Issa Asad Explains 3 Entrepreneurial Obstacles to Overcome in 2020
Entrepreneurs are seen as a different breed of people. Since there is no description that can describe them as one-size-fit-all from any category, entrepreneurs can be described as resilient, outspoken, motivated and persisted. Even if sacrifices are required, they are ready to whatever it takes to realize their dreams and make their visions a reality.
“Entrepreneurs, unfortunately though, come across challenges that cannot be overcome by any amount
of hard work, and these business owners have to face these kind of problems at one point or another,” said Issa Asad Florida businessman and social media expert. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
So, what can you do if you are an entrepreneur and you come across these challenges? Here, Issa Asad Explains 3 Entrepreneurial Obstacles to Overcome in 2020:
1. Low money
A freelancer writer Adam Wren once shared a story of Brian Fox, who is the chief marketing executive and founder Confirmation.com an online auditing company which is based in Tennessee in an Entrepreneurial article. Fox had a student loan debt of $9200 as a owner of a new start up company and so he regarded his Honda Accord as his last option in case he needed to sell it so that his health insurance for employee’s would be covered. Wren wrote “luckily a check of $2500 from an investor spared the car.”
Many entrepreneurs around the world find themselves shot of cash. Unfortunately, if you are very proud this could get in the way of considering some help from an investor. However, if the investor does believe in your business model and you, and he is willing to help, the better option is to accept his money to keep your business running than to let your venture fizzle out and leave your employees with no work.
Another worthy option is a loan if your cash reserves are low. There are many organizations out there ready to offer loans to small business, such as the local banks, the Small Business Administration and Lending Club. A lot of companies like SmartBizz, OnDeck and Fundbox today are taking different approaches to lending small businesses cash with personal approvals and low interests. These definitely are worth looking at.
When it comes to entrepreneurial burnout, Chris Ducker who is a virtual business consultant is outspoken. Ducker wrote on his website and said that everything changed for him in 2009 when he suffered a horrific burnt out. He was living like most of the entrepreneurs, working for the better part of his days and spending very limited time with his family. Ducker admitted that though he enjoyed building his business, he was exhausted in every other imaginable way, and eventually this landed him to the hospital.
You may find it difficult to leave doing some of the low-level duties as an entrepreneur, but hiring trusted people carefully to handle some of the areas in the business can get things running smoothly than when you handle them yourself.
Outsourcing some of the small tasks such as book keeping, web development and other repetitive tasks is another great option.
3. High cost of suppliers and contractors
The cost of contractors and suppliers can certainly be high. Leveraging the help and services of other people could easily reduce your work as an entrepreneur significantly. For instance, you could hire cheap free lancers on Upwork or experiment with Fiverr low cost service providers.