Challenges and Opportunities for Entrepreneurs and Business Owners Essay

Rick SuttleRick Suttle has been writing profession bothy since 2009, publishing health and byplay articles on various websites. He has worked in integrated marketing query and as a copywriter. Suttle has a Bachelor of Science in marketing from Miami University and a Master of moving in Administration from California Coast University. Business train goters much face up take exceptions with financing their companies. Business owners face umteen challenges when lead companies. Competition bum be stiff in any industry. Thus, you essential let on time to keep track of what key competitors ar doing. Consumer preferences hindquarters aforementioned(prenominal)wise change over time, so you must fully look what yields and features your customers want. You withal bequeath face opposite key challenges with regard to capital, employees and planning.1. pay the Business* Owners atomic number 18 faced with the challenge of financing their worryes two when jump out and during growth phases. Sole proprietors virtuallytimes routine savings or investment accounts to pull up stakes headachees. However, financing your own line of merchandise can be risky. Make veritable you have money for your living expenses when financing your chore, as it may betroth months to earn a value. It is often difficult to realize a bank loan. All banks exit check your credit forwards giving you a loan, so get copies of your credit report and brand sure it is accurate errors can negatively impact your credit score. You in like manner can apply for a loan with the SBA (Small Business Administration). However, the SBA often charges higher interest rates, the Microsoft Business website notes.2. Building Profits* It can take time to build profits in a disdain, whether you ar victimisation direct gross revenue or publicizing to grow your concern. You pull up stakes indispensability reinvest a large portion of your profits into additional advertising. Compa nies that use advertising build profits by gradually increasing advertising expenditures individually month. For example, you may deprivation to spend $ viosterol to take for $1,500, a three hundred percent return on your advertising investment. Assuming you can norm similar returns, you may decide to invest the entire $1,000 profit to nock $3,000. Keep in contact with your customers. Try to get repeat sales as often as you can, which also will help you development profits.3. queue uping Qualified Employees* Small care owners will have the challenge of finding qualified employees. Larger companies usually offer higher salaries and reveal health benefits than smaller ones, so you may pauperism to find employees who see the inherent benefits of working for smaller companies. For example, employees can move up more than than(prenominal) quickly in a smaller organization. Another option is crack some type of profit sharing. With a solid product purpose and business plan , some job applicants will recognize the monetary benefits of profit sharing.4. Time Management* A smaller but still of the essence(predicate) challenge for business owners is time management. Small business owners often need to multitask as they have fewer employees to perform routine tasks. The key to get the hang time management is prioritizing your tasks each day. Complete the tasks that are well-nigh critical 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 Face and How to Over go in Them * 5 Most Common Challenges Entrepreneurs Face and How to have the best Them * My Personal Challenges as an Entrepreneur and How I Overcame Them * Armed for Battle An Army of Entrepreneurs Book Review* How utmost Are You Willing to Go for Your Dreams? * Brenda Rivas How She Used Her Un happiness in Her bodied America Job to Propel Her to Start Her Own Business 1. damaging MindsetThe battle always starts in the judgment Our own fears, excuses, and respectable basically any thing that paralyzes us from moving forward to our deal is cultivated in our mind. Feelings of inadequacy such as I dupet know if I can do this or I am not qualified enough to start this happen these are often thoughts that enterprisers deal with. This can often come from our own impoverished self-esteem, lack of reinforcer, or our upbringing.How to Overcomea. Do not entertain the thoughts. dream up that whatever you focus on gets magnified. If you pay no attention to it, it will not linger. But for as long as you are treat it, it will grow in your head and eventually overtake youb. duck yourself with positive spate. Birds of same feathers flock together is a popular byword but it is true. If you hang with negative people who criticize other people and put them down and do pity par ty, then onwards long, you will find yourself like one. See why its important to asphyxiate yourself with positive people.c. Empower yourself by reading inspirational articles, success stories, ample books, movies and anything that will encourage you and motivate you. Attend seminars and workshops if you can2. Overwhelming Feelings at that place is always a huge learning curve when you first start a business. Although you may have attr treats of experience in the corporate world in your field, its totally distinct when youre the chief of your own ship. Now, you have to be the boss, the marketer, the secretary, the customer service person, the shipper, and the list goes on But these overwhelming feelings surely do not whole when come to commencement entrepreneurs. Some experienced and successful entrepreneurs tend to feel overwhelmed at times too so dont be discouraged.How to Overcomea. Take short breaks in between your tasks. I find that winning 2 or 3 minute break away f rom my computing machine helps.b. Pace yourself. Create a to-do list and receive sure that you only put whatever you can handle within a realistic time frame on any given day.c. outsource some of your tasks. If youre growing too quick, hire a realistic assistant or a local person who doesnt mind coming over to your home office to help you out with some tasks.d. Make sure to set aside two days 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 compositionl to have a couple of days off or more if you can cede it to avoid possible quick burn out.e. If youre suffering from study overload,3. Lack of SupportSome entrepreneurs have been blessed to have adjuvant husbands, family, children, and friends. Some of this support group have the ability to help ground the entrepreneurs business grow but some could only offer moral supportwhich, hey, its more than you could ask f or art object some of us are blessed like that, others lack both moral and business support.How to Overcomea. Network with your local business organizations and find people that have the same vision and goal as you do.b. envision a virtual group of people in Social Media that support and promote each other. (Shameless Plugging Yes, this is what The Entrepreneur Chic Social Club is all astir(predicate) Details coming soon *Wink wink*)c. sit down in a mentor or a business coach.4. development a BusinessThe challenge in growing a business mostly lies in the lack of monetary resources. Lets face it, money begets money. If you have the money, its easier to put your product out there in hundreds of thousands of people just like the openhandedger brands, the Fortune 500 companies. You see them on TV, radio, billboards, well-disposed media, and sometimes maybe in your inboxUnfortunately, for most small business and starting entrepreneurs, this is not the case. You have to work unenv iable to make money so you can use that to make more money How ironic, isnt it? But thats where the challenge is I in truth do believe that this area of having your own business teaches you a lot around 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 level of trial that you put in is directly equivalent to the level of result youre going to get but do not expect an long result. Its like planting 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 can handle without overloading it c. inquiry on ways you can acquire funding. Be creative (perhaps you can do your own fundraising technique) See if you force be qualified for a small business loan.5. Feelings of Wanting to Give UpBecause a business takes time to grow and it usually takes a lot of effort to make it work, feelings of wanting to gi ve up do come sometimes, especially when youre not seeing the results that you want when you want it. possibly your funds are already starting to get depleted or youre acquiring 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 correctly one for the group of people that youre presenting it to. Maybe it needs to have a lot of improvement in its presentation/packaging or scathe.c. Take some time off. sometimes stepping away gives you a better perspective of where things are at and ideas stop 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 wide awake entrepreneur? Are you the type of person who wants to go into business to be your own boss and succeed through your own decision do? Many people feel the call to become an entrepreneur, but are not sure what type of business to start. There are many entrepreneur opportunities you could choose. Here is a brief look at different types of business opportunities availableBuy a FranchiseMany entrepreneurs like to have a business going full speed right off the bat. Rather than spending time reinventing the proverbial wheel, an entrepreneur will buy a immunity opportunity. A franchise is an existing business with a solid business plan and process already in place. An entrepreneur can operate a new business at a lower place a recognized business name and receive support from the franchise headquarters with marketing, promotional materials, new business products or services, etc. exhaustively examples of popular franchises are McDonalds and Subway restaurants, home cleaning businesses, Dollar Store, or fitness centers.Distributorship or DealershipAnother place to find business opportunity leads is with di stributorships and head teacherships. A distributor is a person or business that has an agreement to sell products or services produced by another company. sound off of an Amway distributor or Avon distributor as a good example. A dealer is much like a distributor, but more center on one product. An auto 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 offered by the cite company, a network marketer also strives to recruit other distributors. By creating a network of distributors, a person can earn considerable income through residual commissions make 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 whe re you can be creative and invent products, but use the name brand, icon, or trademark of a widely recognized business. bet of Disney products. An inventor may come up with a great idea for a childs toy that would become a thumping seller if the famous Mickey Mouse was associated with the product. By obtaining a liberty from Disney, the inventor could produce his product and profits would be shared by both parties.Filling a NicheWhile pre-made or other types of business opportunities can be lucrative through a parent or franchise company already enjoying great success, entrepreneur opportunities 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 expertness in improving 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 always a half-size buzz about what will be the next new big ticket. The world is supposed to end in 2012, so I apprehend youll buy 50 pair of underwear, six 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-supply firm and a water-supply business. Each of these businesses will be tempestuous in the new year as hysteria kicks into overdrive in 2012. Dont believe me? Flash back to Y2K. Businesses spent some $500 meg to save themselves from impending doom. But nothing happened. not even a little Y2K postmortem belch. Nothing happened, except that vendors in 1999 pulled in a cool half trillion So if youre lookin g for the next hot opportunity for entrepreneurs in 2012, keep these tailfin areas in mind.1. Elderly consumersBecause people are living longer these days, a flood of products and services will be designed to cater to the old(a) crowd. Businesses will introduce not-so-obvious services. New retirement villages will spring up and new services that cater to the elderly, such as chair lifts for acquiring into airplane seats.2. Domestic purchasingWith Europe on shaky 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 service 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 research firm Emarketer says that smartphone transactions are expected to exceed $6.5 trillion by 2015. Thats a lot of coin.4. Genetic DNA sequencingIts not the sequencing itself that entrepreneurs need to jump on, but keeping it under $1,000. technological advancements continue at mind-blowing speed. As Moores Law predicts, all 18 months technology doubles in performance and cuts the cost in half. In 2012, we should see genetic decoding available for $1,000 or less. That price point would make it available to the average person. Most people would have the means to determine their genetic propensity to problems, and to take immediate action to live longer and healthier. This will create a boom in DNA-sequencing services and related health care services. Jump on it now, before it becomes another Walmart offering, like flu shots are now.5. World endingNot. My biggest, boldest prevision 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 represent millions, or even billions, in revenue. People 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 plenty of opportunity. Besides, the Mayan calendar also predicted that the Kim Kardashian marriage would run low more than 12 months, and it was wrong about that, too