7 Challenges Entrepreneurs Face Today – And How To Get Pass Them
Updated: Jun 18, 2024
Expert Panelists are handpicked and invited to contribute because of their knowledge and valuable insight within the areas of Business, Mindset, Leadership, Lifestyle, and Sustainability. Members of The Brainz Magazine community of experts will share their best tips, advice, ideas, and hacks on different topics.
Expert Panelists
1. Getting Leads
Most of my coaching clients consistently struggle with one thing: getting leads. The reality is that you have to take big action to overcome this hurdle. That means getting on the phone and making cold and warm calls. It means going to networking events and conferences for your industry. And it means speaking on podcasts as a guest and more to get your message into the world. I challenge you to take action that matches the size of your dreams and goals today.
2. Increasing Business
Create an accountability meeting that encourages your team to meet weekly to brainstorm, share progress, and set up weekly projects to increase business, such as:
Showing Up: Go live three times a week on different platforms (TikTok, Instagram, Facebook)
Posting Content and Graphics three times a week
Referral Invitation: Create a VIP Group and invite them to refer 3 friends and receive $25 for every referral that commits to a service
Monthly Complimentary 15 minute service
Support one another’s service by sharing that service with your group.
My absolute favorite project is “Teach In Ten” Take one service that you offer and provide a demo on Zoom or Live in a private group. This gives the audience a taste of what you do. It's short, fun, and can be implemented immediately.
Rev Joanne Angel Barry Colon, Certified Wholistic Personal Trainer, Intuitive Healer & Cosmic Energy Reader
3. Safety of the Future
Uncertainty has been the number one thing on entrepreneurs' minds in the last 2-3 years. Pandemic, as well as following events, made us painfully aware nothing in your business is for certain. In the last few months, my business has lived through the loss of the website, main social media channel, loss of access to all business emails, and even loss of access to all of our bank accounts.
We've made it through this wave, and I can say with confidence that every business owner should be questioning every part of their business and thinking of a plan B. Do you have a reliable traffic source? Time to start building the second one. Do you have a great team? Think of the plan for when they are not available. Do you have security in client contracts? Think what would you do if you had to start from scratch. Of course, we can't spend our entire time thinking of doomsday scenarios, but the last few years showed us that no business is safe from having to rethink everything, so while things are stable, I'd recommend diversifying.
4. A Fixed Mindset
Having a fixed mindset can limit an entrepreneur from starting and running their own business. A company requires a lot of dedication, time, energy, and ease to adapt to change. Furthermore, the market is constantly evolving, and it is necessary to have a future perspective and work on innovation. A fixed mindset leads to mental rigidity and extreme difficulty in facing change or unexpected events. The solution lies in being able to overcome a failure and take advantage of it.
This skill takes the name of growth mindset, which is the awareness that you can improve your skills and in which change is lived as a reason for growth, development, and improvement. This happens by getting out of your comfort zone, constantly learning, focusing on the process and not on the result, embracing innovation, and building a growth team.
5. Underestimating Your Value
Entrepreneurs underestimate the value of their product or service. Therefore, they do not price their product/service appropriately. Entrepreneurs must remember the value they will deliver to clients. It is vital to consider the value clients may receive. Entrepreneurs alleviate ongoing pain by solving the clients’ problems. Clients may achieve their dreams because of the provided tools. Therefore, entrepreneurs should never underestimate the value of their products or service.
Dr. Mary J. Huntley, Board Certified Master Life Coach/CEO Trinity Global Empowerment Ministries, Inc.
6. Doing Everything On Your Own
What I see with entrepreneurs and highly motivated people is that they often have the point of view that they have to be in control and do everything on their own. What if this is not actually true? What if you could receive a contribution? Instead of getting burnt out doing everything on your own, devoting all of your time and energy to your business and creations, what if you could add people who could provide you with support and assistance?
7. Poor Management
Business owners cannot afford to have employees quit because of poor management. Costs are too high, and skilled employees too scarce. To avoid this, they must learn to focus on the employees' intrinsic motivation. What really makes him or her shine? And then find a way to use it to the benefit of the organization.
