Business Obstacles and How to Overcome Them

Here are the greatest business obstacles as well as strategies to overcome each one:

1: Self-doubt: When you face difficult times and when you have to make difficult decisions, you will doubt yourself. Mentors and other members of your support system will help you each time you have reservations. Self-doubt is natural and your support team should assist you.

2: Lack of capital/finances: Your business investments should reflect your financial ability. Never spend more than you can afford.

3: Lack of belief and family support: When you lack family support, make your partners, friends, and clients your family. When they do not believe in you dream, your job will be to prove that they were wrong to doubt your course.

4: No mentors: When you fail to get mentors, it means you are not looking in the right places. Mentors do not have to be the greatest business owners in the country. Even teachers and middle-level business people can guide you – as long as a person has more experience in any field, he/she is a good mentor.

5: Fear of failure/rejection/ridicule: It is normal to experience such fears especially if you are venturing into a completely new field. Not everyone will believe in you and some will express this through ridicule or mockery. Let these fears serve as your motivation to do the best you can: to work even harder.

The thing is; with a support system, you will have many people who will believe in you. Remember, the most successful business people in the world defied many odds such as poverty. If they did it, such fears cannot keep you from creating a personal success story.

6: Opportunity loss: Opportunities are everywhere. When you focus on a specific goal, you definitely lose opportunities. However, when you constantly worry about losing opportunities, you will remain stuck doing everything only to end up drained and with nothing. Focus is key.

7: No commitment/no time: Always stay committed to your tasks and vision as a whole. Cut attachments/commitments to other immaterial tasks and concentrate more on your business. When you keep your goals clear, wake up each morning and think about them, you will stay committed. When we are commitment to something, we can never lack time for it.

At this point, we have covered much; most of what we have covered should have served as motivation to show you just what is possible when you commit to starting a business. If you were previously on the fence and unsure of your ability to start a business and turn it into a shining example of business success, I hope everything we have discussed thus far and my personal story of success have motivated you and shown you what is possible.

Action Step
Evaluate your life carefully and answer these questions:

  • What are my goals in life?
  • Where do I see myself in 5, 10, 20, or 30 years?
  • Where do I see my business in 5, 10, 20, or 30 years?
  • What is my greatest motivation?
  • What will give you the greatest satisfaction while running this business?
  • How much do I know about the industry?
  • Is what I know based on facts (research) or assumptions?
  • If I were to map the path of this business, how would it look like in 1, 5, 10 or even 20 years?
  • Am I comfortable sharing my business goals, vision and mission to others?
  • How passionate and confident am I when talking about the vision and mission of the business?
  • Am I comfortable doing something new every other day? Can I comfortably deal with the pressure of being the first to try something untested? Would I believe in its effectiveness?
  • Am I capable of handling the pressure that come with running a business especially a start up? Am I willing to go out of my way and probably work longer hours than I worked in my 9-5 job?
  • Am I willing to lead from the front i.e. working the hardest, getting to work the first etc.?
  • Who is my mentor? What sort of help can I get from my mentor?
  • How fast am I at recognizing opportunities?
  • What sort of social, emotional and financial support do I need to run the business and where can I get plenty of that?

From the answers to these questions, you can tell where your mindset about business needs to be tweaked to that of an entrepreneur.

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