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In this article is would share with you 5 challenges Entrepreneurs may face. It’s ideally for you to know them in order to know how to confront them.
Despite the numerous benefits Entrepreneurs may enjoy, there are numbers of drawbacks that entrepreneurs face in the course of setting up and running their own business enterprises.
Some of these challenges Entrepreneurs have been enumerated here;
(1) working Time: Entrepreneurs will have to forget about any official hows of work as well care-free evenings, weekends and
work-free days or holidays. The entrepreneur is always at work thinking, planning, organizing, leading, making decisions, etc.
you will have to put in long irregular hours and even “take your business home with you” always.
(2) Irregular income: Entrepreneurs probably won’t be able to count on a regular income, or any income for that matter; it may take some months or years before he/she may attain profitability.
(3) Greater responsibilities: An entrepreneur carries tremendous weight of responsibility on his shoulders.
He/she will have to make all the decision unless he shares these with a partner who constitutes another problem. He will be embodies in all phrases of the business.
(4) Energy-consuming: Like it or not business would naturally tend to consume just about all the time and all the energies.
Entrepreneurs have little time to spare for the family, friends or fun except for the fun of running his or her own business.
(5) Daily chores: An entrepreneurs may find himself or her self having to perform chores that he or her may personally dislikes and actually abhors.
(6) Reduce Ego and Boss-orientation: You cannot possibly escape “boss free”, By this i mean that your customers, suppliers,
the law of the land and other official bodies will become your new Boss in the sense that you will have to SUBMIT to their wishes and commands for sake of business purpose.
(7) High-Risk Bearing: This is one of the challenges entrepreneurs face. You may lose your capital investment and perhaps other people’s money which you may borrowed as well.
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