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What would you consider as the hardest part of becoming an entrepreneur

eLdavis

eLdavis

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Being an entrepreneur is never easy, there are lots challenges you would have to face such as running and managing the business to ensure that it produces profit. What would you consider as the hardest part of being an entrepreneur?
Personally i believe the hardest part would be starting up the business.
 
Starting a business is indeed difficult, especially if you have limited capital, looking for a suitable business idea, gaining trust from customers, etc. But all of this can be overcome by sharing tips, one of which is conducting marketing research, product promotions, applying attractive prices at the start of product launches, providing excellent service.
 
In becoming a entrepreneur it require some step and stages but the one I consider as the hardest is the motivation stage where your business tend to fail but you will be the one motivating yourself
 
In my country, the hardest is the heavy bureaucracy. My country is considered one of the more bureaucratic in the world and us owning a business are compelled to continually get in touch with the news and updates about tax laws, tax reporting laws, regime changes, etc. It looks like the favourite sport of our politicians is entrepreneur regime changes, so we lose tons of time to continuously stay up to date to not lose our business.
 
Sometimes, when the bureaucracy becomes tougher and tougher, I prefer by far a simple and peaceful life without a business to think. But in my country, as it happens in southern Europe, this is pretty impossible. Even the participation at paid to post forums like this requires by us the opening of a business, in alternative to the registration as freelancers by the Municipality. Our tax laws compel us to thoroughly report every single penny we earn, whatever the source of earnings. And obviously, our RSI wants to see reported earnings coming from a lawful source. So why the need to be formalised. Here to go formal means our job is justified and lawful. Especially if our earnings come from abroad. The alternative is to register as freelances, but this latter option is shamefully expensive: it costs monthly taxes of about 58 dollars, even when our earnings are zero (imagine a newbie opening a FIVERR account, who only earns 5 dollars per week from GIGs and considering the minimum salary here is about 256 dollars, those amounts of taxes are a true shame). Opening a small business is very much more cheaper, at least until now.
 
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Starmix said:
For me, time management, capital, trust of the staff, customers' attention and retention, and the flow of sales. Somehow, I think it is better to live in a simple and peaceful life without a business to think.
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I must say that risk is also one of the biggest aspect many people often consider and they are usually concerned about losing money. Initially, they try their level best in order to save money and make sure they generate enough cash in order to survive in the market. This is the case with new businesses that tend to survive in the market.
 
Passionate-writer said:
I must say that risk is also one of the biggest aspect many people often consider and they are usually concerned about losing money. Initially, they try their level best in order to save money and make sure they generate enough cash in order to survive in the market. This is the case with new businesses that tend to survive in the market.
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I encountered the hardest part of my milk tea busiess when the health department issued a memorandum for the public not to drink milk tea because according to their office,, there is an addictive chemical added which is wrong. There is no chemical added to milk tea. They are just fabricating issues to harm the milk tea sellers. That was hard for me and others because our sales dived down. People believed, but we have a lawyer and it was refuted wrong.
 
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The hardest part of becoming an entrepreneur is sourcing for capital. Sometimes, prospective entrepreneurs have wonderful ideas but lack funds to kick start the business. In some cases, you may bribe your way to get fund from government institutions. It is quite terrible for upcoming entrepreneurs.
 
magnus2022 said:
The hardest part of becoming an entrepreneur is sourcing for capital. Sometimes, prospective entrepreneurs have wonderful ideas but lack funds to kick start the business. In some cases, you may bribe your way to get fund from government institutions. It is quite terrible for upcoming entrepreneurs.
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Yeah you are right a lot of people including me have very fantastic ideas of what their business should be but the Capital would always stand in the way abd this is the hardest part for most people.
 
The hardest part of being an entrepreneur is raising capital at any point in the business. Whether it is ploughing back from profits, from personal sources, or any other means, it takes a whole lot of strategy to raise capital for a business.
 
Starmix said:
I encountered the hardest part of my milk tea busiess when the health department issued a memorandum for the public not to drink milk tea because according to their office,, there is an addictive chemical added which is wrong. There is no chemical added to milk tea. They are just fabricating issues to harm the milk tea sellers. That was hard for me and others because our sales dived down. People believed, but we have a lawyer and it was refuted wrong.
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So, they basically targeted you specifically or they issued a warning in a general manner to all tea sellers? I do no drink tea at all, so I do not know much about it. Similar claims are also made about a very popular tea seller in our city as well. However, I am not sure if those claims are true or not. Some people state that this specific tea seller also adds addictive substances into the tea so that people may come back again and again in order to buy tea from him.
 
Passionate-writer said:
So, they basically targeted you specifically or they issued a warning in a general manner to all tea sellers? I do no drink tea at all, so I do not know much about it. Similar claims are also made about a very popular tea seller in our city as well. However, I am not sure if those claims are true or not. Some people state that this specific tea seller also adds addictive substances into the tea so that people may come back again and again in order to buy tea from him.
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There is no add-on in processing a milk tea. It was already approved by the Department of Health in the entire country. The contents were properly checked and tested which is why, it was approved to operate in the entire country. There are envious people but let us not allow them to pull us down.
 
eLdavis said:
Being an entrepreneur is never easy, there are lots challenges you would have to face such as running and managing the business to ensure that it produces profit. What would you consider as the hardest part of being an entrepreneur?
Personally i believe the hardest part would be starting up the business.
Click to expand...

I think that we all know about the hardest part of becoming an entrepreneur. We all struggle to make money and start a new business. Entrepreneurs are not an exception,. They have to struggle a lot initially in order to start a successful business venture. This also involves struggling to make money initially and becoming an entrepreneur.
 
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