Top 4 Difficulties Of Having Your Own Business

  1. Financial risk: To start the business, you may need to invest your personal savings first, in the form of a loan or equity or a combination of the two.
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  1. Long working hours – entrepreneurs work can work more than 60 hours per week.
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  1. Lack of vision and strategy – it is difficult for new business owners to forecast their finances for the next 3, 6, and 12 months, due to inexperience.
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The best way to do this if you lack experience is to be taken under the wing of a mentor.

New business owners need to pay attention to:

  • Budgeting
  • Company growth
  • Marketing, advertising and promotional activities
  • Analysis of competition
  • Balance sheet
  • Cash flow analysis
  • Sales
  • Expense forecast
  • Potential problems and their solutions

 

  1. Time management skills – We all put off things that we don’t want to be done. However, a small business owner is not allowed the luxury of putting off tasks.
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Business owners encounter a steep learning curve about time management.

What are two important lessons in time management?

A) Learn about time management quadrants. Experienced business owners focus their resources on Quadrant One and Quadrant Two, and leave Quadrant Three and Quadrant Four.

Time Management Quadrants:  http://www.iconbusinesssolutions.com/latest-news/blog/the-advantages-and-disadvantages-of-owning-your-own-business

Time Management Quadrants:
http://www.iconbusinesssolutions.com/latest-news/blog/the-advantages-and-disadvantages-of-owning-your-own-busine

 

B) All tasks need to be done under the canon: ‘Never touch a single piece of paper / email twice’.

 

Top Notch Learning will pave the way for your success. Learn with them, be mentored and experience the journey of education. See if their courses are right for you today.

 P.S. Let us know your thoughts, comments or questions below!