Being a new entrepreneur means you have to be prepared to face several challenges. Right from the time you conceive an idea to the time you give final shape to it, it involves thorough planning, calculation, preparations, working out a plan. It will help you enjoy a competitive edge over others, and the more you prepare, the more you prepare, the less it seems. Although, it is a painstaking process in the initial stages, when you finally reap the plentiful benefits, it is a gratifying feeling that you cannot explain.
What are the main challenges entrepreneurs face today? According to Eric J Dalius
Check out a few of the most common adversities that business entities face in the paragraphs that follow: –
- Credibility – It is one of the adverse aspects that an entrepreneur has to combat with. This holds true, especially if you are a new start-up. We often see that you tend to lose out on assignments and projects that you could have won during bidding if you do not have adequate experience or hands-on expertise on specific projects.
However, you cannot build credibility overnight. You have to gather experience and hands-on training on projects in your niche area before you become visible and earn accolades for your work. For established businesses, you have to strive hard to maintain the position or the track record that you are already holding.
- Financial aid –If you are a start-up or a small-sized business entity, financial aid is something that often causes hiccup. However, if you are a student pursuing the curriculum in marketing or entrepreneurship, EJ Dalius could come to your assistance as his foundation extends financial aid to students studying marketing or entrepreneurship as major.
You can approach investors that readily extend monetary support if your business proposal seems lucrative enough. For this, you have to work out a thorough business proposition and assess the total expenses as a whole before approaching it. Opting for business loans can be another option provided the rate of interest seems feasible.
- Forming a customer-base – It is one of the most crucial challenges you face as an entrepreneur. Also, if your products are ready but you do not have takers, it makes no sense in investing money. So, marketing is a vital parameter when it comes to assessing the health of your business.
You have to keep aside a considerable amount of money for your marketing campaigns, whether virtual or from brick and mortar offices.
- Stress and doubts – Starting a business or running an already established business is not a child’s play. You suffer from self-doubt, anxiety, and apprehensions. However, to be successful, you have to do away with all the negativities that haunt your mind.
In a nutshell, every problem has a solution, and when you have experts like Eric Dalius to guide and extend help, you can expect fewer hassles on the way.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com