Most entrepreneurs leave their secure jobs to study the chaotic world of business. When entrepreneurs quit their jobs to become entrepreneurs, most experience culture shock. In addition, unlike employees, business owners are responsible for all day-to-day tasks. Entrepreneurs have to face many new venture challenge in new business.
Apart from these challenges, there are several other things that can be an obstacle for entrepreneurs:
Lack of funds: Most small start-ups rely heavily on personal savings as they usually do not receive funding from outside sources. Since most young entrepreneurs do not have significant savings to invest in, their business is running slowly.
Lack of experience: Most entrepreneurs have no experience running their own businesses. In addition, most people are not equipped with the skills needed to run a business. Starting a new business requires more than just finding a great product or service to sell. It also requires you to be skilled in sales, accounting and planning to make the business profitable.
Small Network: The best way to start a new business is to do so with a group of competent people who may have different skills but share a common vision. Most employers lack this network of highly qualified professionals because they only have a few years to expand their network of contacts.
Time Management: With everyone fighting for your attention, it's hard for employers to rate high-priority tasks. You must be an expert in prioritizing and pacing to take advantage of business opportunities.