What are some common issues entrepreneurs face?

Posted:
12/4/2018
By:
Trevor Abram

We all face challenges

The challenges faced by new entrepreneurs these days vary from person to person. You never actually know what you’re getting into until you get into it.

For example, say you’re building a venture company like myself. I’ve setup everything so that the products I build are under a “portfolio” company called Abram Ventures. This means that during the course of me building, selling, and investing in other products/services/solutions, I have to also maintain the relationships/sales/issues needed for Abram Ventures.

With this, comes its own set of problems, challenges, and hiccups.

While most would say this is a crazy plan, it’s actually very common. Take Atlassian for example. They’re a company, but own and create different products all under the Atlassian label. Best business model to me.

Here's a quick list of common issues I ran through personally in the beginning, and still go through from time to time.

Common challenges faced:

  1. Not finding product-market fit EARLY — When it comes to building a product/service, it’s soooooo important to make sure that you’re focusing on just that. It’s been proven over and over again that spending 5–7 months on product just to find out that no one wants your idea doesn’t work. It just doesn’t. Go out and find some type of traction - initial customers, beta testers, prepaid contracts, etc.
  2. Jumping from idea to idea (shiny idea syndrome) — Some call it pivoting, others this. When you go from idea to idea with no real effort involved. Stay away.
  3. Not focusing on sales immediately — This compliments #1. As a entrepreneur, you’ll need to be the core salesman for whatever it is you’re building. Doing sales early gets you in (what I like to call) CEO-mode. You’re the end-all, be-all for your company. You can hire co-founders, but ultimately no one will love your baby like you will. By handling sales early, you’re about to hit #1 and prevent #2 all while bringing in some type of revenue (ex: initial customers, testers, sponsorships, pp contracts, etc.)
  4. No real focus — You NEED to focus. Say no to things that don’t matter (or don’t matter as much). For example, I write on Quora now for at least 25 mins every morning. This brings potential customers to my site, boosts my brain for the day (CEO-mode remember), and keeps me active in the startup community.

Those are just a couple of very common issues entrepreneurs face from time to time. Depending on your niche, product/service, and company status, you could face a myriad of issues everyday.

This post originally appeared on Quora


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Trevor Abram