The 3 Biggest Issues Facing New Entrepreneurs

3 issues facing entrepreneurs

I am currently coaching 15 small business owners. They all have 0-5 employees and are in their first 3 years of trading.

They all have remote teams. They all work on their own schedule.

And they all have the same problems.

I am no stranger to these issues either.

I have been in the game of entrepreneurship for less than five years.

And although I have found some success. There have been a lot of painful mistakes along the way.

So in this article, I am going to share those mistakes with you. And give you my best insights from spending thousands of hours coaching entrepreneurs.

1) No meaningful ‘why’

Wanting to ‘get rich’ is rarely a good enough reason to be successful in entrepreneurship.

The most successful people I speak to have a strong reason ‘why’.

Yes, they want to earn money. But they also have a deep passion for helping others. Or desire to make an impact on the world.

This is about more than money or status.

Having a meaningful reason for growing your business keeps you going on days you want to quit.

It means you will continue when you lose a big customer. Or fail in your first attempt.

Business is an emotional rollercoaster.

You will have good moments and bad moments.

People who are only in business for money usually quit when the going gets tough.

I encourage you to rediscover your why.

You probably had a strong reason for starting your business. And it’s easy to forget that when you are stuck in the daily grind.

But this has to remain front and centre if you want to find long-term success.

2) Don’t enjoy the work

Can you sustain doing stuff you hate every day for years? Probably not.

I know I couldn’t.

What’s the point in starting a business if you hate it? You might as well get a regular job.

Many people come to me saying they know what they need to do to reach their goals. But they don’t enjoy it.

Most of these people are looking for accountability. Someone to force them to do the things they hate. So they can reach their version of success.

But in reality, they need to address the elephant in the room. And that’s the path they’ve chosen.

There are so many things you can do with your time. Is doing things you hate a good use of it?

It takes a huge amount of mental effort to do things that you hate.

Can you summon that mental strength every day of your life? Doubtful.

Eventually you will quit. And go back to doing things you enjoy.

The key is to find a business you actually enjoy building.

Do something you love and you will never work a day in your life.

3) Not delegating

You are the founder of your business.

You have the vision and creativity. That’s what makes you unique and successful.

Your main role is making key decisions. Then relaying that information to your team so they can take action.

That’s how you make fast progress.

Because you are the only one that can make key decisions.

But you’re not the only one that can do admin.

Most entrepreneurs try to do too many tasks themselves.

We wear so many hats as business owners. And that can hold us back.

We spend too much time on ‘busy work’ that maintains our current level.

And not enough time doing tasks that move the business forward.

But here’s the problem. Fear of losing control stops people from delegating.

What if the new employee messes everything up?

Or, what if they are better than me? That would be an ego punch.

If you never hand things off, you will never make progress.

Do you think Elon builds the engine for every Tesla?

I know you are not at Elon’s level yet. But delegating might get you there.

Staffing has never been more cost-effective.

Resources like Upwork have loads of talented staff who will help you for very little cost.

This is the most powerful thing you can do to make progress today.

Final thoughts

Entrepreneurship is difficult.

You will make loads of mistakes. Problems arise every day. It’s frustrating.

At least that’s been my experience. And it appears to be the same for the many people I observe in my coaching practice.

But success will come eventually. As long as you don’t quit.

Find a strong reason why. Work on tasks you enjoy and get the help you need.

Addressing those 3 issues will make it easier to be consistent long-term.

You have the talent. It’s about continuing to take the right actions.

I believe that we can all make great entrepreneurs. The only thing stopping you is your mindset.

Have an awesome week. And Keep marching towards success.

Best wishes,

James

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Entrepreneurship
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