Overcoming Common Entrepreneurial Problems - Part 1

Recently we considered common entrepreneurial problems. Now, in the first part of this article, we would like to look at some approaches to addressing the said problems. Every entrepreneur desires success in his business ventures. There is need to identify challenges facing an enterprise in order to be able to design and implement solutions that eliminate the problems. It is only obvious that after we have identified the problems, we proceed to recommend possible solutions. Don't you think so? Overcoming difficulties generate success and this translates into viable and sustainable enterprises.

We shall consider these solutions based on the respective problems.

I. Knowledge and skills deficiency. Addressing this entrepreneurial problem mainly hinges on continuous learning and development on the part of the entrepreneur, and also staffs working with him. Today so many training opportunities exist. An entrepreneur can address knowledge and skills deficiency through attending seminars, workshops and other similar fora. Mentors and coaches also help transfer valuable enterprise management skills to those who want. Government agencies, trade associations, private trainers etc are also available. Networking also adds a lot of value to skills sharing and transfer. Also, vast internet resources today are easily accessible to people. Additionally, an entrepreneur needs to have initiative, critical thinking etc to tap from various knowledge resources. By the way, are you willing to do whatever it takes to improve on your entrepreneurial knowledge and skills? I hope your answer is a yes. If not I'm afraid for you. When the student is ready the teacher appears.

II. Planning and organization problems. Where an entrepreneur cannot develop and implement strategies, tactics, work plans, processes and procedures, policies etc, he can make use of external expertise. There must be realistic planning and organization for the enterprise and this has to be documented. Ensure staff participation in this and confirm their understanding and co-operation. Record keeping has to be done either by the entrepreneur or any other assigned person. Operational plans have to be documented, implemented and reviewed so that deficiencies are addressed. Growth and expansion have to be well thought out, documented and executed. Responsibility and accountability to the enterprise have to be emphasized at all stages and levels. For medium businesses with ambitious change programs, an external change agent or change leader can be engaged to oversee enterprise changes. Failing to plan and organize is planning to fail. You obviously can't go far without planning, can you?

III. People problems require a lot of wisdom. Avoid hiring relatives and friends as much as possible, though the allure occurs due to closeness, possibility of delayed pay etc. Avoid hiring incapable or the wrong staffs by having comprehensive staff selection processes. You can interview a potential staff several times and watch for attitude and entrepreneurial attributes that can complement yours. Consider factors such as passion, integrity, energy and ability to energize others, maturity, authenticity, intelligence, vision, resilience etc. Since finances may be limited, consider hiring staffs in stages while you the entrepreneur fill in any skills gaps. Fill the most critical positions first as you start building your team. Offer other perks such as shareholding, performance bonus, training and development opportunities etc in order to motivate and help retain staffs.

IV. Attitudinal problems such as your inability to delegate, entrepreneur's dilemma, the know-it-all attitude, unwillingness to use external expertise etc are fundamentally addressed by attitude change. You need to change your attitude. Just consider the big enterprises around you and imagine that the owner does everything. Consider the associated stress and failure. Could they have grown so big with such myopic and self-centered approaches to enterprise management? Certainly not. So, why you? Can your enterprise grow when you pretend to be a financial, marketing and operations expert when indeed you are not? What benefits have your competitors who use external experts got, that you obviously don't have?
A serious consideration of the above solution aspects are a must if you want entrepreneurial success. In the second part of this article we shall consider how to address the other common entrepreneurial problems.

Reference: Clayton_WL_Mwaka