Entrepreneurs are prone to face so many challenges and the significant thing about these challenges is that they are stepping-stones to greater heights; they are tests to prove commitment and knowledge and unfathomable will power of the entrepreneur.
Lack of technical knowledge
This alone is one the biggest challenge that most entrepreneurs face every day. They go about doing things anyhow without proper understanding of how it should be done, when it should be done and for whom it should be done for. But it is not a problem .. more of a learning curve. As an entrepreneur you have to overcome this quickly before its too late.
Inability to plan well
Most entrepreneurs do not have good plans for their enterprise, all they know is that they will succeed one day but they do not even know that success is anchored to a good and well structured plan. If an entrepreneur must succeed, then he should have a good plan to overcome every challenge and risk that he will face in the nearest future. And plan does not mean that you create a chart and have lot of papers to execute… it can be in your head also but the plan should be there. Listen to your inner voice – your sixth sense – and your instincts. But always know where you are heading.
Yes lot of money is required to run business and it is difficult to get investment and not everyone is going to be an angel investor and trust you blindly. Bootstrap as much as you can before you need actual funding.
Competition is inevitable
Competition is one of the things that have knocked out many entrepreneurs from their business. Any entrepreneur who is not ready to face competition is not ready to become successful or not ready to become an entrepreneur. Competition is an inevitable criterion that an entrepreneur must face. Therefore, running away from it is like running away from your business. Eat that frog as if it is a feast.
Lack of understanding of the market size
An entrepreneur, who does not know the structure of the market, does not know his right from his left, his business cannot grow. But this point cannot be applied on every entrepreneur because it is impossible that your dream can actually create a new market that does not even exist. Lot of entrepreneur have been torch bearers and create a new industry.
The most expensive thing in the world is integrity. Once you earn that then sky is the limit.