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Entrepreneurial Challenges

Irrespective of the area of focus the challenges of entrepreneurship are multifaceted and entrepreneurs will have to deal with these challenges whenever (or even before) they show up. These facets could be grouped into Self-mastery, product, finance, community and government. Whereas financing boils down to customers paying for invested capital, community can be seen from the perspectives of employees and wider social circles beyond the employees' circles.

There is certainly no single best solution to address all the challenges from an emotional, ethical, rational and spiritual viewpoint. But sharing inspirational moments with entrepreneus will surely enrich ones understanding of these challenges:

Developing "the right" aptitude and attitude: Are valuable resources being invested in the development of "the right" aptitude and attitude?  How can you tell, when somethings need to be seen to be believed?
The myriad of areas of knowledge to focus on and develop include: Planning, Management, Organising, Leading, Coordinating, Development, Evaluation, Remuneration, Transitioning, Language art, Humanities, (higher order) thinking, decision making, communication, imagination, researching, performance, problem solving, continuous learning, and humility.

Developing "the right" product: Are valuable resources being invested in the development of "the right" product? How can you tell, when somethings need to be seen to be believed? Luck can be expressed as being at the right place at the right time having the right conversation with the right people. This may be used to comment on having the right product. But from the ideation to fruition the process of developing the right product is not limited to luck, though appreciating the circumstances and context leading to luck is pertinent in facilitating the execution of the process. Activities such as idea generation and screening, concept development, strategic market and marketing analysis, feasibility analysis, product design, clinical trials, test marketing and market entries are certainly not as simple as arbitrary, random selection of "the right place/time". Entrepreneurs will constantly have to develop their (higher order) thinking to be successful in blending rationals and "luck" in developing "the right" products.


Developing "a good relation" with your customers: Do you have customers who appreciate and buy your product? How do you appreciate your customers? In environments where customers have options and your product is just another option, developing a good relationship with those who appreciate and buy your products is inevitable for bunsiness continuity and development. Whatever approach you take, customers are in the best position to inform you on how to best appreciate customers, unless they are being psycho-socially manipulated.

Developing "a good relation" with your investors and partners: Do you have investors and partners backing/funding your activities? How do you appreciate your investors and partners? Investors and partners are in many ways customers and should be appreciated in ways (with principles) similar to those used in appreciating those who appreciate and buy your products.

Developing "a good relation" with your employees: Do you have employees contributing in the realisation of your vision? How do you appreciate your employees? In most environments appreciating employees is regulated, but going beyond specified regulations has been explored and exploited by many employers in the quest to attract and retain valuable employees.

Developing "a good relation" with your communities: How involved are you in the communities of your operations? How do you appreciate your communities? However you operate in a given community, sooner or later, those in the community will respond and react to your operations. If your operations does not impact the community positively, be sure to expect an opposition that may be detrimental to business continuity.

Developing "a good relation" with the government: Do you have governments regulating/governing your activities? Do you have all the regulatory/administrative obligations and tasks done? Getting professional auditors, lawyers and accountants involved in developing a good relation with the government is vital as dealing with issues relating to the myriad of regulatory/administrative charges, fees and taxes has to be flawless.

 


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