Being an entrepreneur can be quite frustrating especially when you run a business that barely pays you back. It gets even more frustrating when you are trying to explain to your rural folk why you can’t get a “normal job”.
No matter what business you are into, entrepreneurship is never a smooth sail. Here are some main challenges you’ll encounter being a small business owner and what you need to do to overcome each one.
1.The struggle of self-doubt and negative thinking
Will people take me seriously when I present my idea to them? Will investors think I am serious when I tell them about my growth plan? Is my small company fit enough to compete with the big boys for the big contracts?
These are worries every entrepreneur faces and so if you’re experiencing them, then hey, welcome to the club. We all face attitude and perception issues but we should not let them get in our way to success.
Solution
Start practicing positive affirmations that is, look at yourself in the mirror every morning and challenge yourself to be the best you can be. Take a step further and join focus groups. These are groups that bring like-minded entrepreneurs together to discuss various challenges.
The more you share with other entrepreneurs, the more you will find that your problems are a tiny fraction of what others are going through…and your self-doubt and negative thinking will eventually diminish.
2.Being broke but still needing to push forward
So you have these big dreams that your small kibanda will grow into a big mall one day. Or that your small chicken supply shack will blossom into the next KFC or Kenchic.
But then you are just another broke Kenyan who struggles to pay rent at the end of the month. Is there light at the end of the tunnel for you? Well, if you ask me I’d say YES, there is light at the end of the tunnel.
If only you are a bit more patient you will discover that money (or lack of it) is just but a tiny portion of the recipe that prepares highly successful entrepreneurs.
Solution
Keep hope, your lack of money will eventually come to pass. The only thing you need to be doing right now is to pump in as much “sweat capital” as you can into your business.
With time, you are going to accumulate several assets and by assets I mean things like a good name, repeat customers and reliable financiers. Trust me, this problem is going to disappear before you even notice it, just keep hope.
3.People who love your services but are too broke to be your customers
Well, quite often as an entrepreneur you will find yourself in this situation room where people only admire what you have to offer but they don’t really give you any sales.
I am told this is quite a common problems especially with online marketing where most commentors are simply admirers rather than serious buyers. And this happens in real life as well…a person will walk into your nice boutique, try out a few clothes but once you mention the price, they slither away without uttering a word.
Solution
If you have been facing this problem too often, chances are that you are marketing to the wrong people. Simply re-target your adverts to a tailored audience and even if your adverts don’t generate a lot of noise, at least you’ll be assured of getting more sales.
And in the end you know it is sales that matter to you more than empty social media comments…right?
4.The struggle of balancing family, career and social life
Now, if you are a woman I am sure you have faced this challenge quite a few times. And it does happen to men as well who have to juggle between being there for their children and steering the business in the right direction.
The situation is even made worse by Nairobi’s traffic jam (lucky you if your town does not have traffic) as some parents arrive home at 10am and wake-up at 5am for the journey back to the work-place. It happens to everyone so long as you have a family, oh yes it does.
Solution
You need three things to achieve the right balance (a)Discipline (b)Technology (c)Delegation. Be disciplined with time allocation and set aside clear rules on what time is best for business and what time is best for family.
Then learn to make good use of technology, you’ll be surprised to learn that 95% of what keeps you busy the whole day can be automated and executed by a simple click of a mouse-button.
Most importantly, learn to delegate…don’t try to do everything yourself in the name of saving an extra dime. Are we together?
5.Not being respected because of age or gender
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- Pic: Courtesy
Are you serious? At your age can you manage to deliver a project of this magnitude? Are women capable of working for long hours without breaking to breastfeed? These are just a few of the stereotypes that our society has unfortunately resorted to.
You are likely to be a victim once in a while more so if you are young and especially if you’re a young woman.
Solution
Confront the dinosaurs that don’t want to evolve and are scared of young blood in business. Be smarter than them bro or siz, if they tell you you’re too young, so was Mark Zuckerberg when he started Facebook.
If they tell you you’re a woman and you can’t make it, just remember Wangari Maathai’s deeds. Keep in mind that an entire sea of water can’t sink a ship unless it gets inside the ship.
Likewise, the negativity of the world can’t put you down unless you allow it to get inside you.
6.Not being a millionaire after 3 months
Who doesn’t like making lots of money? After all we all need money to grow our businesses and to meet our personal needs. Unfortunately, the world of business can be quite tricky especially within the first few months of starting.
Things don’t always go the way we’d like them to. And no matter how fool-proof your business plan is, you should always be prepared for a couple of surprises because business don’t take off immediately.
Solution
Don’t give up just because you have not become a millionaire as you had expected. The truth of the matter is that investments take time to grow and customers take time to familiarize with your brand. Until that happens, just fasten your seat-belt, close your eyes gently and enjoy the ride.
And what's more?
Different businesses have different problems. However, as you will find out, there is no challenge that is big enough to break your spirit provided you’re ready to hold on and give it your best. Keep walking, one day you'll get there.
