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2019-02-26 17:14:00Advice for EntrepreneursEnglishThe life of an entrepreneur is exciting and unpredictable. Whether you’re just starting out or are a few years down the track, here are...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/08/iStock-698993914-3.jpghttps://quickbooks.intuit.com/au/resources/advice-for-entrepreneurs/5-common-challenges-of-an-entrepreneur/5 Common Challenges Of An Entrepreneur | QuickBooks Australia

5 common challenges of an entrepreneur

2 min read

The life of an entrepreneur is exciting and unpredictable. Many people dream about starting their own business, but working for yourself can be a tough gig. You need to have a deep conviction in your business, your product and your own abilities.

But if you back yourself and work hard, it is possible to turn your dreams into a reality. Whether you’re just starting out or are a few years down the track, here are five common challenges of entrepreneurs – and how to overcome them.

1 Letting go of self-doubt

One of the biggest hurdles of first-time entrepreneurs is actually that moment when you take the leap – and take a chance on yourself. But once you officially launch your business and embrace your role as an entrepreneur, it doesn’t take long for the doubts to start rolling in. Do you have what it takes?

While there is no magic solution that will give you confidence in exchange for self-doubt, this is your opportunity to really believe in yourself and your business goals. Surround yourself with people who also believe in you and can really support you in the early days. Finding a business mentor is also key.

2 Not doing it alone

Just as you need people for support, friendship and guidance, you also need to learn how to collaborate and partner with other people, brands and businesses. It’s easy to feel alone, especially when you’re first starting your new business venture, but it’s important to partner with others along the way.

You only limit your brand’s reach and capacity when you go it alone. This is why networking is very important – even in the early years.

3 Being open to change

As a new business owner, you need to take big risks, but sometimes you also need to be open to change. Perhaps you need to alter your product or adjust your target market – or maybe you need to try something new entirely.

In order to be successful, you need to listen to your customers and be open to innovation – even it if it means doing something completely different.

4 Breaking down your tasks

Entrepreneurs and small business owners often feel overwhelmed. With so much to do and so little time, it can feel like the to-do list is only ever getting longer. That’s why you have to learn how to break down your tasks down into achievable goals.

You may want to start using a project management tool to help organise your time, or an accounting app like QuickBooks to sort your finances,  or maybe you need to start outsourcing work that you just don’t have the time or expertise to complete.

5 Asking for help

There is no shame in asking others for help as an entrepreneur. You are a one-stop shop, doing it all, and sometimes you need others to come alongside you and help you out. Likewise, it pays to develop a network of fellow small business owners and entrepreneurs, so in time, you can return the favour.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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