Starting a business itself is a biggest achievement for an entrepreneur but maintaining one is the larger challenge. Being an entrepreneur isn’t as easy as some people think. In the todays compititive world, there will be many biggest challenges whether it is on a small or large scale. These include things like:
- Hiring good employees
- Knowing when to fire bad employees
- Maintaining some kind of work and Life balance
- Building up the brand of your company.
The main Biggest challenges: Top 5 challenges faced by small business: Growing Revenue :Growing revenue opens up greater opportunities for marketing and expansion, showcases security, and suggests future growth—which makes the business more attractive to investors. Increasing Profit : Beyond being the primary purpose for doing business, increasing profit demonstrates that a business has really begun the road toward maturing as an operation. Cash Flow : Cash flow tends to be much more of a concern for smaller businesses. While bigger companies have the clout and the financial cushion to cover themselves during slower periods, smaller companies do not enjoy this luxury. Hiring Employees : Hiring people is less of an issue for smaller businesses than for their larger counterparts, Raising Capital/Funding : Securing funding to get off the ground and begin expanding is not a surprising obstacle for small businesses to face. Newer ventures involve more risk than larger, established companies, so securing the necessary startup capital is never easy.
Top 5 challenges faced by medium -sized business: Growing Revenue : Growing revenue is almost as much of a concern for medium-sized businesses as for small ones. Existing in this range is tenuous, as expenses tend to increase dramatically rather than incrementally, so revenue drains like retail shrink, chargebacks, and waste can really hurt. Greater revenue provides more protection against these shocks. Hiring Employees: This stage in a business’s development is when hiring employees starts to become a primary concern. Businesses need a larger workforce in order to continue growing. Employee Healthcare: Once a business hires their 50th employee, the Affordable Care Act provision kicks in, requiring that employer to begin offering health insurance to her employees. Government Regulation (36%): As businesses grow to this level, the list of government regulations to which they must adapt also quickly grows. Increasing Profit (32%): Increasing profit is less of a concern at this level than on the small business scale.
Top 5 challenges faced by Large -sized business: Hiring Employees (56%): When reaching this business echelon, many operations find that building a large enough workforce to keep up with the rate of expansion is the biggest business challenge. Growing Revenue (43%): Of course, growing the business’s revenue will always be a challenge for any size organization, because revenue strains are correlated to the business’s size. Government Regulation (36%): Though a business will expand, the pressures of government regulation do not disappear. Even as companies grow to become more seasoned and better able to deal with regulation, the regulatory requirements will change as well. Employee Healthcare (32%): Much like regulation, the challenges presented by employee healthcare do not vanish for larger companies. At this scale, keeping tabs on compliance becomes very difficult for businesses to manage. Increasing Profit (31%): Increasing profit is rarely anything but good from a business perspective.
9 ways to overcome obstacles and limitations as an entrepreneur.
- Move with Positive Thinkers
- Go Back to Your Roots
- Don’t Give Up, Keep Trying.
- Change Your Thoughts–Meditate on the Right Things
- Change your Perception Towards Challenges
- Don’t Overwork Yourself–Outsource
- Make Tenacity your Friend
- Think BIG!
- Work Smarter, Not Harder