The Top Business Challenges We Face And How To Solve Them

Posted on 21. May, 2010 by Natalie in Entrepreneurs, Highlights, Inspiration & Motivation

Over a month back I put out a survey that was comprised of just two questions with multi-choice answers. I made it as easy as possible for you busy entrepreneurs to give me answers.

I was intrigued to find out if the key challenges that I struggle with in business were the same as my fellow entrepreneurs or whether there significant differences.

I also wanted to know the main methods entrepreneurs looked to in order to solve their challenges with a `general’ lack of time and money at our disposal.

I was definitely interested to see what you considered a wise return on investment and the following is what came out of the 60 responses I received. As Eric Ries of the Lean Startup said at Web 2.0, if you have five customers telling you your product sucks then that’s statistically significant.

I figured this response was more than significant enough to draw conclusions from. I’d like to thank the many people who helped me spread the message to their networks so that the survey reached a broader audience.

Q1. What are the top three areas of running your business that you find most challenging and need help with?

The top three areas were marketing, customer growth and pricing and revenue modeling, the results are shown below.

I really appreciated the people who took time to fill out the `Other’ category and the responses ranged from help with `technical web stuff’ such ass CSS and websites to Human Resources – when making the leap from 1, 3, 7, 12 employees.

Time management came up often along with day-to-day “bite-sized” steps forward, battling against feeling overwhelmed, and fitting it all in with a full-time job.

“Being an over ambitious entrepreneur, I tend to feel a bit overwhelmed. Maybe help in managing this so it does not cause me to become stuck.”
For others it was managing business/service/supplier relationships across various cultures (different business and cultural rules and customs apply), legal set up and growing the company.

Q2. What type of solutions do you invest in to solve your business challenges?

Book and eBooks were the top choice at 67% followed by using online tools and business coaching. This was great to see as this is what I was hoping for.

I truly believe that bite-sized chunks of learning and information are the best way for entrepreneurs to increase our skills base and knowledge. It allows us to still juggle the many hats we wear and do so in  our own time in manageable chunks.

This was why I designed the WomanzWorld Academy Startup Success program that started on Monday – so that people could take the time over two week modules to work on 3-4 activities that would drive them and their business along but not seem overwhelming.

I combined it with the expert business coaching skills of Felicia Lee to ensure there was the guidance and understanding behind the exercises first in a group coaching call. That way our members of the program are armed with the ability to understand the tools first and then to put them into action.

I’m looking forward to seeing how everyone progresses and the results that they see. It’s an exciting journey and I hope to share their stories at the end of the two months.

Entrepreneurs responses

Once again many of you were good enough to take the time to reply to the `other’ category and here are some of the responses:

• None really yet! We are still in the very beginning stages and primarily relying on social media and our own backgrounds in advertising/marketing and consumer experiences
• Courses like $100 Biz Forum (note from Natalie – I did this and loved the concept so much that it sparked the format behind the Startup Success program!)
• Peer advice
• Don’t know! Lost!
• I ask friends for help, but that doesn’t really work and now I plan on using fiverr.com
• Brainstorming with other business people & business owners.
• Tips from online blogs
• Trial and error. Although if I could do it again, coaching, books, outsourcing and consultants would be a good choice
• SCORE counselor and SBA workshops (traditional but great info)

I decided not to summarise the above as I really liked the candid answers that show we’re all in the same boat, we just struggle with different areas depending on the stage of our business.

So with these insights in mind I would like to throw another quick survey at you based around some ideas I’ve had that I’d love to launch to help entrepreneurs achieve success and overcome their challenges.

I’d like your opinion on what you’d be most excited about me launching in the next few months:

Social Media Bootcamp
A complete personal training program with daily exercises to get you in top Social Media Shape including short `How to’ videos, bite-sized eBook Guides on using each of the major social media tools effectively, tracking your return on investment and generating more traffic and leads for your business.

The Ultimate Entrepreneurial Toolkit
A bible of the top tools and services for small businesses that will help you run your business more effectively and save you time and money.

The Complete Guide To Setting Up Your Business In One Week
An eBook that covers every aspect of setting up business systems so that you can be up and running with confidence in no time – phones, servers, IT, HR, Marketing, Legal, Sales CRM, Outsourcing and even office setup.

To take the 5 second poll  click here

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Tags: Entrepreneurs Challenges, Managing Your Time, Social Media Bootcamp, Startup Success, Ultimate Toolkit for Evolutionary Entrepreneurs