Are you ready to be an entrepreneur?
Discussions About the Challenges Of Being An Entrepreneur
The greatest challenge a new business venture faces is getting the right things done in the right order. Knowing what to do, and in what sequence, is critical, especially since the entrepreneur has very limited time and resources. Craig W. Johnson, chairman of the Venture Law Group, once said that starting companies is much like launching a rocket: If at launch you’re just a fraction of a degree off, you could end up a thousand miles off course downrange.
The pressures on the entrepreneur leading a new venture are relentless:
– The obstacles and challenges are formidable
– Everything takes longer than planned
– Gaining traction through market credibility and respect is very difficult
– Forecasts are rarely accurate, and just making more sales does not always solve a cash crunch
– Relationships with suppliers and buyers are more demanding, and just getting paid on time is not always easy
– Competitors seemingly come out of nowhere at the worst times
– Building a good venture team is difficult and time consuming, and leading and managing the team is the biggest challenge as there will be numerous conflicts among partners and investors