Identify the Problems faced by Entrepreneur while Starting a Business

10 Business Challenges Every Entrepreneur Must Face When Building a Business 

1. Developing the Vision and Idea:

This is usually the first challenge faced by every entrepreneur. Finding the right business opportunity or creatively developing an idea is certainly not an easy task. As an entrepreneur, you must develop the ability to see what others cannot see. While others see problems, you must see opportunities.

But seeing opportunities is just the first task. The main challenge is going to be your ability to forge that opportunity into a business idea. I see this as a business challenge because the process of transforming opportunities into business plans is like trying to turn lead into gold. I call it the process of "Creating Value out Of Nothing." If you are not an entrepreneur, you might not be familiar with the process. The process of:

- Identifying a problem
- Seeing an opportunity in the problem
- Coming up with a solution
- Developing your opportunity into a business idea
- Integrating your solution into the business plan

Another way "developing the vision and idea" will be a business challenge is that an entrepreneur must sometimes assume the role of a sorcerer. Let me explain in detail. While others dwell in the past and present, an entrepreneur must envision and forecast the future. An entrepreneur must always be ahead of his time or else he might lose his relevance. He must have the ability to bring into present what is yet to be. Let me give you some practical illustrations:

2. Raising Capital:

After developing your idea, the next challenge you are going to face is the challenge of raising capital. As an entrepreneur, you are the only one who knows the idea to the core. You are the only one who knows the story of the future. Trying to convince investors about something that doesn't exist is definitely a challenge.

There is more to raising capital than just simply asking for money. Most investors want to invest in already established businesses with minimal risk. When building a business from scratch, raising capital will definitely be a business challenge you must face.

To overcome this challenge, you must develop the ability to sell your idea and vision to potential investors. When I say "sell your ideas", I mean improving your communication skill and your manner of presentation. In the game of raising capital, you must have a good story backed by a strong business plan. If you are interested in learning how to successfully raise capital, you can check other articles I have written.

3. Assembling a Team:

The third challenge you must face in the course of developing a business is assembling the right team. When I talk about a team, I am not talking about regular employees. I am talking about a "round table strategic business team" that will meet regularly to brainstorm on ways to grow your business.

As an entrepreneur, you are bound to have strengths and weaknesses. That is the more reason you need to assemble a strong team that will cover up for your weaknesses. A team is a necessity in your quest to build a business. Now finding a business team is just the first hurdle, transferring your passion and vision to your team is the real piece of cake.

You must strive to make sure your team sees the future you see. They must believe in your possibilities and must also be passionate about making that possibility a reality. If they can't grasp your vision, if they can't see they future with you, then they are not worthy being your team.

Your strategic business team should comprise your banker, financial advisor, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to your business. A question on your mind might be "how am I going to pay this team? My answer is I don't know. You will have to figure it out yourself or better still, you can consider bringing them on board as partners.

If you are still at loss with the thought of assembling a business team, then I will recommend you either take some time in learning how to build a business team or you can visit strategicbusinessteam.com to get some advice.

4. Finding the Right Location:

You might feel that finding a good location is a piece of cake but I bet you that finding a good location at the right price is definitely not easy. I don't have much to write on this but I feel it is worthwhile I bring it to your notice so you can prepare for it. The following are features you must consider before choosing a location. These features are subject to change with respect to the industry of your business:

- Suitable price
- Easy access to raw materials
- Good road network.
- Basic amenities and infrastructures
- Adequate Power supply
- Easy access to cheap labour
- Nearness to high traffic roads
- Moderate state and federal tax
- Favorable Government fiscal and monetary policy
- Favorable federal and state laws.
- Current economic policy and political situation.

5. Finding the Right Employees:

Most writers crank up the process of finding good employees as an easy task. They define finding an employee as simply presenting the job description and the right employee will surface. But I think it's more than that.

Those who are really business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Finding a good employee who will be passionate about delivering his or her services is quite difficult.

Employees are your representatives to your customers and the outside world. They are a reflection of your business culture and ethics. If an employee of yours is bad or rude to your customers, it is going to portray a bad image of your company. So you must be careful when hiring employees. Remember the golden rule of business; "Hire slow and fire fast."

6. Finding Good Customers:

The sixth business challenge you will face is the challenge of finding good customers. Note the keyword "good customers." When in the process of building a business from scratch, you will come to find out that there are good customers and bad customers.

You must really be on guard for bad customers. Good customers are really hard to find. A good customer will be loyal to your company and will be willing to forgive you if you make a mistake and apologize. A good customer will try to do the right thing that will benefit both himself and the company mutually.

A bad customer will always look for loopholes in the company's policy to exploit and make some few gains. Bad customers will always try to exploit the company's goodwill and look for ways to rip off the company. Bad customers are responsible for bad debts.

Good customers build your business and bad customers will always try to liquidate your business. Just as you fire employees, you must also be prepared to fire bad customers without hesitation. In the game of trying to find a new customer, always remember the customer that sued McDonald's to court claiming the coffee was too hot.

7. Overcoming Competition:

Competition is the next challenge you will face. Most individuals see competition as a plague but I see competition as a good challenge. I see competition as a benchmark for creativity, the main engine for innovation and quality products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant.

I see competition as a welcomed challenge and I want you to do the same. Competition keeps us on our toes and drives us to constantly improve our products and services. But you must be warned. Competition can make your business lose its relevance in the eye of your customers so you must always be on guard.

8. Unforeseen Challenges and Expenses:

Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur be prepared for what ever comes. Unexpected challenges can come in the form of:

- Unexpected law suits
- Inconsistent government policy
- Not being able to make payroll
- Unpaid bills and taxes
- Unexpected resignation of staff from sensitive office
- Bad debts from customers
- Loss of market share
- Dwindling working capital
- Inadequate stock or inventory

These challenges, if not handled properly can ruin your plan to build a successful business from scratch. Another challenge you must expect is an unforeseen increase in business expenses. If not handled properly, it might result in constant negative cash flow and eventually, the business failure.

9. Keeping Up With Industrial Changes and Trends:

Change in trends is really a business challenge you must be prepared for. Trends have made and broken lot of businesses. I know a lot of profitable businesses that have been wiped out by slight industrial changes and trends. A typical example is the Dot com trend, where many industrial based businesses were wiped out by new web based dot com companies.

When the Dot com era began, business owners were left with only two options. Either they join the dot com train or they get crushed by the dot com train.

Seasoned entrepreneurs know that trend is always a friend and are always willing to swiftly adjust their business with the current trend. Keeping your eyes open to spot trends is really a challenge but the big task will be your ability to quickly use the trend to your advantage.

10. Exiting the Business:

When building a business from scratch, you are going to face the business challenge of determining your exit strategy. You have to plan your exit strategy before you even start the business. Most entrepreneurs run their business without any plans to exit and even if they have an exit strategy, they find it difficult to implement it.

Before starting a business, it is advisable to always plan your exit. There are benchmarks you can use to determine your exit from the business. Most smart entrepreneurs will use this benchmark as a target and once this specific target is reached, they exit the business. Examples of such benchmarks are:

- Annual sales
- Annual Turnover
- Asset Base
- Market Saturation
- Customer base or number of users. This is more applicable to dot com companies.

Now when it comes to exiting the business, there are three exit strategies you can apply. The exit strategies are:

Turning over the business to professional managers: When your business reaches a certain stage of maturity, you can exit by turning it over to professional managers. In this case, the business still belongs to you but you are not involved with its day to day affairs. You will have to give up administrative role to assume the role of a watchdog. When you exit in this manner, you will have more free time to look into other projects or retire.

Selling the business privately: In this case, you are exiting the business by selling it to a private investor. In the business world, it is called M&A (Mergers and Acquisitions). After the sale and transfer of assets is complete, you have nothing to do with the business again.

Taking the company public: The unique thing about this type of exit strategy is that while you are selling your business (in form of shares) to public investors, you still own and control the business.

Please before you apply any of these exit strategy, I will advise you consult with your attorney or legal adviser. But ultimately, it's up to you to decide the exit strategy you want to apply. Always remember "your exit is more important than your entry."

T. Ananda Krishnan

- Umur - 76 tahun

- Pengerusi & CEO Usaha Tegas Group Holdings Bhd

- Mencatatkan penurunan aset terbesar iaitu sebanyak 23.5% berbanding tahun 2012
- Ke- 2 terkaya di Malaysia
- ke- 4 terkaya di Asia

- Jumlah aset terkini : RM32.90 Bilion

Kejayaan

Beliau adalah Pengasas Usaha Tegas Sdn.Bhd, dan beliau memiliki 70 peratus saham Usaha Tegas. Beliau juga memiliki sepenuhnya, yakni 100 peratus pegangan dalam Binariang Satellites Systems atau BSS.

Aspirasinya adalah menjadikan Measat Broadcast Network Systems atau Astro sebagai syarikat media bertaraf global. Melalui Binariang Satellites Syatems, beliau memiliki dua buah satelit orbid, iaitu Measat 1 dan Measat 2. 43 peratus pegangan dalam KLCC Holdings. Tetapi, beliau sudah menjual kepentingannya dalam KLCC Holdings dan memperolehi RM 1.2 bilion.

Usaha Tegas Sdn.Bhd. pula memiliki 33 peratus kepentingan dalam Tanjong Plc, 90 peratus kepentingan dalam Maxis Communications Berhad, 100 peratus pegangan dalam Measat Broadcast Network Systems. Tanjong Plc pula memiliki 84 peratus saham Powertek Bhd.

Beliau juga menpunyai kepentingan dalam Bumi Armada Berhad, iaitu syarikat perkapalan. Objektif Bersatu Sdn. Bhd. dengan 49 kepentingan. Syarikat filem yang berpusat di Hong Kong. iaitu Celestial Pictures Ltd. dengan 100 peratus kepentingan. Kepentingan Arnanda Krishnan dalam Celestial Pictures Ltd. diberi daripada Shaw Brothers pada tahun 2006 dengan harga RM 292.6 juta.

Dua buah syarikat, iaitu Zodan dan Zudavi. Dua syarikat itu adalah antara enam buah syarikat yang diberi hak menggali mingyak dan gas di Indonesia pada tahun 2001. Kepentingannya dalam Bumi Armada Berhad. diperoleh dari Objektif Bersatu Sdn.Bhd., iaitu syarikat yang dibeli dengan usahawan yang bernama Wan Ariff Wan Hamzah.

Projek-projek yang menyumbang kepada kekayaan 

Antara projek yang berjaya dan mendatangkan hasil yang lumayan adalah projek pembangunan KLCC iaitu usaha sama Usaha Tegas Sdn. Bhd. dan Petronas. 

Melalui pegangannya dalam Tanjong Plc pula, Usaha Tegas Sdn. Bhd. mempunyai kepentingan dalam industri hiburan seperti dalam Village Cinemas. Kedua-dua Tanjong Plc dan Powertek Berhad masing-masing mempunyai permodalan pasaran sebanyak RM 2.2 bilion dan RM 1.2 bilion. Maxis pula mempunyai seramai 2.3 juta pengguna, menjadikannya syarikat telekomunikasi yang terbesar di Malaysia.

Perkhidmatan TV Satelit Astro kini meliputi beberapa negara seperti Malaysia, Indonesia, Taiwan, India, Filipina, Vietnam dan Brunei. Di Malaysia sahaja, 850,000 orang menggunakan perkhidmatan TV Satelit Astro. Astro kini bernilai RM 4 bilion. Binariang adalah syarikat televisyen satelit pertama negara, diberikan monopoli selama 20 tahun, iaitu sehingga tahun 2017.

Perniagaan di luar negara

Ananda Krishnan mempunyai kepentingan dalam bidang minyak dan gas di Amerika Syarikat, Sri Lanka, Mesir, Indonesia dan sebagainya. Beliau juga dikatakan memiliki dua buah studio animasi, sebuah di Filipina dan sebuah lagi di Hollywood. Beliau juga memiliki ladang pembakaan kuda di Australia. Selain itu, Ananda Krishnan juga memiliki kepentingan dalam TVB.com , iaitu TV interaktif yang berpusat di Hong Kong. 

Pendidikan

Ananda Krishnan berketurunan Tamil dan bapanya berasal dari Sri Lanka. Beliau bersekolah rendah di Sekolah Rendah Tamil Vivekananda, Kuala Lumpur. Kemudian, beliau bersekolah di Victoria Institution, Kuala Lumpur.

Seterusnya, beliau melanjutkan pelajaran ke University of Malbourne bagi mendapatkan ijazah sarjana muda pentadbiran perniagaan. Bagi peringkat Sarjana pula, beliau melanjutkan pelajaran ke Harvard University, Amerika Syarikat pada tahun 1964 dalam bidang ijazah pentadbiran perniagaan. Selepas mendapat ijazah sarjananya, beliau memulakan perniagaan dalam perdagangan minyak dan gas.

Keistimewaan 

Ananda Krishnan adalah usahawan yang pandai memanfaatkan teknologi baru dan peluang perniagaan yang muncul. kebijaksanaannya terserlah lagi kerana apabila Menara Berkembar Petronas dilancarkan, kadar penghuniannya adalah 100 peratus. Kini, kadar penghuni bagi Menara Berkembar Petronas masih tinggi, iaitu pada kadar 80 peratus.

Sumbangan 

Ananda Krishnan banyak menyumbang kepada aktiviti kebajikan dan kemasyarakatan. Contohnya, beliau mendermakan sebanyak RM 160 juta kepada beberapa dana pendidikan di Malaysia.

Syarikat yang menyumbang RM 160 juta itu adalah Maxis Communications Berhad, Tanjong Plc dan Measat Broadcast Network Systems Sdn. Bhd. Daripada jumlah itu, RM 100 juta didermakan kepada Dana Harapan Nusantara.

Dana Harapan Nusantara ditubuhkan oleh Ananda Krishnan sendiri melalui syarikatnya Usaha Tegas Sdn. Bhd. khas bagi pelajar Bumiputera. Dana Harapan Nusantara juga diberi peruntukkan khas, iaitu RM 300 juta saham dalam Maxis yang bernilai kira-kira RM 100 juta, yang dapat dijual apabila perlu.

Danna Harapan Nusantara juga melaksanankan pelbagai projek. Antaranya adalah projek bagi membantu pelajar Bumiputera menlanjutkan pelajaran ke luar negara melalui program berkembar di universiti dan kolej swasta tempatan. 

Mulai tahun 2004, 100 orang pelajar dipilih setiap tahun bagi menyertai program itu. Selain itu, sebanyak RM 5 juta juga diperuntukkan bagi pengurus dan profesional Bumiputera supaya meraka dapat menyertai program pendidikan eksekutif di Harvard Business School.

Usaha Tegas juga menubuhkan Yayasan Yu Cai dengan geran awal sebanyak RM 25 juta. Yayasan Yu Cai diwujudkan bagi menyemai dan membangunkan bakat dalam pelbagai bidang.

Sumbangan pertama Yayasan Yu Cai adalah sebanyak RM 5 juta yang diperutukkan bagi membantu penubuhan Jabatan Amalan dan Falsafah Tradisional Cina di Universiti Tun Abdul Razak.

Usaha Tegas juga memperutukkan sebanyak RM 5 juta bagi Institut Perubatan, Sains dan Teknologi Asia. Selain itu, Tanjong, Maxis dan Measat pula secara bersama menyumbangkan sebanyak RM 10 million kepada Universiti Tun Abdul Razak.

Tan Sri Robert Kuok Hock Nien

Tan Sri Robert Kuok Hock Nien

- Umur - 91 tahun
- Pengerusi Kuok Group and Kerry Group
- Nilai aset - RM 14.7 billion
- Usahawan terkaya di Malaysia
- Ke-3 terkaya di Asia
- Titik permulaan empayarnya tercatat selepas Merdeka      pada tahun 1958


Latar Belakang Keluarga


 Keluarga Robert Kuok berasal dari wilayah Fujian, China. Robert Kuok adalah orang yang rajin, peramah, pintar dan mudah bergaul dengan sesiapa sahaja. Walaupun memiliki empayar perniagaan yang begitu luas, beliau tetap merendah diri dan tidak bongkak dengan kejayaan yang diraihnya. Beliau juga adalah dermawan yang sebahagian daripada hartanya disumbangkan untuk tujuan kebajikan.

Di Malaysia, beliau menubuhkan Kuok Foudation Berhad, iaitu organisasi yang memberikan bantuan geran dan derma bagi tujuan pendidikan dan perubatan.

Beliau juga mementingkan kejujuran, kesetiaan dan disiplin serta komitmen yang tidak berbelah bahagi. Baginya, itu kunci demi mencapai kecemerlangan.



Pendidikan


Robert Kuok mendapat pendidikan Cina dan juga Inggeris. Beliau sempat belajar sebentar di Raffles College. Namun, pengajiannya di situ terpaksa diberhentikan apabila pihak Jepun menawan Singapura. Robert berkata pendidikan yang diperolehnya di seklah Cina adalah antara faktor kejayaannya. Ini kerana di situ beliau belajar erti kerja keras.

Baginya, hendak berjaya dalam dunia perniagaan, usahawan itu perlu bijak menyesuaikan diri dengan perubahan zaman.


Penglibatan dalam perniagaan

Bermula dengan penubuhan Kuok Brothers Sdn.Bhd, pada 1 April 1949, bagi mengambil alih perniagaan jual beli yang diasaskan oleh bapanya, Keng Kang di Johor Bahru. Bapanya mengasaskan Tong Seng & Company dan memperoleh lesen daripada Sultan Johor bagi menjalankan perniagaan jual beli.

Dengan pertolongan beberapa pemimpin Melayu, Tong Seng & Company muncul sebagai syarikat pembekal beras, gula dan tepung gandum yang disegani. Keng Kang diberi kontrak melalui pihak tentera British bagi membekalkan beberapa jenis barang keperluan kepada 50,000 orang tahanan perang Jepun.

Enam tahun kemudian, iaitu pada tahun 1964, Robert mengasakan syarikat penapisan gula yang pertama di Malaysia, iaitu Malayan Sugar Manufacturing. Syarikatnya diberikan beberapa kemudahan dan status monopoli oleh pihak kerajaan. Robert Kuok juga mewujubkan ladang tebu pertama di Malaysia melalui Perlis Plantation. Ladang itu terletak di atas tanah kerajaan dan adalah projek usaha sama antara syarikatnya dengan FELDA.

Pada era 70-an, Robert membuka banyak lagi ladang tebu di Indonesia, menjadikannya antara pengilang gula yang terbesar di dunia. Pada masa itu, syarikatnya hanya tertumpu kepada jual beli beras, gula dan tepung gandum.


Perniagaan terus berkembang

Di bawah pengurusanya, perniagaan itu terus berkembang. Kuok Brothers kini memiliki pegangan yang besar dalam beberapa syarikat yang desenaraikan dalam Bursa Saham Kuala Lumpur. Antaranya ialah Jerneh Asia Berhad, Pelangi Berhad, FMM Berhad, PBB Group Berhad dan PBB Oil Palm Berhad. Tumpuan kumpulan Kuok kini adalah menjadi syarikat multinasional yang unggul di Asia Pasifik.

Pada tahun 1974, Robert memindahkan operasinya dari Malaysia dan Singapura ke Hong Kong atas sebab-sebab cukai dan juga mengembangkan perniagaannya ke luar negara. Operasi perniagaan kumpulan Kuok terus berkembang ke sektor pembuatan dan perkhidmatan.

Di Hong Kong, Robert mengasaskan Kerry Trading Company dan mengembangkan ruang lingkup perniagaannya ke sektor media dan hartanah. Kerry Trading kini  telah menguasai 10 buah syarikat yang tersenarai dalam bursa saham Hong Kong.
Robert Kuok menguasai South China Morning Post yang dibelinya daripada Ruspert Murdoch pada tahun 1993. Kerry Trading mempunyai kepentingan dalam The Bangkok Post.

Melalui South China Morning Post pula, Robert mangambil alih TVE Holdings, iaitu syarikat yang terlibat dalam perniagaan hartanah, hiburan, barang runcit dan penerbitan. Beliau membelinya pada harga RM 570 juta pada tahun 1996.

Dari Hong Kong, Robert mengembangkan lagi empayar perniagaannya ke China dan menceburkan diri dalam industri pembangunan hartanah, perhotelan, perdagangan dan juga perkilangan, melalui usaha sama dengan Coca-cola. Robert tidak berhenti setakat di Hong Kong dan China.

Beliau mengembangkan perniagaannya ke Indonesia pada tahun 1960-an dan Filipina pada tahun 1980-an. Robert juga adalah orang Asia pertama yang berjaya mewujubkan rangkaian hotel lima bintang, iaitu Hotel Shangri- La.


Tanggungjawab kepada syarikat lain

Robert pernah membantu mengasaskan syarikat penerbangan pertama Malaysia, Sistem Penerbangan Malaysia Berhad atau MAS pada lewat tahun 60-an.

Pada tahun 1968 pula, Robert terbabit sama dalam mengasaskan syarikat perkapalan pertama Malaysia, iaitu Malaysia Shipping Line Corporation yang kini dikenali sebagai Malaysia International Shipping Corporation Berhad atau MISC.

Selain itu, beliau terlibat dalam mengasaskan Bank Bumiputera Malaysia Berhad dan Perbadanan Nasional Berhad atau PNB.


Rahsia kejayaan

Antara rahsia kejayaannya beliau adalah hubungan beliau yang baik dengan semua pihak, termasuk usahawan-usahawan Cina. Beliau menjalin hubungan kerjasama yang begitu erat dengan usahawan-usahawan Cina yang terkenal seperti Liem Sioe Liong, Oei Hong Leong, Li Ka Shing, Tan Sri Khoo Kay Peng, Datuk Tan Chin Nam, Run Run Shaw, TT Tsui, Roberto Ongpin, dan Chatri Sophonpanich. Jaringan usahawan Cina ini dipanggil The Bamboo Network yang mana bamboo bermaksud buluh. Seperti yang diketahui, buluh memainkan peranan yang penting dalam kebudayaan masyarakat Cina.

Selain itu, kekuatan empayar perniagaan Robert Kuok terletak pada kerjasama erat antara ahli keluarganya. Kumpulan Kuok adalah syarikat milik keluarga yang kukuh dan stabil.

Kini, Robert banyak menyerahkan tugas kepada cucu-cucunya dan kumpulan Kuok diuruskan oleh generasi ketiga keluarga Kuok dengan dibantu oleh sekumpulan pengurusan yang profesional.

Anak sulungnya, Beau Kuok Khoon Chen, menguruskan perniagaan hotel, hartanah dan pengilangan kumpulan Kuok. Anak bongsunya pula, Khoon Ean, adalah pengarah Eksekutif South China Morning Post dan menguruskan kepentingan kumpulan Kuok di Malaysia dan Singapura. Anak saudaranya, Khoon Ho dan Khoon Loong menguruskan kumpulan perniagaan itu di Filipina dan Kerry Properties. Liu Tai Fong juga adalah anak saudaranya, menguruskan Kerry Trading dan Kerry Beverages. Tumpuan Robert Kini hanya kepada sektor perhotelan yang menjadi sektor kegemarannya. 

Motivation For Being in Relationship

Ten Reasons Why You Should Become an Entrepreneur Today

1. Continuous Improvement

The only way to improve your product, service, or performance is to continuously improve on what you know and how you do things. You’ll grow as a person, both street smarts and book smarts, because you’ll always be learning something new.

2. Building Relationships

On your quest for improvement, you’ll come across other people that’ve been there before or are going through the same thing you are. As you ask advice, share tips, and partner together, your network of friends and relations will grow.

3. Learning to Value Money

For some reason, I value the $20 I make from an online sale more than the $100 I might earn in daily salary from my employer. Maybe it’s because my paycheck comes only twice a month as direct deposit and I don’t really ever see the money. Maybe it’s because my employer pays me every two weeks regardless of my performance, whereas when I make money on my own, if I don’t perform, I don’t make squat. For whatever reason earning money directly for yourself vs. getting a paycheck from an employer makes you appreciate the value of a dollar even more.


4.  Creating Something of Value

As an entrepreneur you’re taking a personal stake in building a product or service that you can call your own and will become part of your legacy.

5. Earning Extra Money

Whether you need it or not right now, you probably will someday. I’d argue that the money you earn itself isn’t the most important thing but rather the ability to be able to make money on your own. Knowing you can go out and earn your keep gives you a feeling of security and freedom that doesn’t always come when working for someone else.

6. Filling a Need

Your product or service is providing something that people need. If you’ve found your niche, maybe you’re the only one that is meeting these needs. Knowing that what you create or provide is touching other’s lives feels good at the end of hard day’s work. 

7. Time Management

As you’ll read in the interviews of entrepreneurs this week, there is a lot that goes into running your own business. You’ll have to learn how to manage your time effectively to be successful in your business. This is a skill that will help you in all areas of your life.

8. Building a Voice

As you interact with others and create a network of peers, you’ll establish credibility over time. This authority and these relationships will give you a voice to help make yourself heard when you have something worth saying. For example, before I started selling and writing on the web, my sphere of influence was limited to my immediate friends and family. Now when I have something important to say I can reach hundreds and thousands of people.

9. Inspiring Others

As you have success, people will begin to ask you questions and come to you for advice. Being able to help someone else get started or offer suggestions for improvement is a great feeling. Knowing that you have the knowledge or expertise to help or even inspire others can provide great satisfaction.

10. Being Creative

Being able to differentiate yourself from your competition is important in the world of business. Often times, you need creativity to help make yourself stand out. Even if you’re not the most creative person in the world, the need to be different to succeed will help get those creative juices flowing.