When you are putting your foot forward to entrepreneurship it is certain that at some point you will feel overwhelmed with numerous responsibilities that fall on your shoulder.
Handling responsibilities is just a part of the entire process. You should keep it in mind that you are building something that everybody associated with your organisation will benefit from. Makamba Online describes common challenges you will face as an entrepreneur face and explains how closely these can be managed.
Experienced entrepreneurs always have some advantages over the start-up entrepreneurs. So to find a co-founder when you share your ideas, you need to start networking massively. For example, talk to people at various events or on social media platforms. Think through all the possible options of funding and then land on one. In Africa, funding is hard to come by, banks do not give funds unless there is collateral, they don’t fund ideas. In some countries like Kenya and Zimbabwe you will need to be a cooperative to get funding. Such conditions kill the business spirit in African, however, working and saving for a while remains the best alternative in Africa.
- Quitting your day job
If you want to dedicate yourself totally towards starting and nurturing a business to success, focus on your business only. Of course, if you work hard on weekends and at weeknights, you can continue with both your job and business. This is hard for all youths with business ideas, however, if you want to increase the growth of your business then you have to leave your day job. You need to take risks sometimes as well if you hold the desire of living your dream. Think through your decision logically, and go with your character.
- Creating a pool of talent
Whether you have or have not run or managed a team before, choosing the right team for a start-up is relatively a boring task. It is about finding the candidates who can fit certain roles, estimating their cost to the business and how they can work as part of your entire team. If you face hard time in recruiting and team building process, do not feel upset. What should you do? Share your story with potential candidates and encourage them to join your mission. Don’t compromise on any employee’s quality because employees will shape your business in future.
- Uncertain elements of business
When you start a business there are many unknown factors you come along, like how long the business will exist, how profitable the business can be, whether your customers like your product or not. Dealing with this uncertainty is one of the toughest parts of emerging as a new entrepreneur. Your business success depends on what type of business you are running.
- Decision making
When you have to take hundreds of decisions a day for your business, it will become really traumatic. If an entrepreneur is not totally prepared, then it is natural to experience decision fatigue. When you overcome these snags, you will be well on your trail to be a successful entrepreneur.
Author: Gesture Chidhanguro