Every entrepreneur wants sustainable growth for their brand. Unfortunately, the first few years of being an entrepreneur often come with different challenges. Discover these 5 Common Challenges faced by Entrepreneurs and how to overcome them.

1. 5 Common Challenges Faced
by Entrepreneurs and How to
Overcome Them
By Sujoy Mukherji

2. Introduction
Every entrepreneur wants sustainable growth for their brand. They want their brand to
start and dominate the market.
Unfortunately, the first few years of being an entrepreneur often come with different
challenges. According to the US Bureau of Labor Statistics, 20% of small businesses
suffer business failure in the first year, 50% in their 5th year and the number increases to
80% by the 10th year.
While this percentage may seem scary. it’s essential to know that all the challenges
businesses face are flexible. If you want sustainable growth for your business, you have
to start by identifying and going ahead to fix it.

3. 1. Cash Flow Management
Shortage of cash flow is one of the
significant challenges businesses
face. You have to spend money to
make money, without a steady cash
flow, a company might just be
headed to failure.
How to Fix It:
You can manage your cash effectively
by having cash flow management in
place. Set a budget and put it aside for
necessary expenses. Try to keep
accurate financial records to monitor
the money leaving and entering your
account.

4. 2. Branding
Lack of branding puts your business in the
shadows. Aesthetics is almost as important
as the market you sell right now.
Whenever someone hears about your
business, the first thing they do is search for
you on social media or Google to see what
your business looks like. Many
entrepreneurs are always so focused on
building their business, getting new
customers, and securing investment that
they forget about branding.
How to Fix It:
Invest in your business and personal
branding. Branding is one of the most crucial
marketing tools right now. Good branding
helps improve your brand image and
increase brand awareness. Start by being
visual-minded; people love visuals and
aesthetics. You can take advantage of free
web tools like LogoCreator, which allows you
to design a logo in a few minutes..

5. 3. Competitors
Many entrepreneurs are unprepared
for the challenge of facing
competitors in their niche. When you
start a business, likely, many people
are already into a similar business,
and if they aren’t, the chances they
will begin when they see you are
high.
How to Fix It:
You have to stay ahead of your
competitors but don’t lose yourself or get
into loss in your attempt to respond.
Focus on what you do best, figure out
how you can serve customers
better.Make your services unique,
bringing in something trendy, and offer a
wide selection of products customers will
love.

6. 4. Employees
Picking the right people to work with
can be a strenuous process for a new
entrepreneur. The last thing is you
want is to hire an incompetent person
on your team.
How to Fix It:
Have a clear understanding of your
requirements for specific roles before
hiring. Your team building is essential, and
you don’t want to settle for just anyone.
You want to hire people who have the
right skills for a role and take the company
to the next level. Organize an interview,
shortlist people according to your
requirements and needs.

7. 5. Customers and Sales
From established ones like Apple to
startups, every business is always on
the lookout for customers.
Without customers, you can’t make
sales or grow your business.
Attracting new customers and
retaining existing ones can be a
complicated process.
How to Fix It:
Increase brand awareness by investing
in marketing. People only buy from
people they know, and marketing is a
great way to introduce your business to
as many people as possible.
Research and combine different
marketing strategies until your find your
business’s best approach.

8. To Wrap Up...
These are five major challenges
entrepreneurs face while building a
brand.
Last on the solutions is always to
strive to identify and solve problems
that may be impeding your business
growth. Discover the #1 Easiest Way to Start
A Profitable Home Business!