So, to help keep you in check, here are 10 successful entrepreneurs stories which are also some intense challenges that all businesses face. You will also find expert advice from professionals concerning how they they deal with these challenges.
1. Jeff Brodsly: Working Through Tight Finances
How do you keep yourself and your business engaged when you don’t have sufficient funds to continue operating?
Finances are the engine which drives your business, and a lack of sufficient funds is especially dire when you have an innovation or a means to, and you have just so many developments that need to be made before your product can launch.
Still, there’s no cash.
It’s a problem that Jeff Brodsly, Co-Owner of Elite Merchant Solutions, is all too familiar with. The company set out to provide merchant account setup services across the country, and things didn’t always start so rosy. However, his solution always comes in the form of compartmentalizing.
“Compartmentalize… when budgets got real lean, I compartmentalized the immediate pain of a tight budget and kept the long term goal in mind.”
2. Doug Burgoyne: Work-Related Stress
When the stress of the business gets excessive, how do you keep yourself form capitulating?
You can’t have a business without necessarily going through some stressful times. These periods make you question your motives for even owning the business, and they could cause you to begin doubting whether you truly can pull through.
However, it is important for you to keep your eyes focused on the vision of your business and where you see yourself going to. You built a vision for your business at the onset, and you have status or situation or place where you see yourself. Never lose sight of that, as it is what will give you the drive to keep going.
“My philosophy on managing my attitude when things are stressful focuses around four things: Mission, Vision, Values and a Realistic view of the financial situation.”
3. Retha Sandler: Feeling Stuck In Business
Is there any way to work around multiple commitments?
Time and task management are two things that you will need to develop as a business owner. Managing multiple tasks over a short period of time will come to be an invaluable skill as you move on down the timeline of your business, and you need to understand how to merge both.
However, it is also important for you to understand which tasks take priority and which might affect the mold you’re looking to build. These should be given your attention.
“I make 100 decisions a day, 99 of which I don’t want to think about. The little things cannot be ignored and take up a big portion of your time as a business owner, but keeping the big picture in focus is vital to survival.”
4. Loredo Rucchin: Handling Online Staffing Problems
In a world where things move rapidly, what are the basics that my business needs?
In most times, it becomes impossible for you to scale through certain challenges on your own. That’s why you’ve got employees and a team of people working on a project with you.
So, make sure that you hire the right crop of people to help you scale these challenges, and you can be secure in the fact that they’ve got your back as well.
Loredo Rucchin, CEO of JukeBoxPrint, said,
“As you grow, your challenges will change dramatically. If you are operating your business mostly or even partially online, you need a good IT team (yes, you need to hire multiple people) to keep your website stable, secure and operating smoothly.”
5. Adam Anthony: Obstacle To Your Position
As the head of a business or company, how do you tackle people or situations that threaten your authority?
Hostile takeover attempts are common. How do you navigate them?
The issue of holding your own when challenges come is an important one, because at the end of the day, it is what will determine your mettle as a leader and whether you truly have what it takes.
Well, instead of cowering out, develop a mindset that enjoys these challenges.
“To maintain a healthy perspective we take inventory of the great attributes of our company… Instead of cringing at challenges, we try to savor them… and reflect upon past triumphs.”
6. Mohan Varkey: Difficult Media And Public Perception
When change does come, it is important for you to be ready. You might have to pivot, but keep in mind that your core business practices don’t necessarily need to switch as well.
You’re who you are, and sticking to that can help you keep your identity as you pivot.
How do you handle people seeing you in a difficult light?
Be a friend and keep the consistency up.
The public is your major market, and it is important that these people see you as a friend who is willing to help out. That’s the only way they will be guaranteed to patronize you
Keep in mind that consistency is key. You don’t necessarily have to stick to the same old thing, but ensure that you’re consistently good at one thing to keep your business running.
7. Dave DuPont: Handling Unplanned Change
When an unanticipated dynamic is thrown into the mix, what is the best approach?
Change is an issue that some businesses never see coming. It could be a switch in the market or an innovation that threatens to make what you do obsolete.
It is also important for you to know- especially in your early days- that there is always an opportunity or a potential for you to pivot. Some businesses end up flipping their blueprint and moving into a model that wasn’t there from the start. If it’s essential to your business survival, then “zag” your perspective.
“Perspective allows me to know that just about any successful business does not follow the plan it starts out with… Groupon [for example] was originally a cause-based message board. Call it adjusting or pivoting, whatever. I call it ‘zagging.'”
8. Ellen Rohr: Getting Ready For A Shake-Up
When change comes, how do you deal with it, especially if it has the potential to make my company obsolete?
A way to ensure that you’re ready for the inevitable change is seeping a holistic view of things. The problem that a lot of business heads and owners make is never keeping a view on the various things that could drive their businesses, and it ends up coming back to haunt them.
Being a leader is understanding the facts and knowing how your business progresses along a certain curve. Be in the know.
“Once a week, I review my business plan, review our top projects list, look through the marketing calendar and the financials. I believe you plan or get planned for.”
9. Christian T. Russell: Defying Existential Crises
If you’ve had a business for a long time, then you’ll understand what it means to have an existential business crisis. Essentially, it is a challenge that is so significant, and it makes you wonder why you built your business in the first place and whether you truly have what it takes to pull through
When these times come, the solution is to remain resolute in the fact that you understand your purpose for being here. Challenges will come, but that conviction in your identity will keep you standing.
“You HAVE to know your purpose for running your company in the first place! Why does your business exist? Who do you serve? What do they need most from you, right now? 99% of business owners do not take the time for this introspection.”
10. J.T. O’Donnell: Getting A Challenge For Control Of Your Business
There is always a chance of people looking to believe that they’re more essential to your business than you are. You get threats over what you can and can’t do, and it could even seem that people might want to hamstring you at some points in time.
So assure yourself of your purpose here.
Challenges could be internal (within the company) or external (from outside sources it could be competitors, customers, or contractors). When these happen, keep in mind that you own the business and there’s a place you’re going to. This will fuel you to deal with any such conflict.
“I remind myself that nobody is making me do this. I chose to build a company… I can stop if I want. This always reminds me that I’d be miserable doing anything else.”
Challenges are a part of every business journey, and you need to be ready to tackle them. Using any of these tips from bonafide entrepreneurs, you can easily get things done and reach a stage where challenger are unable to surmount you anymore.