must also be passionate about production that possibility a reality. If they can't grasp your vision, if they can't see they future with you, then they are not worthy being your team.
Your strategic enterprise team should consist of your banker, financial advisor, accountant, attorney or legal adviser and any other specialist that will be of great impact to your business. A interrogate on your mind might be "how am I going to pay this team? My retort is I don't know. You will have to outline it out yourself or best still, you can reconsider bringing them on board as partners.
If you are still at loss with the idea of assembling a enterprise team, then I will advise you whether take some time in learning how to build a enterprise team or you can visit strategicbusinessteam.com to get some advice.
4. Seeing the Right Location:
You might feel that Seeing a good location is a piece of cake but I bet you that Seeing a good location at the right price is without fail not easy. I don't have much to write on this but I feel it is worthwhile I bring it to your notice so you can prepare for it. The following are features you must reconsider before choosing a location. These features are subject to turn with respect to the industry of your business:
- suitable price
- Easy access to raw materials
- Good road network.
- Basic amenities and infrastructures
- sufficient Power furnish
- Easy access to cheap labour
- Nearness to high traffic roads
- Moderate state and federal tax
- suitable Government fiscal and monetary procedure
- suitable federal and state laws.
- Current economic procedure and political situation.
5. Seeing the Right Employees:
Most writers crank up the process of Seeing good employees as an easy task. They define Seeing an employee as naturally presenting the job narrative and the right employee will surface. But I think it's more than that.
Those who are for real enterprise owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Seeing a good employee who will be passionate about delivering his or her services is quite difficult.
Employees are your representatives to your customers and the exterior world. They are a reflection of your enterprise culture and ethics. If an employee of yours is bad or rude to your customers, it is going to portray a bad image of your company. So you must be right when hiring employees. Remember the golden rule of business; "Hire slow and fire fast."
6. Seeing Good Customers:
The sixth enterprise challenge you will face is the challenge of Seeing good customers. Note the keyword "good customers." When in the process of construction a enterprise from scratch, you will come to find out that there are good customers and bad customers.
You must for real be on guard for bad customers. Good customers are for real hard to find. A good buyer will be loyal to your enterprise and will be willing to forgive you if you make a mistake and apologize. A good buyer will try to do the right thing that will advantage both himself and the enterprise mutually.
A bad buyer will always look for loopholes in the company's procedure to exploit and make some few gains. Bad customers will always try to exploit the company's goodwill and look for ways to rip off the company. Bad customers are responsible for bad debts.
Good customers build your enterprise and bad customers will always try to liquidate your business. Just as you fire employees, you must also be ready to fire bad customers without hesitation. In the game of trying to find a new customer, always remember the buyer that sued McDonald's to court claiming the coffee was too hot.
7. Overcoming Competition:
Competition is the next challenge you will face. Most individuals see competition as a plague but I see competition as a good challenge. I see competition as a benchmark for creativity, the main machine for innovation and ability products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant.
I see competition as a welcomed challenge and I want you to do the same. Competition keeps us on our toes and drives us to constantly enhance our products and services. But you must be warned. Competition can make your enterprise lose its relevance in the eye of your customers so you must always be on guard. At this point, I leave you with a quote:
"If you don't have a competing advantage, don't compete." - Robert Kiyosaki
8. Unforeseen Challenges and Expenses:
Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur be ready for what ever comes. Unexpected challenges can come in the form of:
- Unexpected law suits
- Inconsistent government procedure
- Not being able to make payroll
- Unpaid bills and taxes
- Unexpected withdrawal of staff from sensitive office
- Bad debts from customers
- Loss of market share
- Dwindling working capital
- Inadequate stock or inventory
These challenges, if not handled properly can ruin your plan to build a prosperous enterprise from scratch. Someone else challenge you must expect is an unforeseen increase in enterprise expenses. If not handled properly, it might corollary in constant negative cash flow and eventually, the enterprise failure.
9. Holding Up With market Changes and Trends:
Change in trends is for real a enterprise challenge you must be ready for. Trends have made and broken lot of businesses. I know a lot of profitable businesses that have been wiped out by limited market changes and trends. A typical example is the Dot com trend, where many market based businesses were wiped out by new web based dot com companies.
When the Dot com era began, enterprise owners were left with only two options. whether they join the dot com train or they get crushed by the dot com train.
Seasoned entrepreneurs know that trend is always a friend and are always willing to quickly adjust their enterprise with the current trend. Holding your eyes open to spot trends is for real a challenge but the big task will be your ability to quickly use the trend to your advantage.
10. Exiting the Business:
"In the world of enterprise and investing, your exit is more leading than your entry. A good thumb of rule is this; exit before you enter." - Robert Kiyosaki
When construction a enterprise from scratch, you are going to face the enterprise challenge of determining your exit strategy. Just as the quote above states, you have to plan your exit strategy before you even start the business. Most entrepreneurs run their enterprise without any plans to exit and even if they have an exit strategy, they find it difficult to implement it.
Before beginning a business, it is advisable to always plan your exit. There are benchmarks you can use to decide your exit from the business. Most smart entrepreneurs will use this benchmark as a target and once this definite target is reached, they exit the business. Examples of such benchmarks are:
- each year sales
- each year Turnover
- Asset Base
- market Saturation
- buyer base or number of users. This is more applicable to dot com companies.
Now when it comes to exiting the business, there are three exit strategies you can apply. The exit strategies are:
Turning over the enterprise to expert managers: When your enterprise reaches a confident stage of maturity, you can exit by turning it over to expert managers. In this case, the enterprise still belongs to you but you are not complicated with its day to day affairs. You will have to give up menagerial role to assume the role of a watchdog. When you exit in this manner, you will have more free time to look into other projects or retire.
Selling the enterprise privately: In this case, you are exiting the enterprise by selling it to a hidden investor. In the enterprise world, it is called M&A (Mergers and Acquisitions). After the sale and change of assets is complete, you have nothing to do with the enterprise again.
Taking the enterprise public: The unique thing about this type of exit strategy is that while you are selling your enterprise (in form of shares) to group investors, you still own and control the business.
Please before you apply any of these exit strategy, I will advise you consult with your attorney or legal adviser. But ultimately, it's up to you to decide the exit strategy you want to apply. always remember "your exit is more leading than your entry."
At this stage, I thank you for reading and taking your time to learn. Till I come your way again, remain blessed.
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