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12 Challenges New Entrepreneurs Face And Ways To Conquer Them Pt2 – Tokunbo Fasoro

Hi BIE readers , you can refer to the part 1 of this post. Here… not to miss out on the points, for those just reading this, this is a brief introduction to the post.

The economy is not smiling in a lot of countries in the world right now, especially countries that were totally dependent on oil as income. A country like Nigeria has been one of the greatest ones hit since the fall in oil prices and this has led to a lot of pay cuts, job losses and a hard time for employers to even pay salaries.
This situation has forced a lot of people to seriously begin considering entrepreneurship like never before.
Here are the final 6 challenges you may face as a new entrepreneur and ways to conquer them.

7. Dealing with the stress of not having a steady income: To me, that was one of the greatest challenges I faced. Many times I would say to myself, “Wow! I should have received a credit alert today, if I was still under paid employment”! At those difficult times, it is your passion for rendering the service that keeps you going.

8. Managing your money: At this point of your life, you need to spend money only on important things, especially when you do not know when your next pay check will be coming. My advice is pay your bills, feed and channel the rest into your business or bank account for rainy days.

9. Setting up your business properly: Your business should be different from you. Pay yourself a salary. Remember it is business, not a hobby, your business and you as its employee should be accountable.

10. Negativity from people: Negative people drain your energy. You need to keep positivity around you all the time, from your thoughts to your friends.

11. Employing or Hiring people: Avoid hiring people until the business needs them and can afford to pay them. Do as much work as you can do yourself and hire only when you don’t have the competence or capability. Start by hiring freelancers and contractors – it’s cheaper, because they get paid only when they work. Hire only full time staff when it’s obvious the company cannot run without them.

12. Avoiding overhead: There are some costs that we can avoid in early start ups. Costs such as office space, staff salaries, some office furniture etc . You can work from home until the company itself grows out of your house, that is talking about physical expansion and the company must be able to afford it.

Remember, with hard work, persistence and believing in yourself, the sky is the limit. Please have a great weekend.

Tokunbo Fasoro
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