Challenges for any Start-up Entrepreneur Part I

The daily grind, the commute to the workplace and coffee machine politics are all so common to the public that it has been accepted as a part and parcel of life. At least that is the case for 90% of the people in the world. This is the so9 called empowered middle class or as the French call them the ‘bourgeois’. However hard they may try or however fast they may seem to run, one thing is evident and that is that, they are running the race that everyone runs, but no one wins.

In such a scenario there seem to exist some avenues that can present solutions when it comes to breaking the rut. These could be investments in companies or having investments blocked in gold and other such channels or vehicles that are hopped on by the common man to ensure that he sees a rainbow at least if not the proverbial pot of gold at the end of it. However, even if they have the corpus at the end of their working life, they may not have the freedom that owning something of their own can instil in their lives.

Entrepreneurship is an avenue that holds the promise of not just a vision that when executed to the max, can get the individual not just to the rainbow, but also to the pot of gold at the end of the rainbow. Then, as they say not everything is hunky dory right from the word go. Listed below are some of the challenges that an entrepreneur typically faces and the possible solutions to the same.

Although the problems as enumerated below may or may not be the same for each industry or even different ventures within the same domain and also the solutions are as bespoke as the problems themselves, this piece is aimed at providing some relief to the person who aims to break the barriers that are limiting him or her.

  • Deciding on type of business

One of the hardest and yet the easiest part of owning a business is the time when a person deciding to get in at the deep end is the question ‘What business can I get into?’ It may seem obvious enough to answer the question with ‘Something that you may have been doing all these years’ smarty pants’. However even that may seem to be quite an uphill task. That could be because of the fact that not all people working in a company have access to all aspects of the operation of the enterprise.

 

  • Naming the business

Once the entrepreneur agrees that the bug has bitten into and will not let go, the type of business has been decided; the nymph businessperson has to think of naming his business. Although many self-employed freelancers may argue that they do not aim to be trapped in the lifestyle and lifecycle of the very company they left (once they are successful), it helps to have a name for the business venture.

This simple, primary act can actually set you on the path of self-realization in many ways. For example, the entrepreneur can set timings when he starts thinking as an entrepreneur and when he can switch back to being an individual face in the crowd again.

 

  • Deciding on the location

Immediately after the person keen on starting out on his or her own has made up their mind, they should think of an appropriate location for their business to set shop. There are many advantages as well as disadvantages to having a location specific business.

The advantage of being in close proximity of the market as well has to spare no opportunity of potential business once some customer enters the area. There is another side to this coin where the market norms have the power to decide the direction and quantum of business. Whereas, if a shop is situated in a location where there is no other shop of the same business, the business can dictate whatever prices they like.

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