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Challenges Faced by Both Experienced and Inexperienced Entrepreneurs

Frank AlphaKOR

Whether you are a seasoned entrepreneur looking to grow your business or venture into new areas or if you are a new entrepreneur young or experienced, we all face the same challenges.

First question to ask yourself is “How do I even Start?” There are so many reasons not to start and there are so many nay-sayers around you to discourage you from starting. The key is to be focused, confident and to have your plan mapped out. It is OK to have guesswork for areas you are not sure of.

Do not delay! Stop saying “tomorrow” or “next week” or “first of the month”. There is no better time than to start right now. Yes, that is correct. Start right now, review your idea, your plan, your goals and have them in writing with details and target dates. There are so many resources and mentors in our Community who can help. Just ask. We will wait until you complete this…

Another question to ask is “Who is going to do what?” Entrepreneurs by nature feel they need to do everything and micro-manage. Start by going through your detailed plan and ask yourself who can do certain tasks. At this point, do not make it employee driven or personality driven. Take a step back, and make it job description driven. What person is what role can handle this task?

Letting go is one of those tough lessons to learn. The sooner you put metrics in place to measure performance and let go of micro-managing, the more time you will have to concentrate on your business instead of being inside the business handling everything.

“How are you defining Success?” Is it money, is it sales revenue, is it recognition or is it the number of people and locations you have? Set down your definition for success and develop a roadmap on what you think it will take to get there. Revisit and update on a regular basis. Sometimes you will find yourself taking a different route and changing your definition of success. It may be a better balance of work, networking and leisure that is more important than volume of widgets sold.

“Who is your Audience?” and what is the message you want to send out. Marketing is the fun part of business. Traditional marketing such as print ads, radio, billboards and others can work effectively depending on your message and audience. Social media and digital marketing bring your reach to a whole different level.

Have a clear and consistent message. Develop your brand as professional, the leader and accept the fact you, the Entrepreneur, are the brand of your company. Determine and be bold on who you are, what you stand for and what you believe in. Share these core values as part of your brand and your company culture as you build your Team.

Find mentors and share your challenges with them. They can relate and they can help you. Remember, Entrepreneurs are vulnerable so open up and ask for help. All the best on your venture.

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About the Author:

Frank Abbruzzese – President, AlphaKOR

Frank Abbruzzese, President of AlphaKOR, has enjoyed the Technology sector for 29 years and has a B.Comm. University of Windsor. A co-founder of the WindsorEssex Circle, co-founder of WEtech Network Alliance, 9 years on the Board and Past President. Enjoys mentoring for WEtech, EPICentre and Genesis. Recipient of the Entrepreneur of the Year, Chamber Business Excellence Award 2012. http://www.alphakor.com/