Challenges You Are Most Likely To Face As A Budding Entrepreneur

How does the idea of graduating from the university, starting a business and becoming an instant millionaire in less than six months Sound? Fantastic right?  Yes,  yes it is.  But it is as fantastic as it is unreal.  Things are not usually as easy and you may face a couple of challenges that could eventually kill the dream.  Here's a couple of challenges, Just to give you a heads up. 

Expectation, Reality Curve

1.     Money, Money and Money : This is probably the first problem you'll face as a young start up.  Experienced entrepreneurs don't exactly have the easiest of times sourcing for funds. Now, imagine how hard it is for the guys with the experience and multiply it by π * 50000000 /2. That's exactly how hard it is for budding entrepreneurs.
   Experienced entrepreneurs already have experience (pun intended), a pool of capital from businesses they may have sold,  and investment contacts and with client connection.  All these are not available to  new start ups (except your dad is Bill Gates or Donald Trump) which means you'll be starting from the scratch and you'll keep scratching until you get to the top.  A whole lot of networking will be needed and you'll need to put a lot of thought into your possible funding options.

2.     Abandoning your secure Job: Believe me,  if you have a well paying job and you decide to drop it for a start up that guarantees freedom,  you'll be asked a lot of times by a lot of people if you're still sane. It's not easy to just walk away from the security of a job to the uncertainty of a startup.  Many people will not believe in your dream so it's really up to you. Carefully think your decision through before you come to a conclusion.

3.      Being the visionary, innovator and decision maker: It's your business,  it's your idea,  so it's up to you to make sound decisions to take your business to greater heights, or depths.  If competition arises,  it's your job to come up with an efficient response plan. If your team hits a brick wall,  it's your responsibility to break through that wall or find a different route.  As a startup, you're most likely to be small scale so decisions, large or small,  are to be made by you.  You'll be making hundreds of decisions per day and it is stressful because some decisions may require on the spot thinking.  It's hard work.

4.      The Unknown : Will the business  be profitable?  Is the plan as great in reality as it is on paper?  Will people believe in the dream as much as you believe in it? Will you get  a steady paycheck from this business or is your paid job more profitable?  In this our ever changing world,  these questions do not have a yes or no answer.  The uncertainty can drive you mad, it's unfortunate.  But these are problems you'll have to face. However if you pull through,  you'll look back at this questions and smile to yourself.

5.     Rule Enforcement and Making: It's all fun and games until you have a friend/colleague  who regularly flouts the rules and you have to enforce the rules or ultimately let the person go.  However, discipline is necessary for the growth of every business.

6.      Lonliness: Sounds trivial doesn't it?  Trivial as it is,  it's still a real life problem.  Starting  a business is almost as time consuming as it is money consuming.  Which means you won't have time for friends and family . You'll also have to keep a bit of distance from your employees to maintain respect.  Ultimately,  loneliness sets in.