Have you ever seen a salmon swim against the current of a river? It’s difficult because there are so many obstacles to overcome says Paul Haarman. For example, when it comes to starting an entrepreneurial venture, entrepreneurs must face discouragement. They have to deal with rejection after rejection until they eventually get one yes. Then they may have to start over from scratch to succeed in their next venture. Talk about being thrown back into the water!
This is one reason why successful entrepreneurs are unique. Not only do they complete rigorous programs at top colleges or universities, but they also managed to survive in the cutthroat business world where only 10% of startups make it past five years. With so many challenges, who would ever think that entrepreneurship was easy?
Here are some of the obstacles that entrepreneurs face:
– Lack of capital: Most businesses fail because they run out of money to continue operations.
– Business competition: Some competitors may even perpetuate poor business practices to force you out.
– Economic recession: This means the market could be trending downwards, which is always a risk for any entrepreneur who wants to pursue an idea. Nobody knows when another one might hit, which makes it difficult to predict revenue explains Paul Haarman. It’s also difficult to acquire customers during such periods because people become more concerned with their survival than anything else.
– Failure to meet goals: Sometimes, entrepreneurs fall short of achieving goals leading them back to square one.
– Bankruptcy: Bankruptcy is a considerable risk for entrepreneurs because it’s often challenging to recover from this. Some people get stuck in the vicious cycle of bankruptcy over and over again, making it difficult to ever rise above their financial situation.
– Poor business decisions: Entrepreneurs often make poor business decisions because they don’t know any better. As per Paul Haarman, they may not have had any previous work experience in the industry, so it’s more difficult for them to spot problems at their company until it’s too late.
– Negative emotions: Stress is another problem that entrepreneurs must deal with daily. This negative emotion can get out of hand, leading to depression or anxiety if they’re not careful.
Successful entrepreneurs are persistent and determined enough to overcome these obstacles. However, despite this persistence, many of them still fail anyway! The statistics tell us that 90% of startups fail within ten years. It’s an uphill battle every step of the way, but some people believe in themselves and their vision enough to make a significant impact on the world.
Despite all these hurdles, there are still some entrepreneurs who manage to succeed where others have failed. What makes them different? They don’t give up easily. Paul Haarman says they know what they want and go for it despite all the challenges they face. This means that if you’re going to be an entrepreneur, you must prepare yourself for a bumpy ride!
Entrepreneurship is not for the faint of heart. It takes guts, determination, and a lot of hard work to get your new venture off the ground. But there are plenty who have done it before you and succeeded in making their dreams come true. So don’t be discouraged if at first things seem insurmountable or too difficult to deal with because that’s what most entrepreneurs go through when they start out on this journey. Stay focused, keep going, and eventually you’ll find yourself swimming downstream instead of against a strong current like so many others do!