Every entrepreneur has obstacles to overcome in their journey to build up his or her business. In today’s video, Patrick Bet-David breaks down the nine obstacles all entrepreneurs will face as they impact the business world with their brand.
Creativity: While your business is growing, sometimes you may feel like you’ve hit a plateau creatively. You may feel like you’ve run out of ideas or that your business is becoming stale. When there’s a lack of creativity, boredom sets in and then people start looking elsewhere. The potential to lose customers and fellow employees increases significantly. So you’ve got to remain in a creative state at all times.
Resources: When Patrick refers to resources here, he’s talking about money. It’s always smart to have money saved up to spend on resources needed to keep your business alive. Some entrepreneurs have the tendency of spending more money than necessary, which leaves them with little to no funds when the business actually needs it. The point is to always have some money set aside to cover necessary resources when the time comes.
Talent (Skill): It’s vital to have the best team players going to bat for you and your company. As the company grows, you’re going to have to expand your team to allow more talented people to cover all bases of the company. You may have an excellent sales manager who can lead a team at the brand’s inception. However, once the company gets bigger, that person might not be the right fit anymore. If you don’t expand your talent pool, you might be stuck with team players who prefer to stay stagnant instead of growing beyond the company’s expectations.
Contacts: It’s important to view your contacts the same way you assess your talent pool. The contacts you have may have been good when your company was first starting out. However, as your brand grows bigger, you should reevaluate your contacts to see if they will be able to assist you in making bigger connections. If your current contacts can’t connect the dots you need to succeed, then it’s time to find better ones to add to your rolodex.
Vision (Motivation): The vision is on you. You have everything you’ve ever wanted. Yet, although you’re enjoying the fruits of your labor, it’s possible to lose sight of the original vision. Sometimes, you or others on your team may find that you’re not motivated the way you were before. If you don’t find a way to get that vigor and motivation back, your business will suffer.
Tech (Speed): Tech refers more to the speed and tools available to help you go faster. It doesn’t matter what industry you work in. If your tech isn’t up to par or can’t sustain your business, then you could suffer from a major technical setback. It’s best to get your team together to figure out a back-up plan for new tech once the current one breaks down on you. Once you have a plan in place, execute it before it’s too late.
Enemy (Political): Everytime your company grows, you’ll find that you’ll gain new enemies. All the enemies you had in the past shouldn’t be a thought on your mind. However, once you put the past enemies behind you, new ones will begin to pop up. Some are political. Some are in government. They could be attorneys or quite simply, the competition your business faces daily. There’s no getting rid of them, but there’s a way to keep them at bay. Keep your circle small. The smaller your circle is, the less enemies you’ll have.
Culture: Having a viable workplace culture in place is important for all businesses to have. However, it’s important to keep that culture alive by any means necessary, even if you have to make impactful changes. Sometimes the culture can be depleted, or it’s become so bad that it’s caused customers or fellow employees to leave. The culture can affect every aspect of your overall obstacles you need to get over as an entrepreneur. Only you have the power to fix it.
Reputation (credibility): Your reputation follows you wherever you go. There’s no way to get rid of what people think of you but there’s a way to control it. If someone has the wrong idea about you, then reach out and make an attempt to fix it. Make people realize reassess their perception of you by proving your worth or simply hearing out their issues with you. The art of resolution goes a long way and could help strengthen your reputation.
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