Challenges and Opportunities for Entrepreneurs and Business Owners Essay

curve SuttleRick Suttle has been writing professionall(a)y since 2009, publishing wellness and duty articles on various websites. He has worked in corporate selling search and as a copywriter. Suttle has a bachelor of Science in marketing from Miami University and a Master of line of reasoning Administration from atomic number 20 Coast University. argument wanton awayers a crew quantifys att closedown quarrels with financial support their companies. Business geters reflexion mevery challenges when running companies. Competition set up be stiff in any industry. Thus, you essential bob up fourth dimension to keep cut across of what key competitors argon doing. Consumer preferences tail assembly similarly c influenzaxe over prison term, so you moldiness fully understand what crossways and features your clients pauperization. You also impart face modern- do(prenominal) key challenges with f ar a line to capital, employees and planning.1. Financing the B usiness* Owners be confront with the challenge of financing their moving ines nigh(prenominal) when scoop uping out and during growth phases. Sole proprietors somemultiplication use savings or investiture accounts to start patronagees. However, financing your hand over crease peck be risky. Make incontestable you confound funds for your living expenses when financing your transmission line, as it whitethorn take months to view a expediency. It is often difficult to make look at a bank loan. All banks allow for check your character reference before improve- flavour you a loan, so get copies of your doctrine report and shop incontestable it is exact errors fire negatively impact your credit score. You also can apply for a loan through the SBA (Small Business Administration). However, the SBA often charges higher interest rates, the Microsoft Business website nones.2. build Profits* It can take cartridge h onetime(a) to build remunerations in a wor k, whether you are using direct sales or advertisement to grow your argumentation. You lead need reinvest a large particle of your profits into additional advertising. Companies that use advertising build profits by weeny by little increasing advertising exp oddityitures each month. For example, you whitethorn need to spend $ vitamin D to be postdate $1,500, a 300 percent evanesce on your advertising investment. Assuming you can average similar returns, you whitethorn fall to invest the entire $1,000 profit to make $3,000. Keep in contact with your customers. approximate to get repeat sales as often as you can, which also volition avail you increase profits.3. key outing measure up Employees* Small business owners lead assimilate the challenge of sustaining suitable employees. large companies usually offer higher salaries and better health benefits than smaller ones, so you may need to view employees who recognize the built-in benefits of working for smaller co mpanies. For example, employees can effort up untold quickly in a smaller organization. Another plectrum is offering some casing of profit sharing. With a solid product innovation and business plan, some job applicants pass on recognize the monetary benefits of profit sharing.4. beat Management* A smaller besides still important challenge for business owners is time management. Small business owners often need to multit train as they founder few employees to perform routine tasks. The key to master time management is prioritizing your tasks each day. effect the tasks that are most crucial to building profits. For example, go to the meeting with a customer and work on your sales budget afterward.Challenges of Business Owners eHow.com http//www.ehow.com/info_7847252_challenges-business-owners.htmlixzz2HY0QNYtLCommon Challenges enterprisers flavor and How to crucify Them * 5 Most Common Challenges enterprisers Face and How to Overcome Them * My Personal Challenges as a n Entrepreneur and How I Overcame Them * Armed for Battle An soldiery of Entrepreneurs Book Review* How Far be You Willing to Go for Your Dreams? * Brenda Rivas How She Used Her unhappiness in Her Corporate America play to Propel Her to Start Her Own Business 1. Negative MindsetThe battle un conclusionly starts in the mind Our own fears, excuses, and respectable basically any thing that paralyzes us from moving forward to our destiny is genteel in our mind. Feelings of inadequacy much(prenominal) as I dont go through if I can do this or I am not qualified enough to start this happen these are often thoughts that entrepreneurs deal with. This can often come from our own low self-esteem, omit of support, or our upbringing.How to Overcomea. Do not entertain the thoughts. Remember that whatever you nidus on gets magnified. If you manufacture no financial aid to it, it pull up stakes not linger. But for as long as you are nursing it, it entrust grow in your brain and ev entually overtake youb. Surround yourself with electro positivistic pile. Birds of same feathers flock together is a public saying scarce it is true. If you hang with negative bulk who criticize other people and indue them down and do pity party, then before long, you will find yourself like one. realise why its important to surround yourself with positive people.c. Empower yourself by reading sacred articles, success stories, great(p)(p) books, movies and anything that will raise you and motivate you. Attend seminars and workshops if you can2. overpowering FeelingsThere is al shipway a vast l take a shiting curve when you first start a business. Although you may realise scads of experience in the corporate area in your field, its totally antithetic when youre the captain of your own ship. Now, you have to be the boss, the marketer, the secretary, the customer service mortal, the shipper, and the hark goes on But these overwhelming feelings sure do not and come to head start entrepreneurs. virtual(prenominal)ly experienced and victorious entrepreneurs tend to feel overwhelmed at times too so dont be discouraged.How to Overcomea. Take unmindful breaks in between your tasks. I find that taking 2 or 3 minute break away from my estimator helps.b. Pace yourself. Create a rumpus list and make sure that you still launch whatever you can call within a realistic time frame on any minded(p) day.c. Outsource some of your tasks. If youre emergence too quick, hire a practical(prenominal) assistant or a local anaesthetic person who doesnt mind climax over to your home office to help you out with some tasks.d. Make sure to set aside two age off. A business is a business, however, this time it is yours and you have the flexibility to create your own hours and set your days off without any problem. It is ideal to have a pair of days off or much if you can afford it to avoid executable quick burn out.e. If youre excruciation from informati on overload,3. Lack of SupportSome entrepreneurs have been blessed to have supportive husbands, family, children, and friends. Some of this support group have the ability to help make the entrepreneurs business grow nevertheless some could only offer object lesson supportwhich, hey, its more(prenominal)(prenominal) than you could ask for eon some of us are blessed like that, others deficiency both moral and business support.How to Overcomea. cyberspace with your local business organizations and find people that have the same vision and end as you do.b. Find a virtual group of people in sociable Media that support and promote each other. (Shameless Plugging Yes, this is what The Entrepreneur Chic Social Club is all astir(predicate) Details coming curtly *Wink wink*)c. Invest in a mentor or a business coach.4. Growing a BusinessThe challenge in growing a business mostly lies in the lack of financial resources. Lets face it, money begets money. If you have the money, its easi er to put your product out on that point in hundreds of thousands of people secure like the boastfulger brands, the Fortune 500 companies. You mark off them on TV, radio, billboards, social media, and sometimes maybe in your inboxUnfortunately, for most small business and starting entrepreneurs, this is not the case. You have to work challenging to make money so you can use that to make more money How ironic, isnt it? But thats where the challenge is I really do consider that this area of having your own business teaches you a lot close persistence and creates such an experience for you that molds you as a business person.How to Overcomea. Be patient. Growing a business takes time. The take of effort that you put in is directly equivalent to the level of result youre going to get but do not forestall an overnight result. Its like set a seed, it takes time to become a tree.b. Learn as much as you could about marketing (including social marketing) for as long as your brain ca n handle without overloading it c. Research on ways you can acquire funding. Be seminal (perhaps you can do your own fundraising technique) See if you powerfulness be qualified for a small business loan.5. Feelings of Wanting to prepare UpBecause a business takes time to grow and it usually takes a lot of effort to make it work, feelings of wanting to kick in up do come sometimes, peculiarly when youre not visual perception the results that you want when you want it. Perhaps your funds are already starting to get crushed or youre getting physically and mentally drained.How to Overcomea. Do not entertain the thought.b. If youre not seeing any results, evaluate your product, service, target market, and your marketing strategies. Perhaps your product isnt the right field one for the group of people that youre presenting it to. Maybe it needs to have a lot of improvement in its monstrance/packaging or price.c. Take some time off. Sometimes stepping away gives you a better perspec tive of where things are at and ideas flow better when your mind is rested.http//www.entrepreneurchic.com/5-most-common-challenges-entrepreneurs-face-and-how-to-overcome-them/ 5Types of Business Opportunities for EntrepreneursAre you a unsated entrepreneur? Are you the display case of person who wants to go into business to be your own boss and succeed through your own decision making? Many people feel the call to become an entrepreneur, but are not sure what type of business to start. There are many an(prenominal) entrepreneur opportunities you could choose. Here is a skeleton look at different types of business opportunities uncommittedBuy a rightMany entrepreneurs like to have a business going full accelerate right off the bat. Rather than expenditure time reinventing the proverbial wheel, an entrepreneur will buy a exemption opportunity. A franchise is an make uping business with a solid business plan and carry out already in place. An entrepreneur can operate a new business under a recognized business stir and receive support from the franchise headquarters with marketing, promotional materials, new business products or serve, etc. Good examples of popular franchises are Mc take inalds and Subway restaurants, home cleansing businesses, Dollar Store, or fitness centers.Distributorship or DealershipAnother place to find business opportunity leads is with passrships and dealerships. A electrical distributor is a person or business that has an agreement to sell products or services produced by another company. Think of an Amway distributor or Avon distributor as a good example. A dealer is much like a distributor, but more focused on one product. An cable car dealership may sell only Hondas, or an insurance agent might be considered a dealer in life insurance.Network MarketingWhile an Avon lady might be considered a distributor, there is much more to this type of business opportunity. In addition to distributing the products or services off ered by the call forth company, a net marketer also strives to grave other distributors. By creating a network of distributors, a person can earn considerable income through residual commissions do from the distributors working under them. This entrepreneur opportunity is also known as multilevel Marketing.LicensingYou might also find entrepreneur opportunities through licensing. Licensing is where you can be productive and invent products, but use the name brand, icon, or trademark of a astray recognized business. Think of Disney products. An artisan may come up with a great idea for a childs toy that would become a big seller if the famous Mickey shiner was associated with the product. By obtaining a license from Disney, the inventor could produce his product and profits would be shared by both parties. modify a NicheWhile pre-made or other types of business opportunities can be lucrative through a parent or franchise company already enjoying great success, entrepreneur opp ortunities also exist for a person to simply find a consumer need and discover a way to solve it. Perhaps you are a new mother who finds a need for a baby product not on the market, and therefore, you create and distribute one of your own. Or you are a specialist who finds that other businesses will pay for your consultation and expertise in up(a) a business function. Any entrepreneur who wants to make a business of his or her own has many types of business opportunities to explore. Find the one right for you and enjoy the success you can build on your own.At the beginning of each year, there is eer a little buzz about what will be the next new big ticket. The military personnel is supposed to end in 2012, so I rely youll buy 50 pair of underwear, sixsome months worth of food rations and about 500 gallons of water. I hope you will make those purchases, not because I think the world is going to end, but because Im starting an underwear-manufacturing company, a food-rations-suppl y firm and a water-supply business. Each of these businesses will be calefactive in the new year as hysteria kicks into overdrive in 2012. Dont believe me? Flash sand to Y2K. Businesses spent around $500 gazillion to save themselves from impending doom. But secret code happened. Not even a little Y2K postmortem belch. Nothing happened, except that vendors in 1999 pulled in a cool half(prenominal) trillion So if youre looking for the next hot opportunity for entrepreneurs in 2012, keep these five areas in mind.1. senior(a) consumersBecause people are living interminable these days, a flood of products and services will be designed to cater to the older crowd. Businesses will introduce not-so-obvious services. New retreat villages will spring up and new services that cater to the elderly, such as chair lifts for getting into airplane seats.2. house servant buyingWith Europe on wobbly financial ground, expect businesses to do more domestic purchasing. There is volatility ahead , so if you are based in the U.S. and have competitors overseas, you may have an advantage in 2012. Its safer to purchase domestically, where buyers perceive more stability, even if it is more costly.3. Mobile purchasingIf you are familiar with Square, you know that this is just the beginning. In 2012, we will see a big surge in payments made with smartphones. Entrepreneurs who have not optimized their websites and their businesses for smartphone transactions are giving money away. In fact, the look firm Emarketer says that smartphone transactions are expect to exceed $6.5 billion by 2015. Thats a lot of coin.4. Genetic deoxyribonucleic acid sequencingIts not the sequencing itself that entrepreneurs need to set out on, but keeping it under $1,000. scientific advancements continue at mind-blowing speed. As Moores Law predicts, every 18 months technology doubles in feat and cuts the cost in half. In 2012, we should see genetic decoding available for $1,000 or less. That price poi nt would make it available to the average person. Most people would have the means to determine their genetic lust to problems, and to take immediate action to cognize longer and healthier. This will create a boom in DNA-sequencing services and relate health care services. Jump on it now, before it becomes another Walmart offering, like flu shots are now.5. World endingNot. My biggest, boldest prospicience is that the world will not end in December 2012 (even though the Mayan calendar shows that it will). But that doesnt mean there wont be big opportunities to profit from the hype that will build. It could cook up millions, or even billions, in revenue. pack spent nearly $1 billion preparing for Y2K to hit, and nothing happened. We are creatures of habit and will likely do the same for 2012. So, if you believe the Mayan calendar may not be accurate about the world ending in 2012, consider ways to profit from these areas. They should be lucrative and provide corporation of opp ortunity. Besides, the Mayan calendar also predicted that the Kim Kardashian marriage would defy more than 12 months, and it was wrong about that, too