Connect with us

Entrepreneurs

How To Start The Next Billion-Dollar Business In 5 Easy Steps

Published

on

This is the story of a man who lost everything he had and then triumphed to create the best company I have seen in many years. The story has many lows and plenty of highs. By reading it, you will learn how you can take what this man did and use it to build your own billion-dollar business.

I know what you’re thinking, “Tim this sounds like total BS!” It’s not. You have to believe that anything is possible, and once you get to that state of being, having the type of success I am going to describe in this story, is not as hard as you think.

Enough putting pork on top of bacon, I’m going to show you how you can start the next billion-dollar business in 5 EASY STEPS:

 

1. Surround yourself with winners

Business is tough in the beginning. You’ll need a multitude of experts to be able to execute on your vision. Find out who they are for your industry through LinkedIn and then contact them. Keep trying every expert until one of them agrees to talk with you. Then, sell the vision of your business.

 

2. Call anyone without hesitation

This is a key skill. Your business will need money; otherwise, it’s going nowhere. Unless you are rich already, you better get used to calling investors and Venture Capital firms without hesitation. My friend that built the next billion-dollar startup rang an investor in San Francisco during his first month of being open for business.

He had no strategy, no product, and no team. All he had was a vision and some mighty fine communication skills. These basic skills got him $100K over the phone to start his business. Hesitation and fear will prevent you from ever owning a billion-dollar company.

 

3. Have an infectious personality (be honest and humble as well)

A personality that screams to everyone that walks past you that you’re a good person. Don’t be afraid to talk about your previously failed consulting business and tell people your bankrupt. The more honest you learn to be, the more honest people will want to help you.

Begin to catch up with everyone you know who will be required to pull off this crazy vision for a business that you dreamt up while out on the booze with your mates. Approach the company who has what is needed to facilitate your business model.

Walk through their big glass doors and sit down on their ten-year-old leather chairs. Tell them who you are and why you want their help without any sense of arrogance. Always listen to their feedback and show them you’re a lifelong learner.

Be prepared for them to laugh in your face and tell you to get F%&$#@. Find the one person in that company that believes in your dream and in you. Get them to give you the product you require and to officially back your business.

Then, a few months later, hire this person and bring their contacts and knowledge into the engine room of your startup.

Bad news

When everything is going in your favor, pick up the phone, and be told by one of the guys behind the big glass doors that you are in breach of a number of serious regulations.

Take the bad news with a grain of salt, go and see your wife and kid, and then come back the next day ready to defend yourself knowing you haven’t done anything intentionally wrong. As the next few days progress, you realise that the team of people you met behind the big glass doors are mostly against you.

Find the two people who still have a look on their face like they want to help you, and ask them for assistance. Don’t be afraid to tell them the consequences of what might happen to your business if they ignore your request.

Continue hiring people to build out the product even though you know that this small problem could cripple the business. Know that how you act and who you’ve become is what has allowed you to get this far.

Previous failure

Know that the previous failed business and your current status of being bankrupt is something to be proud of. It’s the license you need to start a billion-dollar startup.

Take the less than ideal solution that your friends behind the big glass doors offer you and commit to getting yourself back into the position you were in with them. Know that the trust they have in you is what’s needed to reverse the seemingly irreversible.

Continue to be the main sales person in the business and attract world-class customers from every industry. Use these customers as validation for when you are trying to pitch your vision to the naysayers. Promise these new customers the best user experience imaginable and demonstrate to them just how big their problem is.

Leave each customer meeting by giving everyone a smile and shake all of their hands firmly no matter whether they are the CEO or the toilet cleaner. Be humble as you continue to win customers and never let your ego get in your way.

Bringing back old faces

Late one night, come up with the idea of hiring all the people who you had to fire when your first business failed. Be okay with the fact they may say no to your offer and make the call regardless.

When three of them accept your offer, know that it was your infectious personality that attracted them to work for you again. Start seeing how who you’ve become has created your business. Start seeing that for the business to continue to grow you must grow.

A bold move

As the scoreboard of wins starts to pile up, go out to the investor network again that you built up at the start, and raise more money. Bring on a brand name consulting firm to validate what your business does and be prepared for some long days and nights.

Be okay with working seven days a week even though you have your second baby on the way. Know that if this capital raise fails, you could look really stupid, and you may not have enough money to keep scaling.

As the capital raise continues, and your relationship with your friends behind the big glass doors grows, make the bold decision to send in the employee you hired off them, to negotiate you back into your former position with the original product you had before the breach.

Be open and honest with them and make them see the opportunity that goes well and truly beyond money. Make them feel like they are a part of your business and that they matter. Use your impeccable personality and your infectious good vibes to blow them away.

When they say yes to giving you what you need, remain humble, put your head back down, and get back to work. With each win, celebrate them with your team – not too hard, though. Keep battling through the 101 questions that your consultant friends keep asking you and ponder how ironic the situation is.

The hidden strategy

Think to yourself that the turning point of your startup depends on the very thing that made you bankrupt in the first place (consulting). Have a brain wave and know that you have now found your hidden strategy; you can speak these consultants language because you used to be one.

Sit down at night when you get home, and keep looking at the annoying spreadsheet that needs to be reviewed for the 100th time. Know that even though numbers do your head in, you’re on the journey to success and nothing is going to stop you.

The ultimate high

After months of back and forth, pick up the phone, and get the news that one of the most iconic brands in the country wants to invest in your business, and become your number one customer. Put the phone down and know that you are now a millionaire with a famous board of directors.

Ring up your friends behind the big glass doors and thank them for believing in your business. As you wipe your face from the tears of joy, think about how awesome it’s going to be to welcome into the world your second child.

Think about how the highest of highs seems to come in two’s. Remember how your infectious personality and just being you, made all of this success and the millions of dollars happen in the first place.

Go back to the office on Monday being more humble than ever and shake all the hands of the people that made this dream possible. Turn on your computer and see your friends behind the big glass doors post the news story of your success on social media and tag you in it.

Never forget how freaking awesome the journey has been and how important your first failure was.

 

4. Remain loyal

No matter how many times you are given amazing opportunities, always remember who helped you get where you are and remain loyal.

 

5. Pick up some sales skills

You’ll need them – trust me! Your whole life is going to become nothing more than selling your vision to the world.

What do you think it takes to build the next billion-dollar business? Let me know in the comments section below or on my website timdenning.net or my Facebook.

Tim is best known as a long-time contributor on Addicted2Success. Tim's content has been shared millions of times and he has written multiple viral posts all around personal development and entrepreneurship.You can connect with Tim through his website www.timdenning.net

Advertisement
8 Comments

8 Comments

  1. Adekola Adegoke

    Jan 11, 2017 at 10:43 am

    This insight really spoke to my current circumstance. I felt like I have just finished a session with my mentor. Thanks Tim, am truly grateful.

  2. Decker

    Jul 27, 2016 at 2:52 am

    Hi Tim,

    Thanks for this article and the journey it took me on. Things have not been gone well for half a year and as usual doubts

  3. Sibusiso Lukhele

    Jul 7, 2016 at 6:33 pm

    Mr Tim Denning thank you very much, this article is exactly what I needed at this point in my life … you wrote that article in a way that I looked at myself in such a way that I can make this happen… again thank you very much Sir you have just given me hope to go to the next level

    • Tim Denning

      Jul 9, 2016 at 3:14 am

      Sibusiso you are most welcome. Go out there and have a go you’ve got nothing to lose!

  4. Toño

    Jul 5, 2016 at 9:39 am

    Thank you for the book suggestion, Tim, I will look it up. As for my state of mind, well, it’s not that bad and I would not call it that depressed, or maybe it is and I just cannot tell the difference. I don’t know 🙂

    Just watched a movie that took the place among my favorites already – ‘Wish I Was Here’. Fantastic, so emotional, I even got my eye’s wet for a few times. Right now I feel like I going to watch it again, and again, and again.
    Idea of this movie for me:
    – I’ve failed miserably ..
    -No, you showed up and won!

    Thank you for feedback, Tim, muchly appreciate it!

    • Tim Denning

      Jul 5, 2016 at 7:36 pm

      No problem Toño. keep your head up mate. Thanks for the movie suggestion I am going to watch it tonight. Have a great day!

  5. Toño

    Jul 5, 2016 at 6:59 am

    Starting the NEXT billion-dollar business presume you should have started one before, right? Anyway, is this the story about your friend who lost everything and started from scratch while having a wife and his little kid, the one you posted few articles about?

    This whole idea of billion-dollar business does not click with me (yet), however, I really do love to read about so-called big ‘failures’ that turns out to be the greatest opportunity to change your life and, most likely, the world. For the last few weeks I’ve been experiencing highs and lows, yet I realising now I haven’t failed because I learnt and educated myself in a unique way. I continue to read The Quarter-Life Breakthrough by Adam ‘Smiley’ Paswolsky and he talks pretty much about the same you have explained here. Fear, persistence and that failure that doesn’t even exist in the form most of us tend to think of. I also like how you mentioned loyalty and staying humble, hugely important and often underestimated abilities.

    We can all learn from this experience, Tim, and your friend did really amazing job that may help and inspire to not give up on whatever idea you’re working and how hard your life may seem. Thank you so much for my morning reading, amigo, have a wonderful day and take care!

    • Tim Denning

      Jul 5, 2016 at 8:28 am

      Toño this is a different friend to the homeless one. I have many friends that have had some wild rides and this friend is one I haven’t spoken about before. He just made a lot of money for himself and this article is his story to hopefully inspire others to do the same.

      All of us have tough times Toño so don;t let it get you down. Reading will help you and I strongly suggest having a go at the book “The Happiness Advantage.” I will take you away from the depressed state your in. Thanks for your book recommendation too I will suss it out. Cheers

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

How to Work Without Working: 3 Lessons From Three Successful Entrepreneurs

Published

on

successful entrepreneurs
Image Credit: Unsplash

We want to build business empires, amass a huge amount of wealth, and become a worldwide sensation. Yet, we hate to work hard and show up every day to grind. We simply dread working, but we love the results that our work produces.

What if there’s a formula for working without getting bored with doing the work? In other words, you’re working but you’re not feeling the brunt of the process. Drawing from the experience and expertise of three successful entrepreneurs, below, I give you the three tips for working without actually feeling the stress of working.

1. Mark Zuckerberg: Get moving with the easiest tasks

For the average person, working is something huge—like running a marathon or climbing Mount Everest. Most amateur entrepreneurs and career people often spend weeks preparing for a simple task. And when it’s time to do that task, they’ll end up accomplishing only 30 percent of the work. The other 70 percent is buried in “preparation” or procrastination.

But it shouldn’t have to be so. Work should be fun. Mark Zuckerberg never spends 24 hours preparing for work. The young, smart founder of Facebook developed a simple formula for accomplishing any type of work without feeling its impact.

He always begins with the easiest tasks, as opposed to the difficult ones. “I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress.” That’s a smart philosophy for a Silicon Valley superstar.

If you start with that simple project, you’ll feel a sense of accomplishment. You motivate yourself to get going. You won’t feel the burden of the work.

2. Sean Lourdes: Be generous

Making more money appears to be the first goal of most career and business people. But it shouldn’t be. That’s because “If you’re too much obsessed with amassing wealth, making more profit, selling all your inventories, that will make your entrepreneurial career boring, burdensome, and tedious”, Sean Lourdes, founder of The Lourdes Foundation, observes.

The better way to make your entrepreneurial career fun and exciting is to give more. Struggle to work hard and make more money, but don’t make the money as your end goal. You’re meant to serve your customers. That should be your end goal. And being generous will help you serve them better and, in turn, helps you make more money along the way.

Just begin to give more than you take—whether it’s delivering more value to your customers, giving more discounts than the buyer asks, or simply donating your personal wealth to charity organizations—and notice how you’ll find meaning in your work, career, and life in general.

3. Robin Sharma: See your work as a craft

It amazes me when I visit a hotel and the person at the front desk barely raises their head to look at me. I always ask myself: Why would anyone be in the hospitality industry when it’s obvious that they hate people?

If you’re not fit in an industry but insist on working in it, you’ll not only find peace in your work-life, but you’ll also be at war with your employer’s customers. Unfortunately, most people work at jobs they hate. In other words, they see their work as work, not as a craft—which they’ll passionately harness to satisfy their clients. The productivity guru Robin Sharma argues that “a job is only a job if you see it as a job.”

And if you see your job as a job, you can’t find value and meaning and passion in what you do. If you see your job as a job, you can’t provide that impeccable value to your clients. If you see your job as a job, you can’t deliver top-notch quality service to your customers. You have to shift your thinking.

See your work as another opportunity to practice your craft,” Robin Sharma says. “That will push you to love your craft and release magical products.”

Continue Reading

Entrepreneurs

8 Challenges That Come From Being Married to an Entrepreneur

Published

on

married to an entrepreneur
Image Credit: Unsplash

A life of an entrepreneur’s wife or husband can be a lonely one. This doesn’t mean it will be, but there are certainly plenty of hurdles to overcome before finding that perfect balance between being a passionate worker and a passionate partner.

As many married entrepreneurs know, many times the business will come before all else. This can lead to an upheaval in the household. Bringing stress home, putting the family through consistent financial worry, and giving more time to the business than to their romantic partner are just some of the “joys” of being married to an entrepreneur.

Being married to an entrepreneur isn’t always fun and it isn’t always easy. Here are 8 reasons why it’s hard to be married to someone who works for themselves:

1. Money Becomes an Issue Fast

One of the worst parts about growing up is having to pay the bills. And when one spouse is an entrepreneur, paying the bills every month isn’t always a given. Money is a tricky issue in any relationship. One study published by an investing app, found that 68% of couples polled admitted they would rather reveal how much they weigh than talk about money with each other.

The study went on to reveal that 42% of those couples reported feeling depressed and anxious regarding their financial future. Being married to an entrepreneur can leave the other partner feeling drained and fraught with financial worry. It takes a lot of money to start a business as an entrepreneur especially if they choose to not rely on investors. This can make money a sore subject around the house.

2. Often Feels Like Living Alone

Being an entrepreneur doesn’t allow for a conventional 9-5 schedule. An entrepreneur may allow themselves to be on call at all times. This can lead to many consistent distractions. With the simple buzz of a cellphone, family time suddenly turns back into work. Partners may be left feeling frustrated with the amount of help they are getting in raising children or providing financially for the household.

3. Taking Risks Stops Being Charming

As previously mentioned, supporting a spouse as they take a dive into the terrifying world of entrepreneurship can be a challenge – to say the least! Being stripped of a regular, reliable paycheck can take away a certain level of security (and sanity) from the relationship.

What at first seemed like a spouse’s brave venture into the unknown has stopped seeming like a charming adventure. Instead, it starts to feel more like an anxious knot in the stomach that just won’t go away.

“Spouses should spend at least one full hour each day talking together about subjects that have nothing to do with their work or business. Children need at least ten minutes of face-to-face contact with their parents each day.” – Brian Tracy

4. Sharing Worries

Just because someone becomes an entrepreneur doesn’t mean they will become a successful entrepreneur. The worry of whether or not the business will fail can creep into an otherwise happy marriage.

On top of the non-entrepreneur’s everyday worries of raising children, working, and maintaining close relationships, the anxiety of their partner’s business can be overwhelming. Worrying about whether the business will take off and how the family will be affected until it does can send stress levels through the roof.

5. Putting Business Before Family

This is one area of married entrepreneurship that hurts the most. When married to an entrepreneur, one may often feel neglected or alone. It may feel like the entrepreneur is so enamored with starting their business that there is little time left for family or socializing with friends. And date night? Forget about it.

A spouse may understand why their partner devotes so much time and energy into building their business. However, it can be painful to realize their spouse may prioritize a business meeting or answering emails over anniversary dinners or their child’s school events.

6. Constant Arguments

In a study on why couples get divorces, conflict and arguing was one of the biggest reasons, right alongside extramarital affairs and growing apart. When one spouse is working an 80-hour work week and the other is feeling like they’re going it alone, it can lead to some intense arguments.

The more drained a partner is, the more irritable they become. One spouse believes they are doing all this work for their marriage, while the other believes the other is looking after their own interests.

7. Lack of Communication

Communication, they say, is the key to happiness in marriage. However, those who are married to an entrepreneur know that it can be difficult to communicate with someone who is always busy.

One of the biggest challenges for couples in a relationship with an entrepreneur is to have frequent and honest conversations about how the marriage is going. Couples need to be completely open with one another about what they need in order for the marriage to survive.

“The relationship between husband and wife should be one of closest friends.” – B. R. Ambedkar

8. When True Colors Come Out to Play

Being married to an entrepreneur is the time when couples will see each other’s true colors. They will see each other at their best and worst, and one may often outshine the other. Anxiety, sexual frustrations, lack of emotional intimacy, money woes, and overall entrepreneur-related terror can truly test a couple’s comfort zone.

Studies show that partners who have sex regularly experience a surge of the “love hormone” oxytocin. This hormone is shown to relieve stress that can be common in entrepreneur relationships. It also acts as a mood elevator and bonds couples closer together.

If a marriage can survive married entrepreneurship, (and it can!) partners must learn to be patient with one another. They must spend time strengthening their emotional and physical connection on a weekly basis.

Being married to an entrepreneur comes with rich blessings and a host of potential problems. Mixing business with pleasure is no easy path for any married entrepreneurs to take. Money becomes a point of contention and work distractions may make one partner feel ignored. Having patience will strengthen a marriage during these trying times.

What is the best piece of advice you have for a married couple to continuously love one another? Share your thoughts below!

Continue Reading

Entrepreneurs

The 5 Best Cities in the USA for Startups and Entrepreneurs

Published

on

the best cities for entrepreneurs
Image Credit: Unsplash

You’re an entrepreneur? That’s awesome! Want to start a new business? That’s great. Want to know where to start it? That’s a bit of a tall order for an answer in just a few words. Choosing the right city can be just as important for entrepreneurs as choosing the right business model.

Some cities are so expensive that they become unaffordable for a fledgling business. Others may not be as expensive but may lack the resources you need to work your magic. Some cities don’t have enough capital to spare to invest in your business. Others lack the skilled human resources you need to succeed. Still others, like Silicone Valley and the East Coast, are saturated with businesses. So how does one pick the right city to do business in? The answer is simple. You make a list and go with the option that suits you.

Top Cities in the U.S. for Entrepreneurs

There are a number of factors to consider when it comes to the best cities to start businesses in. Some of the factors considered when compiling such lists include information on:

  • Living costs
  • Projected job growth
  • Entrepreneurial resources
  • The Kauffman Index

These factors, along with some number crunching, help narrow down your list of options. We have selected 5 of the best cities in this respect. They are:

  1. San Diego, California
  2. Los Angeles, California
  3. Dallas, Texas
  4. Miami, Florida
  5. Austin, Texas

Let’s have a closer look at each city and what makes it ideal for business.

1. San Diego, California

This city has a higher per-capita density of entrepreneurs than even San Francisco and San Jose. There are also a ton of business-based events and resources you can take advantage of. A good example is StartUp San Diego. The service provides support to new businesses and connects business owners with peers. It also hosts a week-long entrepreneurship event in June.

StartUp San Diego isn’t the only support you get in the city. Others like Seed San Diego connect businesses with local venture capitalists. San Diego is by no means a cheap city, but it is still one of the least expensive in California. There is also a concentration of diverse talent in the city. From biotech to the military to school, the talent you’re looking for is likely just around the corner.

2. Los Angeles, California

L.A. may be known for the Hollywood lifestyle, but it’s also one of the most populous cities in America. It has one of the highest numbers of business owners per capita in the country. The “Silicon Beach” crowd makes L.A. a great city for startups and business owners. Silicon Beach is technically just Westside but the term is used loosely.

It generally refers to the startup culture currently growing in L.A. Plus the fast-paced, energetic L.A. lifestyle attracts tons of skilled talent from across the country. If nothing else, you’ll be catching glimpses of celebrities more often than anywhere else.

3. Dallas, Texas

Dallas stays true to traditional Texan hospitality, especially towards businesses and business owners. Dallas does not have as many businesses as other cities in Texas, but it goes out of its way to be friendly to them. It’s also much more supportive of its entrepreneurial citizens. The Dallas Entrepreneurship Center is one of the biggest attractions for business owners in the city.

It offers support to new businesses and even provides co-shared spaces for you to work. There are also a number of accelerators that can really help your business take off. Tech Wildcatters is one of the most well-known accelerators in the city and is popular with local fledging businesses.

4. Miami, Florida

Miami has come a long way from being a tourist attraction and a place for people to retire comfortably. You’d be surprised to know that Miami is actually one of the best cities in America to start your business. The city has a very impressive startup density. Around 107 out of every 1,000 businesses are a new business.

That’s more than a whopping 10% of all businesses in the locality. It also has the most number of business owners per capita on this list. Miami is swimming in skilled talent that can help propel your business to success. And when you’re looking for a break from the office, there’s always the beach and great food to distract you.

5. Austin, Texas

Austin or “Silicone Hills” is the number one city to start a new business in, according to experts. The startup density is second only to Miami, standing at around 104 new businesses for every 1,000 businesses. There’s also a huge entrepreneurial population. 1 out of every 200 people you meet there is a business owner. In terms of living costs, Austin is much more inexpensive than other cities in the USA. It’s even currently the best city in the US for Millennials to buy their first homes.

Entrepreneurship is not without its glamor and allure. But people tend to ignore the grit, determination, and hard work that get successful entrepreneurs to where they are. Being an entrepreneur is not easy. As Uncle Ben said, “With great power comes great responsibility”.

You’re not just responsible for yourself, but also for your employees as well. People depend on your decisions to make a living. So make sure you put thought into your choices, including the city you decide to start your business in.

Continue Reading

Entrepreneurs

8 Business Challenges and Solutions for the New Age Entrepreneur

Published

on

new age entrepreneur
Image Credit: Unsplash

Being an entrepreneur isn’t just about hiring a team or giving orders to them. Every business comes with its unique challenges and addressing them appropriately is what contributes to the learning curve of any entrepreneur. A very big challenge for most entrepreneurs is to find out what these painful problems are and then to solve them using the best resources available.

Being the founder of your business goes a long way if you identify and solve your employees, customers, partners and companies problems. A successful entrepreneur solves problems in a unique way and that is what separates him from the rest.

Below are 8 challenges you can come across during your entrepreneurship journey with solutions that can help you overcome these problems tactfully:

1. Self-Doubt

The Challenge: Self-Doubt personates itself in other forms and negatively impacts business growth. Below are some questions that likely pop up in your mind as a result of self-doubt:

  • What if the idea fails?
  • Is it the right decision to leave the comfort of the monthly paycheck?
  • What if I don’t get the right team?

The Solution: You will feel like giving up initially but look towards your goal list and keep moving on. Know that working on daily tasks will contribute towards your lifetime goals and every day you’ll be one more step closer to them.

2. Time Management

The Challenge: The biggest challenge that an entrepreneur faces is time management. While working on a new venture, there are a number of things that need to be completed in a limited time period. Managing the time properly is an invaluable skill and can be rewarding in the long haul.

The Solution: Be smart when allocating your time to different tasks. It’s essential for you to know what is worth your time and what isn’t. Make goal lists that can further be deconstructed into monthly and weekly goals. If there are tasks that don’t require your attention, make sure you either delegate or eliminate them.

“This time, like all times, is a very good one, if we but know what to do with it.” – Ralph Waldo Emerson

3. Gathering Capital

The Challenge: If you’re a freshly minted entrepreneur, lenders will hesitate in providing you the required funds as you may lack collateral to secure the loan and also you don’t have an established business. Without a reasonable probability of return, no one will take a risk by investing in your idea.

The Solution: There are government operated banks that are specifically designed for entrepreneurs. You can pitch your business idea and if feasible, they will provide you the required capital. Some NGOs also help new entrepreneurs in guiding them to reliable sources of capital generation.

4. Hiring Staff for the First Time

The Challenge: Hiring and keeping good employees is one of the most difficult tasks of an entrepreneur. If the business is small, each person becomes more critical. Remember, as you have just started the business, your company is in its most volatile position.

The Solution: When interviewing potential candidates, make sure to ask them questions related to their experience, long-term goals and expectations. Make candidates feel that your company seeks a partner to grow business with rather than a minion who takes orders from superiors.

For any candidates that you select, make sure you seek genuine references that can vouch for their work ethic and potential. Hire people that fit your criteria and be sure to clear everything before appointing an employee so as to maintain a healthy working relationship in the future.

5. Choosing What to Sell

The Challenge: Choosing what product to sell is the most difficult decision you will need to make while starting a business. Of course, the choices are limitless, but finalizing something is complex as your business success is totally depended on it.

The Solution: Market research can help you find the right product to invest in. Once you’ve shortlisted a few products, it’s good to analyze profit margins, strengths, weaknesses and threats that come along with each product. This will not only save your time and effort but will save your business at some point.

6. Choosing An Appropriate Marketing Strategy

The Challenge: As a new entrepreneur, you probably don’t know the best way/medium/channel to reach the target audience. It won’t matter how beneficial your product is, if your customers aren’t aware of it.

The Solution: If you want to maximize your ROI, then be sure to invest in target marketing as that will definitely lead you in the right direction. If you haven’t hired marketers to work with you then it’s best to outsource a team that can strategize a great marketing plan for you. Be precise with your budget and marketing goals so that they can craft a plan that works like magic for you.

“Your most unhappy customers are your greatest source of learning.” – Bill Gates

7. Cash Flow

The Challenge: Sufficient cash flow is essential to keep the business suspended as you have to bear all your business related expenses such as employee’s salary, infrastructural cost, and so forth. Temporary cash infusions don’t solve the problem, you need to make changes in the supply chain to get some positive gains.

The Solution: Planning for a budget in advance can help you work around cash flow problems. In addition to this, you can also request your clients to clear the invoice payments quickly. You can also convince your vendors to send you the bill after 40-45 days, which gives you enough time to receive your payments.

8. Business Growth

The Challenge: From financial management to keeping up with the market, growing businesses face multiple challenges. What worked a year ago might not be the right approach now.

The Solution: It’s very important for an entrepreneur to know the strengths of his teams and employees. This can help you distribute tasks to employees who can handle them most effectively while giving you a window to get out of production and management issues. This way you can focus on growing your business.

Conclusion

There are volumes written on how entrepreneurs can overcome business challenges, use them to their advantage, and ensure that you’re putting your customers first. On the other hand, it’s okay to feel that you’re going off track because only then can you drive yourself to overcome obstacles and do better.

How do you handle business challenges? Share your advice with everyone below!

Continue Reading

Trending