The Challenges All New Entrepreneurs Will Face

in Small-business

Becoming a new Entrepreneur and starting your own business is one of the scariest yet most exciting things you can experience. Every new Entrepreneur and Business start up will face good times and bad times, this is a certainty. I want to keep this article based around a Home Based Business as this is where my experience is. I have once started a bricks and mortar business but I failed so I'm not really qualified to talk on that subject. While I am totally in favor of Entrepreneurialism I personally think it makes more sense to plug into a system that works and takes all the pressure off you such as the legal aspects and coming up with a product etc. Now some people are successful going it solo so to speak but for the most part, going it alone spell failure.

Plugging in to a system that is proven:

1) will already have a product,
2) the legal aspects are all taken care off, and
3) you have many experts ready to give you advice on what works and what doesn't work keeping your costs down and speeding up your learning curve.

Now by plugging into a proven system, you have a greater chance to succeed but it will still bring challenges. How you look at challenges will determine how successful you become. Do you hit a challenge and give up or do you see challenges as small obstacles you need to get past? Im going to list some of the biggest challenges and worries facing new entrepreneurs and give a little piece of advice to get over each hurdle. The following problems occur at different stages in your business.

Challenges when first thinking about starting a home based business.

1) People are going to be negative and tell you not to be silly, you cant do it.

People are conditioned to think a certain way and our society reinforces that. We are told from a very young age that we need to get good grades, a good job and retire with our pension/benefits. Sometimes its jealousy, people want to pull ambitious people back to their level. If your going to make it you need to have thick skin and keep going through all of the negative stuff. Make sure you have a "why" a reason for doing it, this "why" must be strong enough so when you face challenges, your "why" keeps you going. I struggled in my first MLM, a huge nutritional company, for 3 years untill I found out some information that brought me the success I have today. Most people will quit after a few months. You MUST have the self belief and the determination that you can succeed and you will.

2) What company to join, there are so many out there and they all claim to have the best products with the best compensation plan?

All of the MLM companies I know, and certainly the one I was involved in, had no marketing training available because no-one actually knew how to market. 99% of the distributors are employees who don't know a thing about marketing. Effectively, you are getting trained by someone who doesn't know anymore than you. I was taught to "pitch" everyone I possibly could about our business opportunity and products. I have since learned that this is NOT the way to go. Pitching your business is the fastest way to fail. If your on your local high street and you see someone standing with a clipboard what do you do? Cross the street? that's what I do anyway. Home based business and MLM is changing and if people don't change they will fail. The internet has killed "old school" marketing methods. Do your due diligence, research the company, the training and if they don't do 99% of their work on the internet - RUN FOR THE HILLS.

3) There isnt enough hours in the day?

Your probably starting a home based business part time around a full time job and possibly a family life. You are going to need the support of your family and they need to understand what you are doing and why you are doing it. There are going to be frustrating times. You MUST master managing yourself in time. Plan what you are going to do and when - and stick to it. Don't sit watching the idiot box (TV) get on with some marketing. Being organized is key. This is another reason why your business needs to be on the internet - leverage. When your sleeping your business is advertising for you. The business I am now involved with works on autopilot all I need to do is get traffic to my website.

4) But I cant sell?

The truth is amateurs sell - professionals sort. This is a huge problem with MLM and home based businesses. People have a huge problem selling. You need to take a different angle on it. You are solving a problem someone has. You need to get good at asking the right questions. People don't like being sold to, but if they have a problem and you have a solution, that's different. Tim Sales, Jim Rohn and Jeff Combs are 3 awesome speakers on self development etc that you should be reading/listening to.

5) Stop living in your comfort zone.

Entrepreneurs and successful people are different from 9-5 in a job type people. We do different things and it takes more courage normally. Albert Einstein defines insanity as "doing the same things and expecting different results" if you want more from your life, then you need to do different than you have been doing. Start small and work up. A great little exercise to start with is looking people in the eyes when your talking to them, you will be amazed how often people look away. Do it to strangers in the street, if they say anything, just say, "oh sorry I thought I knew you" You will start to feel more confidence instantly

6) Feeling overwhelmed and wanting to quit

For many people this will be the first time they have done anything like this and sometimes you will feel like you have the weight of the world on top of you and you cant cope with everything you have to learn. These are just small problems you need to overcome. We all started in the same boat and only the strongest and determined survive. Slow your business down and take it at your own pace. Remember its your business and you are the boss.

7) I dont know what to say to people?

This is one of the main reasons you want to do your business on the internet. You can instantly come across as a leader, if you are doing a presentation in someone's living room and you don't know what your talking about, the prospect will see that instantly. You don't want to become the person that everyone is avoiding because your trying to sell them stuff. If people ask you about what you do, just tell them like you would with any other job, don't jump down their throats trying to sell them something. If they want what you have to offer, they will let you know - I promise

8) Unrealistic Expectations.

Most bricks and mortar business are not making money in the first 5 years. MLM is notorious for feeding people hype about how easy it is to make money and people think they will be making $1000's within weeks. When they don't, they quit. While in some opportunities, its not uncommon to make $10k your first month, for the most part people will take a while to see some profit. All MLM companies have very low priced products so you make a few $ per sale. I make $1k, $4k or $8k per sale so you can see how I make a huge monthly income. This is top tier though and costs a bit to get involved with.

9) Not Making Money or No leads

To succeed in home business and make $10k+ per month you will need to be generating around 50 leads per day. If your not successful, you need to change what your doing. Follow the top guys in the industry, see what they are doing. Make sure your constantly keeping up with whats going on and surround yourself with the successful people not only in your company but other companies. The biggest mistake you can make is get so involved with your company it becomes like a clan and the distributors think there is nothing in the world outside of the company - I know because I was one of them. Every company pitches their products and compensation plan as the best - they cant all be right!!! I didn't start making money until I joined the company I'm with now and learned what I have. Don't let yourself go down the route I did and you end up in supporting your company like a football team.

10) You have a good team under you but how do you deal with the whiners

I remember feeling quite guilty... Almost depressed for some of the people's lack of success on my team. In turn, I started spending the vast majority of my time developing new websites, new systems, and new tools in order to help them achieve the success they said they so badly wanted.

I basically stopped sponsoring all together and got into the dreaded "management mode", where 90% of my time was spent on training and tool development.

But the funny part, is that nothing ever changed. It didn't matter what I did for them. It didn't matter how bad I wanted "success" for them. The people who were getting results, continued to do so, while those who were treading water, kept treading.

Understand this right now: The only thing you can do that will TRULY help your business and your team members is to lead by example.

Just do the things that you need to personally do on a daily basis to build your business - Advertising, Prospecting, Follow-up, and New Rep orientation. One training call per week for new reps, tops... Spend more of your time one-on-one with your producers, and that's it.

Just as it is a sorting game to find new people, it is a sorting game to find people that will work and achieve once they join.

The sad truth is that 97% of those who start a Home Based Business aren't really serious about becoming self-employed. They are just looking to "buy some hope", so they can quiet the voices of discontent in their heads.

Soon enough, they'll find an excuse as to why "it didn't work for them", and quit.
And there's NOTHING you can do about it - So don't spend your time and energy worrying about it.

DO NOT cater to their weakness. Do not change your tools if they are working for you. Do not change your websites if it is working for you. Do not change your system if it is working for you - just because it doesn't work for others... It never will, and it's their issue, not yours.

Build YOUR business. Lead by example, and the right one's (the few), will follow you. Put your blinders on to everything and everyone else.

So in summary

Make your mind up to go for it and don't let anyone or anything stop you, you need to be a Rhino not a sheep - Rhinos stand firm, sheep all flock together.

Find the best business suited to you and give it the attention it deserves - remember, its not a hobby.

Commit to a plan of action and stick to it. If your working your business part time then I suggest 20 hours per week. 15 marketing and 5 hours on training/self development. Don't spend your time getting ready to get ready. Being busy doesn't make you money, being productive makes you money.

Have clear defined goals, strong enough to keep you going when times are tough. Get connected to them, spend 5 minutes 3/4 times per day imaging how it would feel to reach your goals.

DON'T EVER GIVE UP - The pain of determination is not nearly as bad as the pain of failure.

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Ewan Robb has 1 articles online

Ewan Robb
Online Business Coach and 6 Figure Mentor

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The Challenges All New Entrepreneurs Will Face

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This article was published on 2010/04/02