Obstacles are those frightful things you see when you take your eyes off your goals.
Whenever we are venturing into the market with a new business idea, we are bound to face challenges as a part and parcel of the process. Some get bogged down by the hurdles they come across, whereas the tough entrepreneurs sail through the storm to see the sunshine. Scrolling down, let us see how to encounter some factors which deter young entrepreneurs from making it big in the market.
Having a Dynamic Cash Flow
Consistent cash flow is critical for the survival of a business, as many unanticipated expenditures might come in small businesses. Entrepreneurs find it difficult to meet expenses as invoicing delays are a darker side in earlier days of entrepreneurship. Payment delays from the customer end can also stifle the cash inflow.
It is easier to maintain cash flow with pre-emption and planning. Taking raw materials or goods for the business under down payments can provide us the much-needed breather during tough times and ensures business continuity. Following up clients with frequent reminders to settle up the invoices quoted would also help manage cash inflow.
Keeping Market Analysis as a Launch Pad
One mistake every entrepreneur commits before they kick start their business idea is not doing thorough market research. Most of the business ideas fizzle out prematurely, owing to the changing nature of the market. Understanding the dynamics of the market can be a herculean task.
The easiest way to understand the market is to follow how the big players in the market take their product towards the end users. Analyzing the market size and its economic barriers before entering it, helps in a deep understanding of the market behavior.
Setting up a Passionate Workforce
Finding quality personnel for your business operations can be as arduous as finding a diamond through the rough. The hiring process can kill your valuable time if your advertisement is vague and not being relevant to your business nature.
A well-directed job advertisement can be helpful in filtering qualified candidates who can add value to your business. Being more specific with the job nature, perks and wages can also help in pre-qualifying potential candidates. Not being the least, our colleagues should share the same burning desire towards achieving the business goal we are working on.
Understanding Customer Behaviour
Customer is the king when it comes to any business, and if we do not understand the customer behavior, we are destined for the downfall. Understanding customer behavior is difficult as it relies on lots of factors, such as the products’ lifespan, customers’ buying patterns, etc. A dissatisfied customer base is the least thing every entrepreneur wishes to have
Gaining the trust of the customers and creating a loyal customer base is a vital cog in the wheel of entrepreneurship. Getting constant feedback from the customers on improving the quality of a product or the process will help us to serve them in an efficacious way.
Choosing the Right Mentor
Inexperienced entrepreneurs lack decision-making skills which would put them in check during crunch moments. Developing such specific skills and business knowledge would help in augmenting one’s business potential. But this is not possible without expert guidance from a person who has seen crests and troughs in business
A right mentor will always assist you with his subject matter expertise and keep you in good stead during tough situations. Mentors also come up with ideas and innovative ways to propel our business with consistent growth. Many first generation entrepreneurs like Mr. Vijay Kapoor of Derby have been successful in their entrepreneurship journeys’. He is also mentoring young and enthusiastic budding entrepreneurs today. There are also other mentorship programs where an entrepreneur can get enrolled, pick a mentor and attend counseling sessions
India needs young entrepreneurs to elevate our society from a working-class economy to a superpower, spare no second thought and start your baby steps towards entrepreneurship to make it big in life and help our society.