Absolute Biggest Problem Entrepreneurs Face

[impaul99]

I'm very curious to hear from any independant business owners / entrepreneurs as to what is your single biggest problem/challenge in business?

This means anyone working at a job and having a part time business on the side (like a blog), or people who work form home, or people who might be running a business for years now etc.

What's the MAIN problem?

ie.
Is it balancing your business with your personal life?
Is it how to get out of your job to focus 100% on your business?
Is it getting yourself to do what you know you need to do to be successful?
Is it not knowing what to do or how to do it?
Is it lack of capital?
etc.

If there was one single biggest problem that you could hire a consultant to fix for you what would that be?

[munish]

Originally Posted by impaul99

I'm very curious to hear from any independant business owners / entrepreneurs as to what is your single biggest problem/challenge in business?

This means anyone working at a job and having a part time business on the side (like a blog), or people who work form home,

What's the MAIN problem?

ie.

Is it how to get out of your job to focus 100% on your business?
Is it getting yourself to do what you know you need to do to be successful?
Is it not knowing what to do or how to do it?
Is it lack of capital?
etc.

If there was one single biggest problem that you could hire a consultant to fix for you what would that be?

I think,It is all about the loss of status.atleast till it(Business) gets profitable.And it cant get profitable, if 100% focus is not given on it.

[cdn2wheeler]

I'm not self employed yet, so I can't speak from first-hand experience but I did spend some time working in the banking industry. One of the fellows I worked with closely was tasked, as part of his normal duties, to examine business plans and make loan recommendations based on the plan.

In the 20+ years he did that job, he told me that every single business plan that crossed is desk - every single one, without exception - overestimated income and profit and underestimated expenses and time-to-market.

[Addict]

This means anyone working at a job and having a part time business on the side (like a blog), or people who work form home, or people who might be running a business for years now etc.

I think I would fit that.

What's the MAIN problem?

I don't think lack of capital should be a problem for many businesses as long as you have money to live off of.

Not knowing what to do seems like a problem, but everything can be learned.

I'd say my biggest problem is balancing my projects with my personal life; I got in a huge fight with my fiancee over this and we seem to fight about it often. Another big problem is not focusing on the things that are going to matter and instead working on nonurgent, nonimpactful tasks that have very little lasting value. This is partly a discipline problem, but it also requires that you be completely honest about what is and isn't going to help you in the long term.

And of course, it would be great to stop everything else and work on my ideas 100%, but that's probably not going to happen. I think I would have to see some level of success before making that leap. I wish I could answer your question better, but foresee ever hiring a consultant.

[Phil Parkinson]

For me it was dealing with set-backs and motivational issues over the medium and long term...

I could not have done what I did (start a successful recruitment business) if it wasn't for my business partner.

I would recommend to anyone who wants to be an entrepreneur to find a good business partner who they trust who's skills compliment their own.

P x

[kenakari]

We ran a catering business from home for a while, and our biggest problems were:

Continuing motivation,
Initial cash flow,
Focus on the business and
balance between work and personal.

I think motivation was the biggest problem for me, especially when it came to trying to collect from our customers.

[Ponce]

My biggest problem was not wanting to grow to big.

I could had sold my product to Waly's world but in order to do that I would had needed about 120 more employees and rented about 10,000-15,000 more square feet warehouse and then waited for six to eight months for my first check from them.

Started my business in 1992 and retired in 1998.

PS: I learned this lesson from Sony of Japan, in 1947 he was making pocket radios and then he got an order for 7 millions of them and he said NO.

[Dwane J.]

Ponce, Care to share what your product is?

[Dwane J.]

"This means anyone working at a job and having a part time business on the side (like a blog), or people who work form home, or people who might be running a business for years now etc."

This is the category I fit in.

Lately my biggest issue has been having the energy to work 2-3 hours a night after being at the office all day.

I'm also suffering from:

* Lack of focus and direction
* Possible burnout
* Lack of passion and interest in my side business' industry
* Doubts that all the extra work is worth it. Why struggle when I could be enjoying life more?
* Wanting to try something different but current job keeps me locked in from doing something else.

Essentially my main issue is being in a funk.

[Ponce]

Originally Posted by Dwane J.

Ponce, Care to share what your product is?

Yes Dwane...... in 1992 I hurt my hand and I placed some sand and flour in a balloon with the end cut off in order to squeeze it and excercise my hand, my friend wanted one and then his wife wanted one...... she came to see me a week later wanting 20 for the people at work and it was then that I new that I had something.

My very first day at the swap meet I made $286.00 of which $230.00 was free and clear.

I then placed them on consignment at different stores and then I went to a big trade show in Las Vegas and as the old saying goes "the rest was history".

A kid from Texas started to make them in 1996 and he did get into Walt Mart and made a hell of a lot of money but I was going for peace of mind and not money alone....... got them both and in 1998 I retired.

A funny story, this guy went to the store and bought the hole box, one gross, they asked him how come he wanted so many of them and he told them " Every time that I buy one and take it to work someone steals it from me so that now I am taking one for everybody and that way I can keep mine".

I do have other products that I could make and sell but to me the name of the game is to make the money that you need in order to retire.....done, and end game.

PS: It was called "The Squeezable".

[Steve Pavlina]

I can't seem to think of an answer for this. I can identify plenty of next steps, but nothing I'd label a problem. I basically got the business I asked for.

The original problem was figuring out what to ask for and why. Fortunately, that one only took a decade to solve.

[Acting Like Godot]

Originally Posted by cdn2wheeler

I'm not self employed yet, so I can't speak from first-hand experience but I did spend some time working in the banking industry. One of the fellows I worked with closely was tasked, as part of his normal duties, to examine business plans and make loan recommendations based on the plan.

In the 20+ years he did that job, he told me that every single business plan that crossed his desk - every single one, without exception - overestimated income and profit and underestimated expenses and time-to-market.

That is because the people who submitted those business plans were trying to get a bank loan.

[Bonkers]

I think by far the biggest problem is laziness and not having the motivation to put in the work to get where they want to go. Everyone wants a silver bullet or magic pill to make them rich and not have to do anything for it and generally 95% of people aren't willing enough to put in the time and effort required to succeed as an entrepreneur.

[Ponce]

You will know the silver bullet when what you are doing becomes fun and not work, to me it was nothing but fun from the very first day.

[Jill]

I've been running my own business for over 12 years and can't really think of any major problems. Probably the main things were trying to wear every hat. Having to invoice, collect money, make the sales, create proposals, and all that other stuff -- when all I really wanted to do was help people make their websites better.

But you learn, and you outsource and it's all good. For me, what made it go smoothly was that I was never attached to the outcome. I hadn't really set out to be an entrepeneur and business owner, I just sort of fell into it. I was literally prepared to give it up at any time if it was no longer fun. Amazingly enough, that's a perfect attitude to have with your business because it gives you the freedom to do whatever you want.

Recently, I decided to grow my business and I have an office and employees. I can't really continue to have that same attitude as others depend on me and I have to meet payroll and all that fun stuff. I am trying hard to not worry about that stuff as I know it will only hinder my progress rather than help, but it's difficult not to think about!

I know for a fact that the less you worry about making money, the more you will make. I just need to try to keep that attitude as I sometimes watch the bank account dwindle while I'm building up my infrastructure and investing in the future of the company.

[impaul99]

Just reading through some of the replies it seems a few common threads are appearing:

(1) People are able to put in enough effort to keep the business around, but can't seem to find that energy to MAKE IT HAPPEN.

(2) This can be due to lack of motivation, lack of focus, inability to balance family/job/business, wondering if all the extra work is worth it etc.

Is this about right?

BTW, one of the reasons I'm asking all this is because I'm doing research for a possible eBook to help solve these problems. So far, the replies I'm getting are pretty much what I thought the problems were, but I wanted to confirm.

Keep them coming people!

[Ponce]

Impaul, I don't have any "formal" education but have always been good at what I do because I "believed" in what I was doing, otherwise I would have not done it, have faith in yourself and everything else will fall into place.

One advantage that I have over others is that I can feel people and I can tell the good ones from the bad ones and I can usually tell what will happen before it happens......like when watching a movie.

The above is one of the reasons why I live away from everyone in the middle of a forest.....there are more and more rotten eggs out there everyday.

[Peek]

Having an own company for 3 years with 15 employees, I've been thinking about your question this all day. Being an entrepreneur is wonderful because of the freedom.

And I do not think there is only one problem for wich I want to hire a consultant.
Most of my challenges are described by Jill.
In a job you have 1, maybe 3 area's in a company to watch over. (accountancy, marketing etc.)
As an entrepreneur you have to know/take care of all these issues. So you have to be multi-skilled/multi-focused.

Another issue to be careful with is ASSUMING. Or as we speak, thinking he will do this, thinking she meant that
Trust me you have to be on top.

Still the question remains: For what would I hire a consultant?
At this point, for creative personal coaching. Somebody who can make my mind go spinning into an other direction, than the path my mind is going day in and day out.
So probably a good empathique friend would be fine. (Who can kick my *ss every now and than )

Good luck with your e-book, Paul.

Peek

[Zukin]

Hi Paul,

If you are looking for a chance to practice your consulting skills, why not try answering this person's question:

Credit Cards and Personal Loans Debts

[impaul99]

Originally Posted by Zukin

Hi Paul,

If you are looking for a chance to practice your consulting skills, why not try answering this person's question:

Credit Cards and Personal Loans Debts

Cool. I responsed with some suggestions.

[carolyna]

Hi There,
I work from my home, and most of my contact with my clients now is via phone, email etc.
the biggest challenge to me is to ensure that I "get out" and keep in contact with people face to face to maintain and extend my networking base.
Good luck with your queries.

Successful 1

[andrew]

Having a social life, working too much, lack of time.

I have tons of ideas, just not enough time to do them all.