Lesson 3 - PH - Marketing - Entrepreneurship Trends and Issues

Challenges of Entrepreneurship
1. Teamwork and delegation.
One of the biggest challenges of entrepreneurship is

transitioning from that “job” to a “company” that runs by itself and is no
longer dependent on you. And to do that, you need a team, and you need to
be able to delegate to them.
There are two primary challenges with teamwork and entrepreneurship:

a.Entrepreneurs get hung up on how they’re going to do something
b.They hit a roadblock when they don’t have the capabilities or
resources
to do it themselves.
1. Teamwork and delegation.
Hiring a team member is not a “cost”; it’s an investment in

your company’s future.
2. Focus and productivity.
No matter what industry you’re in or what your business

model is, the key to success in entrepreneurship is staying focused on the
right things on a daily basis.
This will make everything in your business simpler

and allow you to put your full focus on one challenge
at a time.
3. Work-life balance issues.
The average entrepreneur works 48 hours per week, and

many work far more than that. When it feels like everything relies on you, it
can be difficult to step away. This is one of the most distressing challenges of
entrepreneurship as it can cause burnout, affect your relationships, and
even be harmful to your health.
4. Developing good habits and achieving goals.
If you want to achieve progress in your business, you need to

set goals and achieve them. Doing that is harder than it might sound. It’s
one of the most common challenges of entrepreneurship.
What habits would the person I want to be a year from now have that I
don’t have?
What habits would it be worth doing every day so that I can become more
successful?
5. Procrastination and time management.
Many entrepreneurs struggle with time management, and

one of the root causes is procrastination. When you’re forced to do
everything in your business yourself, there will inevitably be activities that
you dread, which will cause you to procrastinate.
Procrastination is the act of delaying or postponing a task or set of tasks.

6. Business growth and scaling.
Figuring out how to grow your business is the most obvious

and daunting challenge of entrepreneurship. There are thousands of ways to
grow a business, and deciding which way is best for you can feel like an
impossible challenge.
6. Business growth and scaling.
What they should focus on to grow their business?
1. Identify all the ways you’re making money in your business right now.
2. Ask yourself the following four questions for each revenue stream:
-If you stay with this activity, can it go 10x?
-Does this activity fascinate and motivate you?
-Is this an activity that would last 25 years?
-Is this an activity that would present the possibility of
constant new
innovation?
Successful Entrepreneurship
1. An entrepreneur should be excited by the prospect of work.

2. A successful entrepreneur always has a strong sense of self-
confidence and a healthy opinion of their skills and abilities.
3. An entrepreneur should always be on the lookout for new
innovations and ideas in order to emerge as a winner.
4. A successful entrepreneur is open to adopting change.
5. Competition should never scare an entrepreneur.
6. An entrepreneur should be highly energetic and motivated.
7. Accepting rejection or constructive criticism can go a long way in
making an entrepreneur successful.
Management skills required to become an
entrepreneur
Entrepreneurs are individuals who have the courage to

take several risks and single-handedly operate their businesses. An
entrepreneur is a leader, innovator, thinker, and motivator for his
team.
entrepreneur
1. Time Management
The most valuable asset for young entrepreneurs is their time.
As an entrepreneur, you have to take care of so many things together
and time management is the key to keeping everything on track.
It is vital to get more work done in less amount of time by

eliminating interruptions, prioritizing tasks, and increasing
effectiveness as well as productivity.
entrepreneur
2. Business Planning
Every entrepreneur needs to develop a business plan or a
blueprint of how will he develop his new business.
A good business plan consists of a single document divided

into several sections including the description of the organization,
market research, sales strategies, competitive analysis, and financial
data.
entrepreneur
3. Employee Management
An entrepreneur must know how to manage people. He should
be a good judge of the character and abilities of an individual such as
hiring the right employee is the foremost step for the success of a
company.
entrepreneur
4. Customer Management
An entrepreneur must know how to manage his relationship
with existing customers with a focus on creating loyalty towards his
business.
entrepreneur
5. Sales Management
Selling or sale management is an essential skill every
entrepreneur must master.
entrepreneur
6. Financial Management
Even if your business’s finance is handled by an accountant or
a finance professional, you must know planning, organizing, directing,
and controlling financial activities such as procurement and utilization
of funds.
entrepreneur
7. Business Management
Being a successful entrepreneur involves more than
enthusiasm and a good eye for new opportunities. A thorough
understanding of the essential business functions is a prerequisite for
entrepreneurs who want to take their business to the next level.

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Challenges of Entrepreneurship

1. Teamwork and delegation.

One of the biggest challenges of entrepreneurship is

There are two primary challenges with teamwork and entrepreneurship:

1. Teamwork and delegation.

Hiring a team member is not a “cost”; it’s an investment in

2. Focus and productivity.

No matter what industry you’re in or what your business

This will make everything in your business simpler

3. Work-life balance issues.

The average entrepreneur works 48 hours per week, and

4. Developing good habits and achieving goals.

If you want to achieve progress in your business, you need to

5. Procrastination and time management.

Many entrepreneurs struggle with time management, and

Procrastination is the act of delaying or postponing a task or set of tasks.

6. Business growth and scaling.

Figuring out how to grow your business is the most obvious

6. Business growth and scaling.

What they should focus on to grow their business?

1. An entrepreneur should be excited by the prospect of work.

Entrepreneurs are individuals who have the courage to

It is vital to get more work done in less amount of time by

A good business plan consists of a single document divided

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