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.”
Self-doubt is a biggie that holds back many aspiring entrepreneurs, and it continues to interfere many even after they take the plunge. Christine says “I didn’t think I was good enough.” Jason says “it’s easy to start second-guessing yourself. ‘Am I crazy?’ seemed to be a recurring question that popped up in my head.”
How can we turn around the lack and get over our fear?
Christine says the lack of money actually worked favorably for her. She says “I had tried to start businesses on the side for years, but because I didn’t NEED them to succeed, they didn’t. When I quit my job and had no other options, I knew that I was either going to have to make it, or else.” She used the lack to motivate her and to stay focused.
Skip advises “Cash is king in a startup. Yet focusing on fund-raising has never been a favorite approach of mine. I’d rather ‘bootstrap’, demonstrate that I can get clients and build value without an investor.”
Sales takes a lot of courage and footwork. Lack of money, and therefore the naked need to promote our businesses, helps new entrepreneurs to gather the courage and to be humble enough to learn the new skill of sales and marketing. James says “Being an entrepreneur is more than just working on your own for a living. You suddenly wear many hats and you suddenly have to be an expert at everything, from salesperson to customer service representative . . .”
And so is getting over self-doubt. There is never a complete assurance. Business is an ongoing challenge, and even successful entrepreneurs have self-doubt from time to time. However, successful entrepreneurs put their fear aside and keep moving forward because they know the rewards outweigh the fear.
What is the best part of being an entrepreneur for you?
While my interview guests point out various challenges in entrepreneurship, they agree on the rewards of entrepreneurship. They may use different words, but they pretty much boil down to three points: Freedom, Confidence, Contribution.
Most of my interview guests mention the freedom to use their time in the way they see best, the freedom to do what they like and do well. Tony says “freedom is the driving force . . . I love being able to work when I choose. I also love being successful enough to turn down work I don’t want . . .” He goes on to express his view of freedom and responsibility saying “If I have to work for an idiot, I may as well work for myself”
The confidence comes by actually overcoming difficulties. As entrepreneurs, we come to realize we can really do what we vision. James says “Knowing that we are able to reach any goal we want and having the confidence to do so is the best feeling in the world.” We open up to the level of possibilities we didn’t know before. Christine says “The best part about being an entrepreneur is that you can see so many more possibilities in business and in life. Suddenly, anything really is possible.”
Being able to help others, the sense of contribution to the community through work and beyond, is also essential for many entrepreneurs. Many of them started their businesses to help others, and the sense of contribution is by itself one of the biggest rewards for them. Laura says “It’s such a cliché but it comes down to being able to build something from nothing that solves people’s problems. There’s no feeling like it.”
How can we make the leap to entrepreneurship?
I’d like to wrap up this article by quoting what Naomi had to say. “I read in a magazine once that you should never be 100% ready to have kids. If you think you’re 100% ready, you’re missing something. I think the same thing applies to business. If you wait until you’re 100% ready, you’ll be dead before you launch. Be 80% ready. Do the best you can and just go for it.”
Business is really like a baby for the entrepreneur. We need to prepare well for the challenges, and there is a point we need to jump if we are serious about having one. I hope this article serves to inspire and inform you in your journey to successful entrepreneurship.
List of posts in the Interview With Successful Entrepreneurs series at Yes to Me:
- Interview With Successful Entrepreneurs: Christine O’Kelly of Self Made Chick
- Making A Brand Out Of Adversity: Stephen Hopson of Adversity University
- No Money, No Connection, No Plan: Monica Flores of A Successful Woman
- Can Our Inner Child Become An Entrepreneur?: Kim & Jason Kotecki of Escape Adulthood with Kim & Jason
- Accidental Sparkles: Susanna Ordway of Susanna Ordway Jewelry Designs
- Serial Entrepreneur Meets College Intern: Skip Shuda & Yasmine Mustafa of Cheap Revolution
- I Can’t Not Do This: Naomi Dunford of IttyBiz
- If I Have To Work For An Idiot, I May As Well Work For Myself: Tony Lawrence of A.P. Lawrence
- Successful Entrepreneurs Are Great Problem-Solvers: Laura Bennett of Embrace Pet Insurance
- Power of Two: James Chartrand and Harrison McLeod of Men With Pens
Are you a successful or an aspiring entrepreneur? We would love to hear you thoughts regarding this article in the comments section below.
Akemi Gaines writes for Yes to Me – Life Purpose, Entrepreneurship, Spiritual Growth. She is a new entrepreneur herself, serving people who are serious about personal and spiritual growth through her coaching and soul (Akashic Record) reading. You can subscribe to her blog here.
The Interview With Successful Entrepreneurs series is ongoing and Akemi is always looking for quality interview guests. Please check this page and contact her if you are interested.
Image by Ordinary Guy.
Ah, this was interesting, Akemi! So many people do nothing with the interviews, and I truly enjoy how you found the common threads to mention them. Excellent.
It was also great to be a part of your interview series – and I was surprised people actually *read* ours!
James,
Oh, of course people read the interview! It’s a great read, and too great to be read just once. So I recycle ^_^ Glad you like it.
This was a great article and very relevant to me having just started my online business last week. I already tweeted a quote from it.
Overcoming fear, uncertainty and doubt have been a constant battle to me.
The opening of possibilities has been the biggest positive.
Ron
http://www.distinctionsforlife.tv/
Ron,
Oh, a brand-new entrepreneur! Welcome to the club.
I agree the opening of the possibilities is so wonderful. This is why I think entrepreneurship is so spiritual. It elevates us to a new height.
“What man wants is simply independent choice, whatever that independence may cost and wherever it may lead.” – Fyodor Dostoyevsky
Eugene,
Thank you for a great quotation.
What a great way to share with many people what you’ve learned from interviewing those of us who participated in your interview series.
This is great example of how you’re taking everyone who graciously accepted your offer to be interviewed with you as you find new ways of sharing with the world what you learned from us.
In other words, you’re taking the art of gratitude to a new level and helping those who helped you when you were first started the interview series.
Thank you for being such a great example of giving back to those who gave to you!
Stephen,
Yes, that is exactly my intention. You guys helped me, now I want to send my link love from this bigger platform at Pick The Brain. The more we share, the better it gets for all involved. Isn’t this how business grows?
Thank you for sharing these interviews. As a fairly new entrepreneur – reading other peoples obstacles and how they overcame them, helps me in dealing with my own challenges.
Overcoming Lifes Obstacles,
My pleasure. I learn so much doing this interview series, so I know exactly what you mean. Please check our future interviews as well.
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I believe that you either got it or you don’t. If you
have been a self starter and know you can do it. You
most likely can. If you need constant directions you
are lost at sea.
Jim Elam
Jim,
True. It’s also true many people discredit their gifts and strengths. Also true that it does take actual work (and some luck) to succeed in addition to the gifts you have.
Hello Akemi. Thanks for this article (found you through StumbleUpon). As I was reading it I kept saying, “Yup. Yup. Yup.” LOL
John,
Thank you. This was a fun writing for me, too.
Great article! Recently my wife was able to quit her day job to take care of our kids full time due to the success of our online store. We’ve taken the time to start a blog documenting the journey so please stop by if you get a chance!
Good luck Steve!
Hello Akemi,that was great work well done.You have motivated me that i should unleash my potential early,and not wait untill i am 100%.Though am young of age,I know that no one is young in bussines and i will be venturing very soon.
A great article! Although the self-doubt surprised me. The one thing that pushed me toward creating my own business was the complete confidence in my garments. Now…sales and marketing experience? A business background? Perhaps that is where the self-doubt lies for me. But once you’re in the water, you’ve got to swim! I like how Christine forced herself to succeed ‘or else.’
Thanks for the inspiring read…
Thanks for your post! Starting a business is really a risk. You are absolutely right that we have to prepare for the challenges that would come along the way.
[...] start work with a cup of coffee. Lunch comes and goes. You think about saving enough to run a small business in a few years. You have told yourself the same thing for three years [...]
Starting out is the hardest, keep at it and branch out to be successful.
That was aspiring,myself i have been overwhelmed by sef-doubt but as from now am a new enterpreneur ready to exercise my freedom and ability.
I have found most of the above articles about what entrepreneurs were feeling and thinking about themselves as entrepreneurs inspiring.Seeing that I myself want to become a entrepreneur one day when I am finish with my two year course in Business Management.
That is great Akemi, I am well on my way but still fighting the good fight. I find that focus has been a challenge with multiple sites and too many projects going. Finally came to the realization that I had to just concentrate in one at a time and finish each. It is working well.
Thanks for the post
Brad west ~ onomoney
I stumbled upon this page and feel lucky, now. Wonderful information!
It’s so great to see comments coming after one and a half year since this article was posted. Thank you, everyone!
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