When written in Chinese, the word 'crisis' is composed of two characters. One represents danger and the other represents opportunity- John F. Kennedy

Anything worth doing has challenges but it is in the overcoming of the challenges that separates real achievers with people who want to  pass by.

When one is a business owner,  the key challenges emanate from the five key fundamental pillars required while running the business. These pillars are:

People – The resilience of an entrepreneur, Right and cohesive team

Customer/Product –  it is good to establish that there is an actual need for the product and that the product adds value and it is easy to use. Customers provide the best feedback it is therefore important to continuously listen to them

Sales/Marketing – You could have the best product but for as long as people do not know that it exists its not easy to sale. Employ the right processes to get to the right target clients.  

Processes and systems -  One should start the business having put in place the right systems as the lack of this would lead to a leaking business much later and they might have to stop and take corrective action

Funding and Financial management - Getting the right funding at the right time plays a central role in the growth of the business. One must ensure that the finances. Are being managed well and that they have the right control in place.

A summary of the key challenges to look out for include:

Failing to start and undertaking the experiments

Rushing the process

Not a clear market definition and producing the wrong product from what the clients wants

Rigidity and perfection

Failing to plan and put the right systems in place eg company registrations, right support team

Lack of right capital

Lack of people around you: Employees, partners, Cheerleaders, Critics etc

No compliance for scalability

Fear of Success

Some of the ways to get through this is through

Doing away with fear “What would you do if you weren’t afraid?”– Sheryl Sandberg

Self empowerment through training and readings

Being ready to put in the time and effort “You can’t have a million-dollar dream with a minimum-wage work ethic.” – Stephen C. Hogan

Partnerships and creating networks. Concentrate on what you are good at and have others do the rest for you.

For more insights on matters personal finance and Investments, running businesses reach out to us through the email:info@elizabethnkukuu.com

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