The problem with success is that it has no definite roadmap. It means different things to different people. No matter how much someone else may try to convince you to accept their version of success, you need to remember that success is very personal.
As an entrepreneur, there are factors that affect your growth and success. These are categorized into external and personal issues. While you may not have much control over the external factors, you definitely can be able to deal with internal issues that are holding you back from achieving your dream. They could be shortcomings, weaknesses or attitudes which need adjusting. Your focus should be to avoid these issues so as to guarantee success. This article deals with the top 4 personal challenges that normally hold entrepreneurs back from success. If you hope to improve your chances of succeeding as an entrepreneur, you will have to identify and deal with these issues.
#1: Lack of Funds and Poor Credit
For many entrepreneurs who are just venturing out into the business world, lack of funds is usually the biggest challenge they normally face. Most do not have the means to fund their startup themselves or even put in place a sizable business operation.
Because of this, you may have to consider getting some external source of funds to solve this problem. But this is where another problem arises: poor credit. Poor credit rating, especially for those in the US could mean you failing to secure the funding you need. You may have to take some drastic measures to repair your credit score if you wish to tackle this efficiently. And this may even involve hiring credit repair services to handle it for you, in case you are dealing with a major debt.
Alternatively, you can approach relatives and close friends for a possible loan to start a business. But this is usually the riskier path to take. Whoever said that you shouldn’t mix friendship and family (or friendship, for that matter) certainly knew what they were talking about. In case you default on the payment of a loan advanced to you by a friend or relative, you may end up irreparably damaging the relationship between the two of you. So you need to tread carefully in case you choose to walk this path.
#2: Inability to Balance Work and Life
You may think that you are doing more work by working a 14-hour shift as compared to a 10-hour day. But, sorry to disappoint you, this is not the case. Many workers have reported a diminishing rate of return the more hours they put into their work per day. The result is more time spent at work, yet having little to show for it in terms of productivity.
This is the reasons why you are supposed to have some time off from work for yourself. Balancing your work and life well will guarantee that your body gets enough rest. And this is sure to give you the energy and motivation required to continue pursuing your entrepreneurial goals with greater purpose. After all, you do not want to end up with fatigue and numerous other ailments simply because you didn’t give your body the rest it deserved. So, cut yourself some slack, take an hour or two from your busy work schedule to rest and watch your productivity soar through the roof.
#3: Fear of Failure
We all fear to fail. The degree of fear is what makes the difference. The fear factor may come because you are either too used to success in small projects or you lack the boldness required to risk prior accomplishments to pursue something that is less certain in the future, according to entrepreneur Nitin Kumar Gove. Fear of failure can also be motivated by a low sense of self-esteem and confidence. Essentially, you may be too critical of yourself and lack the confidence and willingness to trust your own skills, efforts, and opportunity.
The surest way of dealing with the fear of failure is to take the risk, fail and eventually discover that the world doesn’t end when you fall. There are sure to be painful lessons to learn in the process, but so is the potential for freedom and great success. It’s only those who have been through failure and overcome it that is able to take the lessons learned to apply them to success.
#4: Accumulation of knowledge without application
Many of us are accustomed to accumulating a lot of knowledge. Unfortunately, all that knowledge doesn’t help us because we do not apply it. As much power as knowledge is, it won’t be of much use to you or your business if you don’t put it to good use.
Don’t be so caught up in reading and amassing information that you forget how to put it into action.
Before you read your next book on investing and entrepreneurship, at least make an effort of working with the principles you’ve discovered in your previous book. Before you go to the next seminar for empowerment, at least ensure that what you learned from the previous one has been put to good use. This will be the quickest way of not only improving yourself but your business as well.
It’s interesting to note that potential remains just that until it is put into use. You cannot actually touch or see potential before it is harnessed to give something tangible. That’s when it stops being potential and becomes reality.
If you wish to succeed in entrepreneurship and unleash your potential, you have to be determined about overcoming your personal challenges and facing them head-on. And the sooner you start working, the better your prospects will be at experiencing great success.