In this week’s post, Dr. Business address the following question:
What are the biggest challenges in being an entrepreneur?
Being an entrepreneur requires having a unique passion for your solution along with the willingness to commit the time and energy required to bring it to fruition in the form of a profitable business. Entrepreneurs also need to be able to accept rejection from the myriad of naysayers they will encounter along their way to success. Besides these fundamental challenges an entrepreneur has to be able to ask for help, which is typically against their nature and concern that someone will steal their idea.
Lastly, entrepreneurs do not like controls so they resist the need to develop a business plan. As a result, they encounter a variety of critical pitfalls that could have been avoided if they had only taken the time to go through the inexpensive and educational exercise of putting a business plan together before they started. Developing an even more fundamental break-even analysis for the first year of operations is also a challenge for many entrepreneurs. Without doing these basic business exercises many entrepreneurs exhaust their meager start-up funds and fail before they even launch their solution for a better world.
“Nobody plans to fail…they just fail to plan” – Doctor Business
TUNE IN NEXT WEEK FOR PROFESSOR ROBERT DONNELLY’S ADVICE FOR ENTREPRENEURS.