Life Skills

9 Challenges Every Successful Entrepreneur Overcomes

9 Challenges Every Successful Entrepreneur Overcomes

9 Challenges Every Successful Entrepreneur Overcomes

Being an entrepreneur is not an easy thing. It has been observed that people become entrepreneur under forced conditions. People become entrepreneur out of their perseverance and goal. However, these attributes would help one to start with. The truth is that it takes lot of time and hard work. One has to try all possible permutations and combinations during this time to succeed becoming a successful entrepreneur. Let us look at the major challenges one has to face and a book that is recommended to help them.

The target customer.

One needs to think of the target customer who would be using the finished good or the service that an entrepreneur plans to work on. The entrepreneur has to consider how the customer is going to appreciate the target product or the service and is willing to accept it when launched. When the entrepreneur has worked on this aspect, he would succeed in selling his target product or service to the customers and make good money out of it. The recommended book is Inside Advantage by Bob Bloom.

The value addition.

Once the entrepreneur has finalised the target product, and knows that it would make difference, he needs to have a suitable marketing plan to launch the product.  He needs to work on how the product or the service is going to add value to the target customer. Then, he needs to ensure that he is able to reach out the target customer with the value additions, so that they are able to appreciate the product or service and ready to spend money to buy it. The recommended book is ROAR! Get heard in the Sales and Marketing Jungle by Kevin Daum.

The sales.

A product can’t be sold on its own. There is a sales team in every company that looks after the sales. The sales team works on a sales plan that details the post launch sales strategy and the sales target for their product or service. The recommended book is The Ultimate Sales Machine by Chet Holmes.

The profit.

Once the product is ready and the sales plan in place, the entrepreneur has to ensure that he is able to make a suitable profit. After all, no one wants to invest precious time and money to incur loss at the end of the day. One has to ensure that their financial plans are successful. The recommended book is The Great Game of Business by Jack Stack and Bo Burlingham.

Recruitment and attrition.

A successful business is a collective effort. A company has to hire right kind of people to perform the job yielding the best outputs and ensuring the best target product or service. A good hire helps the company leap forward while a bad one pulls it backwards. Now, once the right team is in place, the company has to work on an attrition plan to ensure they stay in the company for prolonged periods. The recommended book is Top Grading by Brad and Geoff Smart.

Leadership.

A good leadership is  must for a successful business. A good leader is able to keep the team always motivated and extracts the best out of the team. The leadership qualities can be acquired through proper training and mentorship. The recommended book is The 5 Temptations of a CEO by Patrick Lencioni.

Competitors.

While developing the target product or service, the company has to keep an eye on the similar offerings in the market. It has to ensure that the product is exclusive in the market, that it is able to bring it first in the market and it is price wise competitive too. If the company fails in safeguarding this interest then the competitors would eat a significant chunk of the sales and hence lower the profit margins. The recommended book is Purple Cow by Seth Godin.

Scale.

Once the company is up and running, it needs to ensure that it is continuously improving. The company is always reviewing their process current, looking into changing market and also upgrading its process continuously. Then, the company is investing time and money in research and development activities to understand the new technologies. Further, the company is able to understand the changing needs and wants of the customers and are ready to produce products or services meeting those needs and wants. The recommended book is Scaling Up by Verne Harnish.

Replacement.

Life goes on. When someone joins a company, it is extremely difficult to remain in the same company for whole life. There is always a time in their life when they need to decide, when is the right time to change? The recommended book is Built to Last, Good to Great and Great by Choice by Jim Collins.

 

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