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5 Major Problems We Entrepreneur's Face by vascable: 8:27am On Jan 13, 2016


The world of work has witnessed over the years, a radical shift in the workplace that has birthed some amazing stories; stories that inspire one’s courage and desire for something larger than life. Among these stories is that of Olujimi Tewe, the Human Resource Consultant and Founder of Inspiro Consulting .That story validated a lot of things for me, in fact many people have made that much anticipated leap after encountering his story. But I want to call your attention to one rarely considered area of entrepreneurship; that is why I am writing this piece for you to get well informed. For a few years, I belonged to the school of thought that said “you can only be rich if you’re an entrepreneur”. How wrong I was, as I came to discover later that being in the seat of entrepreneurship doesn’t hand you the magical wand of prosperity.

First, let’s consider the experience of Louis, a creative artist. Louis grew up in a middle class family and learnt practical living as a boy. By the time he was six years old, he was already destroying his mother’s tablemats in the name of cutting cardboards. Soon, he started to do still life drawing and abstract arts which got the interest and attention of his father’s friends who came visiting. Some bought his artworks to encourage him to keep at it. By the time Louis gained admission into the higher institution, it was to study fine arts. Louis became so good at doing arts that he won several awards in school and was widely known across campus. On one occasion when they had a rag day, Louis was mistaken for a mad man. His interest in painting and pencil works got him to start an art studio, a business funded by his father who was proud to see his first son making waves with his talents and interest. Within three years, Louis had gained recognition from the National body and department of arts in leading institutions but his business did not take the same plunge. Three years after he set up the studio, it was no longer in existence. He had veered into different genres of art including stage drama, movies, lightening and set design. None seemed to present him with any fortune. Eventually, all the prospect and talent Louis had amounted to nothing. Now, with a wife and a set of twins, pressure keeps mounting for him to get a “proper” job. What exactly went wrong with Louis and when did it go wrong? What could he have done differently? What mistakes of his can you avoid? This craze for “being my own boss” topples those who wander into the jungle of entrepreneurship and frustrates them so much they lose a lot of money, time and credibility not because they lack talent or big dreams but because they have not learnt to handle the crucial problems with being an entrepreneur among other things.

Now let us see the problems with being an entrepreneur. These are really problems that can easily become crisis in your hands if you are not an entrepreneur at heart and if you lack the relevant knowledge and skills required to effectively handle such problems.

1. Structural Problem

You will be faced with a lot of issues from the outset that are purely structural in nature. If you don’t understand what I mean by structural problems, I bet you already are facing such problems or you are about to face them and won’t know what is wrong. The ability to execute your technical competence very well doesn’t confer organizational skills on you. Organizational skills are what it takes to build an organization in a way that puts the odds in your favor. Let me put it like this: you need two kinds of companies not one; a holding company and a trading company. Most entrepreneurs are never told when they start out. The trading company trades with clients and customers to make the ongoing profits while the holding company owns the assets in the trading company. If you still don’t understand, ask a lawyer.

2. Financial Problem

By this, I do not mean insufficient capital; in fact I do not belong to the school of thought that money is always the first thing needed to start a business. By financial problem I mean accounting, bookkeeping and financial management tactics. Most people starting businesses do not realize how much they have to do per day. You have to learn how to keep your books, bank account(s) and make financial decisions strategically. This can erupt into business failure and bankruptcy if you violate the laws guiding organizational financial management. I’m not writing to teach you how to do that, but to show you the problems. Visit my blog for that.

3. Sales & Marketing Problem

This can be the most delicate problem of any enterprise as some are facing today. You cannot be an entrepreneur and report that you don’t like selling, you’re not good at marketing or that you’re shy to talk to people. Let me help you out: Go get a job! You are not an entrepreneur at heart; you don’t have the software pre-installed. I always jokingly tell people during conferences that the MD is the Chief Seller, Chief Marketer and Chief Public Spokesman for the company. Those are unabdicatable responsibilities of yours. Brian Sher, in his book What the Rich know and desperately want to keep Secret, advised “Never delegate your marketing and sales to anyone else”. Why? No one can sell what you produce or offer the way you can. Remember, bringing in cashflow is the most important area for any company. If you’re not making profit, you’re not in business. Bradley J. Sugars quipped, “You can cut costs to profit, but you can only sell your way to prosperity.”

4. Employee Headache

Hiring becomes a problem when you don’t know how volatile a recruitment error can be and how lethal its effect can be on the company. Managing people is one of the many headaches that come with being an employer, and if you don’t have the shock absorbers for it, you can go bananas. People remain the number one most appreciable asset of any organization but they remain the number one headache of employers (especially when you hire wrongly). For small organizations, your hiring decisions are very important. One wrong hire out of two payroll staff is a 50% loss to the company and a capital down effect. Pls be guided.

5. Clients Problem

The next terrible set of people you will have to deal with will be clients. I’ve been burned a number of times, so I speak from a standpoint of experience. Many things can go wrong from default in payment agreements to unnecessary difficulty in relating with them and much more. As a rule, it is wise to back all verbal discussions with written and jointly signed documents. And be sure to honor your part of the agreement. Making assumptions on behalf of clients can be a terrible experience too, especially when your staff makes such assumptions on behalf of the company. Client feedback is also a great way to measure yourself but getting that feedback can be a herculean task as most clients do not want to fill forms.

These are just a few problems I have highlighted. My intention with this writing is not to discourage you from entrepreneurial pursuit but to affirm the validity of that pursuit. If you should be an entrepreneur, you must have been reading with a burning excitement and figuring out what went wrong sometime ago. If you read with a broken heart or got all the more confused as you read, chances are you don’t have the software of an entrepreneur in you. You are better off not venturing into the jungle; there are wild ferocious beasts at large.

So, if I am not an entrepreneur at heart and I don’t like having a job, what should I do? I’ll end this article with my answer to that. People in this category are often supporters. They are drawn to entrepreneurship but do not have the spirit of enterprise. They are usually the people who support the entrepreneur. Hey, find an entrepreneur with a vision you are crazy about and support him to the very end. Lay all the cards on the table from the very start; express your desires, expectations and reach a conclusion so that you don’t strain your working relationship later on. Every entrepreneur needs an avid supporter, an undefatigable helper, a trusted second-in-command. That I believe is where you fit into the whole picture.

And if you are not in any of the two categories I have spoken about, stay on your job or make a transition to another job that you will find more fulfilling and challenging. Whatever you do, make sure that you are doing the right thing always.

source:- http://marvejohndaily.com/5-major-problems-we-entrepreneur-face/

Cc: seun, lalasticlala, obinoscopy

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Re: 5 Major Problems We Entrepreneur's Face by Afrocatalyst: 11:46am On Jan 13, 2016
Hmmmm. True to some extent. But most can be overcome with creativity and persistence.

2 Likes

Re: 5 Major Problems We Entrepreneur's Face by Nobody: 11:46am On Jan 13, 2016
Cluelessness angry
Re: 5 Major Problems We Entrepreneur's Face by sandrajazmin(f): 11:47am On Jan 13, 2016
Not tHinking outside the box
Re: 5 Major Problems We Entrepreneur's Face by stanbuggy(m): 11:47am On Jan 13, 2016
Entrepreneurs who want affordable office space..
Stop holding meetings at eateries.
Be professorial!

Contact Stanley on - 08063332004 or follow the link below for details


https://www.nairaland.com/2857454/serious-minded-entrepreneurs-only

Re: 5 Major Problems We Entrepreneur's Face by WebSurfer(m): 11:47am On Jan 13, 2016
Trust me, there are no 5 Major problems of Entrepreneurship.. Some are just highlighted way over some other depending on the service rendered..

You just have to be attentive enough to grow, have passion, practice what is more important to your business/brand with uncompromising standards.

Have a good marketing skill, understand what your client/customer satisfaction is and staying always very close to it because sometimes you might never always satisfy a client perfectly.

As a Nigerian, i am not IGBO , Hausa or Yoruba but i can do very well than most of them in their midst.
Reason: i hussle and think like the igbo man, give class like a yoruba man with standards and stay honest and not greedy like an Hausa man.

I would have given a better illustration but i don't have that time now.

I'm one of those graduates without the zeal to get/apply for my certificate yet simply because i am doing far better than most unemployed/massive underpaid graduates with numerous degrees and nothing to show for after spending years attaining them..

13 Likes

Re: 5 Major Problems We Entrepreneur's Face by Nobody: 11:47am On Jan 13, 2016
You can always mitigate risks by adopting proven business models.

1 Like

Re: 5 Major Problems We Entrepreneur's Face by mostHandsome01: 11:47am On Jan 13, 2016
hmm
Re: 5 Major Problems We Entrepreneur's Face by ayindepremier: 11:47am On Jan 13, 2016
I'll will surely be back to read this!


I need to take of some other FP stuffs now.

Thanks for this nice article!
Re: 5 Major Problems We Entrepreneur's Face by stanbuggy(m): 11:48am On Jan 13, 2016
sandrajazmin:
Kk
Did u even read the post?
Re: 5 Major Problems We Entrepreneur's Face by kennyman2000(m): 11:48am On Jan 13, 2016
Hmmmm...
Re: 5 Major Problems We Entrepreneur's Face by Nikkyparadise(m): 11:48am On Jan 13, 2016
i no com here to comment ooooo
i only com to shout
"I NO WELL OOOOOOOOHHHHH"
Re: 5 Major Problems We Entrepreneur's Face by DirtyGold: 11:49am On Jan 13, 2016
These are all part of the problem but there are more foundational problems entreprenuers need to address before enduring success can be achievable.






Anyways, as an entreprenuer, this plot is for sale. Highest bidder takes it!
Re: 5 Major Problems We Entrepreneur's Face by tno4real(m): 11:50am On Jan 13, 2016
On point back to back
Re: 5 Major Problems We Entrepreneur's Face by ricsman(m): 11:51am On Jan 13, 2016
ok but when will our politicians turn entrepreneurs?
Re: 5 Major Problems We Entrepreneur's Face by Benjom(m): 11:53am On Jan 13, 2016
Good research
Re: 5 Major Problems We Entrepreneur's Face by BiggerBangs: 11:55am On Jan 13, 2016
lipsrsealed
Re: 5 Major Problems We Entrepreneur's Face by Nobody: 11:57am On Jan 13, 2016
If you can't start as an employee, then you have no business being an employer.
Re: 5 Major Problems We Entrepreneur's Face by shotgun22(m): 11:57am On Jan 13, 2016
Great article.. its the truth.. I must appreciate your honesty..have bn inspired hugely. I pray God will continue to motivate you. please I'll like to be a friend.. I'll like to share my success with you..thanks
Re: 5 Major Problems We Entrepreneur's Face by winkmart: 12:00pm On Jan 13, 2016
I DON'T HAVE ANY ISSUES MARKETING MY IMPORTED PRODUCTS because I sell online and i dont need employees cuz i deliver myself...and i dont have issues with my CLIENTS cuz i treat them well and dont give out credits. As for Finances, i didnt despise the days of little beginning, I was able to grow what i had to its present state...started with 10K and now the biz is worth 250K in a space of 1year

...I NEVER BIT MORE THAN I CAN CHEW

READ HOW YOU CAN MARKET YOUR PRODUCTS HERE
https://www.nairaland.com/2841393/how-sell-imported-products-fast

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Re: 5 Major Problems We Entrepreneur's Face by shotgun22(m): 12:00pm On Jan 13, 2016
Sacluxpaint:
If you can't start as an employee, then you have no business being an employer.
true...directly or indirectly, you've got to be under someone.
Re: 5 Major Problems We Entrepreneur's Face by adeoladele(m): 12:02pm On Jan 13, 2016
GUY YOU FORGOT TO MENTION CAC REGISTRATION
READ BELOW

MY BAD EXPERIENCE WITH COOPERATE AFFAIRS COMMISSION
I created an account on CAC portal at services.CAC.gov.ng for registration of my company, I was asked to pay a token of 500 naira for name availability with two names option I made the payment in Diamond bank through REMITA platform the name was denied in the first attempt while they approved it in second attempt with the same process.
I proceeded to pre- registration with the same portal platform, I fill all required information after completion, REMITA reference number was generated for the payment of registration with a fee of #10, 000 which I paid to REMITA through Stanbic bank . CAC refused to confirm my payment on the platform, I made a call to the portal customer care, I was told to go to the CAC office at YABA
On the second day I went to the said place with my international passport, two passport, receipt of REMITA for both reservation of name and registration thinking I will continue my registration from the office, to my great surprise, I was told to go to the account section to confirm the receipt, after confirmation on CAC system, it was said that the receipt is valid but cannot be accepted because the receipt did not indicate my proposed company name.
At this point I knew I was in trouble as I tried to explain how the whole process went but the staff attending to me insisted that was the instruction, I started begging him that I just lost my job, it took me a month to raise the money, he later said I should go and see the zonal head that he is the only one that can help in this situation, on getting to the zonal head office I met the staff chatting as if they were in a market, after pushing me from one officer to another I had to spend about 30-45mins before his secretary could attended to me, she collected my documents and went inside “Oga’s “ office, after 15mins she came back and told me her boss said he doesn’t know anything about online registration and he can’t help that I should write for refund. At this moment I was so helpless.
Both customer service numbers on the portal is switched off, I sent email personally to the portal administrator no acknowledgment, no response.
MY QUESTIONS
1. Is online registration a fraud?
2. Is it possible for the CAC Yaba Zonal head not to know anything about online registration
3. In Nigeria of today is it possible for federal government to refund money.

3 Likes 3 Shares

Re: 5 Major Problems We Entrepreneur's Face by DirtyGold: 12:06pm On Jan 13, 2016
tno4real:
On point back to back
Anybody that wants solutions should come and collect it.
Re: 5 Major Problems We Entrepreneur's Face by Pavore9: 12:06pm On Jan 13, 2016
One has to be innovative.
Re: 5 Major Problems We Entrepreneur's Face by vikeyz(m): 12:08pm On Jan 13, 2016
[size=16pt]it may not be working out now, stay on the game and never give up. Chk my signature[/size]
Re: 5 Major Problems We Entrepreneur's Face by vascable: 12:12pm On Jan 13, 2016
shotgun22:
Great article.. its the truth.. I must appreciate your honesty..have bn inspired hugely. I pray God will continue to motivate you. please I'll like to be a friend.. I'll like to share my success with you..thanks

u welcome
Re: 5 Major Problems We Entrepreneur's Face by ekwerendi55(m): 12:16pm On Jan 13, 2016
Pls nairalander,can someone assist me with a loan facility or partnership to startup a laundry/barbing saloon?if u r in uyo n interestd private message me.
Re: 5 Major Problems We Entrepreneur's Face by kachnov(m): 12:33pm On Jan 13, 2016
cool
Re: 5 Major Problems We Entrepreneur's Face by WebSurfer(m): 12:38pm On Jan 13, 2016
shotgun22:
true...directly or indirectly, you've got to be under someone.
i have never been under someone all through my years to this point having people on my payroll.. I only once worked to raise money for needs while i was growing from a tender age of around 16 and it was nowhere close to entrepreneurship as it was just a job. That was then anyway.
Re: 5 Major Problems We Entrepreneur's Face by shotgun22(m): 12:46pm On Jan 13, 2016
WebSurfer:
i have never been under someone all through my years to this point having people on my payroll.. I only once worked to raise money for needs while i was growing from a tender age of around 16 and it was nowhere close to entrepreneurship as it was just a job. That was then anyway. I'm barely 25 but i can't tell someone what i'm worth.
your point exactly?

1 Like

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