Young and fledgling business owners have a lot to contend with in order to pursue a new business. Here are some major challenges that might hinder you from launching a business.
Fear of leaving a stable job
If you are starting a new business, you must focus most of your attention on it. While you can multi-task, it will be difficult to handle both (career and business) without compromising the other. Taking care of your business on weekends and going to work full time on weekdays is possible but then again, it will take a toll on your overall well-being. Sooner or later, you will give up one of them. It is so hard to leave a job especially if it’s a high-paying one that offers financial stability and additional perks. However, if you really have to leave it in exchange for running a new business, trust your inner self.
Difficulty forming a team
As the owner, you have the say as regards who you like to work with. You are in a position to choose your staff and team members. But sometimes, this could be a stumbling block. Selecting the right candidate can be stressful indeed. There is a lot to consider actually, apart from their capabilities. You have to pick people who are good yet will agree to a lower salary (offering a high salary can burden your new business). You must also find people who are almost on the same wavelength as you are. The fact that you have to fill up positions can add to the pressures of a business launch.
Uncertainty about what lies ahead
You will certainly entertain doubts about your new business. You might wonder how long will it operate profitably. You will ask yourself each night before you sleep if you did make the right decision to open a business. You worry if there will be customers who will continually patronize your product or service. You might even pray to God to give you enough strength to weather any challenges. Truth is, there’s no guarantee that your worries are going to materialize. None of these questions will have sure answers.
Pressure from calling the shots
For many business owners, this has proven to be the most challenging of all hurdles. Every day, every hour you are exposed to situations where you must make a decision fast. These decisions will have an impact on the overall health of your business. When your business succeeds it is all because of your decision. When it fails, you are also responsible for it because you call the shots. Making decisions can be tiring and stressful many business owners admit. So better be emotionally prepared.
As a young businessman, you may be facing a string of dilemmas that could slow down the attainment of your goals. Prepare yourself and come to terms with these issues. Once you have, you will be able to give your undivided attention to your new burgeoning business.