Invoice Bazaar Blog

What are the biggest challenges faced by first-time entrepreneurs?

By Invoice Bazaar | September 8, 2021

Successful businesses cannot be built without making some significant sacrifices in the early stages. Hence, if you are a first-time entrepreneur, setting up and managing a startup may sometimes prove to be a very challenging and highly stressful experience. Until you can attract and recruit the right people and build a purpose-driven team, you may even feel like a lone captain of a ship without any crew. Only after you have created an incredible team will things become easier to manage, and you will be able to focus on your business venture’s long-term vision and growth. Till that happens, you may have to work in the early mornings, late nights, and on weekends too. 

So, two of the biggest challenges in the initial stages of setting up your business enterprise will be finding the perfect staff and attracting and winning more and more customers. You may even have to depend on consultants and experts in various fields. The other challenges may pertain to developing the perfect product or service, creating and building brand equity, establishing a market connect, solving logistics-related issues, ensuring financial and legal compliance, designing a unique selling proposition (also called the USP), and effectively resolving all the marketing and sales-related problems. 

After that, getting the business off the ground and running it well will take the maximum time. During this stage, some of the issues that will have to be resolved will include preparing a business plan, putting in place an operations and delivery pipeline, managing the cashflows efficiently, and establishing a legal business entity with taxation and registration compliance. Here the big challenge will be to manage the complexity related to running a newly-launched business effectively. Meanwhile, the most formidable challenge during the entire entrepreneurial journey until your startup becomes successful will be to keep exuding confidence even when things seem to be toppling, just to ensure that others don’t lose their faith in you or your leadership.