What challenges do we really face when we start our own small businesses, and how can we overcome them? What does it take to make the leap of faith? And what are the rewards of being entrepreneurs?
I have been interviewing successful entrepreneurs for my blog, Yes to Me. So far, I have posted ten articles for this series, interviewing thirteen entrepreneurs (three posts feature a pair of entrepreneurs). These are small business owners who have built profitable businesses that resonate with who they are. Most are bloggers, or at least have web presence, but their businesses vary greatly, from internet marketing to pet insurance company. They include men, women, young, older.
Are there common traits among these entrepreneurs? I think so. This article reviews their answers to two of my standard questions and explores the theme among them so that we can learn from the mistakes and victories they have so gracefully shared with us.
What were the biggest challenges when you were starting as new entrepreneurs?
Lack of money, lack of sales / marketing expertise and self-doubt are the top three challenges they site, followed by lack of business plans, management issues regarding the employees and business partners, time management and multi tasking, and more.
Depending on the business, the capital it takes differs, but even for a one-person operation, money is a challenge. Some of my interview guests mentioned what it was like to bootstrap, and I’m guessing even the ones who didn’t mention it probably went through similar challenges.
The issue of money gets aggravated by the lack of sales and marketing expertise. Many new entrepreneur have the technical skills of their trade but not the sales skill to bring their products and services in front of their target customers in an effective way. They struggle to define their target clients (Stephen) and to find the right pricing (Susanna). They may not have many contacts to network (Monica). Harry says, “We had the skills and the business knowledge we needed, but we knew very little of bringing this to the virtual world.”
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