SCORE Small Business Blog

Start: The Challenges of Entrepreneurship
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Start Smart, Learn What it Takes

If you have been out of work for a while, or just tired of your job, you may be thinking about starting a business. If so, get ready for many challenges. It is important to look at the challenges that you may be faced with to determine if it makes sense to start a business.

  1. Mismanaging Time: It seems that most of our time is spent working and there is not a lot of time to do other things. The difficulty is that it is hard to get a handle on work time vs. all the distractions and the other responsibilities in your life.
  2. Organizational skills: If you have them you are way ahead of the game and the result is that you have more time to get things done and stay focused.
  3. Fear of failure: If you are afraid the business may fail then consider working for someone else with a guaranteed pay check. The challenge is if you are unable to take a risk then you should not be in business.  In business chances are taken, trying new ideas and making mistakes are part of business. All mistakes are a lesson that can be learned from and worked out. Many successful entrepreneurs have had failures along the way; this does not stop them from starting again. Do you have the guts, the drive and the motivation to never give up?
  4. Marketing:  Most new businesses don’t have a huge marketing budget which means you need to find other ways to market your business on a low to no budget. Networking is the major way to let people know that you are in business; your only investment is your time. Have an effective elevator speech about the company which explains all the benefits to the customer and have plenty of business cards ready to hand out. Always talk to people you never know who you may meet.
  5. Technology: Social networking, websites, getting your domain name out there and staying current with information about your industry. Consider a blog, webinars, newsletters and any other way to engage and stay in communication with customers.

Always enjoy what you are doing.  Get up in the morning and know that you are doing what makes you happy. Business ownership is a challenge but is the most rewarding thing you will ever do in your life. And remember that the passion and enthusiasm that you have for your business will create success.

Julie BranderBusiness Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business. | @juliebrander | More from Julie

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Discussion (1) Comment

  1. BethVisitor

    How could I sign up to become a guest blogger?


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