Being new is always hard, regardless of the field or the circumstances in question. In the business world, however, this is even harder due to the presence of relentless competition. Still, in order to face all the challenges that lie ahead, you need to be able to diagnose them first. With that in mind and without further ado, here are the top five biggest challenges that the majority of new business owners encounter, sooner or later.
Creating the right team
The first thing you need is people who work well together. You see, performance is not everything and there are some factors that you can’t figure out by looking at their resume. The best way to explain this would be to say that there are some people who can turn your workplace into a toxic and hostile workplace. We’re talking about emotional vampires, self-proclaimed office stars and those who are over-competitive to the point of backstabbing. Assembling the right team, however, is crucial because of the following challenge on our list which is…
It’s more than obvious that you can’t do it all on your own, but delegating tasks is not an easy thing. On the one hand, you want everyone to get a fair share of work, however, some people are just more capable than others and not using this potential seems like a major oversight. Nonetheless, push this too far and you’ll be accused of favoritism and even mobbing. Then, there’s the issue of entrepreneurs who want to micro-manage everything. This attitude doesn’t just strain you past your limits. It also shows a lack of trust in your team.
Setting up their first office
Prioritizing during the first office fit-out is not an easy thing. On the one hand, you need the basic furniture and equipment, but you can’t forget about the basic infrastructural elements such as the much-needed internet fiber connection. Then, you need to do some branding in the office space (both to impress visitors and to inspire loyalty), however, how much money are you really willing to spend on branding before your office has all the basics? All of this is quite hard to navigate, which is why you should probably contact an agency specializing in commercial fit-outs or look for advice from someone who has recently undergone the same.
Find an exhaust vent
There are a lot of assets and a lot of resources that your enterprise needs, but your own energy and effort are the only assets that you won’t be able to substitute with an alternative. This is why it’s crucial that you don’t burn out. If you have a hobby, take at least half an hour every day to pursue it. It’s also incredibly important that you maintain a healthy work-life balance and that you don’t start neglecting your social circle. While this may sound trivial at moments, it’s crucial for your survival in the business world.
Networking will get you where you need to go
Make no mistake, the success of your enterprise depends on people. So, you need to learn how to properly network. Start by improving your charisma. You see, those who believe that charisma is something innate, couldn’t be more wrong. As Robert Brault once said: “Charisma is a fancy name given to the knack of giving people your full attention.” One way in which you can improve your networking efforts is by reading Dale Carnegie’s iconic book How to Win Friends and Influence People. This will provide you with the skill set you need.
As you can see, by developing a certain skill set and surrounding yourself with the right people, you can make your business world experience much more enjoyable and your success rates much higher. The same goes for developing efficient business practices. The problem, however, lies in the fact that the majority of people tend to solve problems as they pop up. In these kinds of scenarios, nonetheless, being proactive and thinking three steps ahead is always a better choice.