Tag: entrepreneurship

Top 5 New Challenges Facing Entrepreneurship, and How to Rise Above Them

Posted on by Gary

The world continually challenges us to be our best possible selves, but how can entrepreneurs best ensure that they are prepared for these challenges?

From company conduct to company communication and the impact imposed by COVID-19, we will discuss the best responses for entrepreneurs to take.

Keep reading for 2 more challenges that entrepreneurs must consider in their future plans as well.

Company Communication

The COVID-19 pandemic has revolutionised the way that we work. We have begun to take to our desks at home to get the job done, and this has severely impacted the ability of your company to communicate with each other. As workers are no longer in a concentrated area in their offices, entrepreneurs are becoming increasingly worried as to how best to meet company targets.

A great way to boost communication methods is through the use of video streaming services such as Zoom. This allows the concentration of your team into one area once again, and assuming no technical difficulties, allows the re-establishment of clear communication.

Company Conduct

Consumers are becoming increasingly interested in a company’s position on social issues, and this is a crucial challenge to entrepreneurship. If you are unable to understand what your consumers want, it might be difficult for your company to appear reliable.

As an entrepreneur, by gauging an understanding of consumer wants in your approaches to things, you may be able to implement more environmentally friendly initiatives, for example, showing consumers that you are a company that cares about the wider issues and not just about business.

Company Competitiveness

As an entrepreneur, you will always be competing against the next best person, but COVID-19 has severely changed the way that we do business. It is not worth targeting your marketing strategies to things that people are only going to see if they enter your stores, as online purchasing has skyrocketed.

For this reason, it is crucial that you develop your social media presence and begin creating a presence on there that your consumers can interact with, allowing you to remain more competitive in a much more difficult world.

Company Health

Whilst doing business is the primary goal of any entrepreneur, considering that your workers, and yourself, need to take care at such a critical time is also crucial to productivity and overall happiness. This is because it can actually damage internal relations if people are dissatisfied, making this a top priority matter.

Taking frequent breaks is a great way to look after yourself, and understanding that some workers may be more affected than others shows your willingness as an entrepreneur to be considerate and caring of your workforce.

Company Finances

Finally, money may be tight at the moment due to the impositions of the pandemic, and it is important to realise that asking for help is necessary at this time.

If you have loans, speak to your bank about potential extensions, and tap into your network to see if they are willing to support you in any way possible.

4 Common Mistakes Successful Leaders Know to Avoid

Posted on by Alex

Becoming a successful leader is the aspiration of many ambitious and entrepreneurial individuals; The number of books tackling the issue of leadership is many, with lots of successful leaders looking to monetize their own success by writing guidebooks, the wealth of information is substantial. However, the tips and guidance on offer cannot be fully realized if the following common mistakes are being made…

1. Lack of communication

Whilst some leaders may have all the needed and desirable traits to progressively manage a business and guide their team, being unable to listen and appreciate the importance of communication can be a major factor in restricted development, not only in yourself but the company as a whole too. It can also be discouraging for your employees if they do not feel that their suggestions and opinions are being listened to or understood.

You could be missing out on a plethora of insightful information and interesting notes that could help to improve and develop the company, from the gardener mowing the lawn of your premises to the bookkeeper in your accounts department, you never know what gem of information you could be missing out on.

2. Micromanaging

A rather common complaint from employees in reference to their team leaders, supervisors or managers is their lack of trust to let employees perform their own tasks without interference or micromanaging. The term is defined as controlling every part of a business or process. Instead of delegating, a manager will ‘look over the shoulder’ at each stage of an employee’s responsibility or job process and provide advice and guidance that could be largely necessary.

Employees are hired for their ability and competence to perform certain tasks within a business, if the manager begins doing these tasks for them, instead of providing instructions only, they are not only wasting their time (that could be better spent on higher-level tasks) they are potentially aggravating an employee who may end up feeling restricted and under-appreciated.

3. Not setting a good example

Holding onto unnecessary anger, wanting to gain revenge on competitors or other employees, cheating and gossiping are all traits that have no place in a leadership role. One particularly bad trait is not being able to admit when you are wrong; Perfectionism is unobtainable, no one is perfect, so do not shy away from your mistakes. Employees will learn a valuable lesson from your ability to own your mistakes, it promotes honesty and learning in the workplace.

4. Lack of forward-thinking

Being a successful leader is not just about enduring through the day or week, successful leaders are proactive and they plan ahead. They look to the future and prepare for it with small and decisive changes that will better the company, whether that be in increasing revenue or a thriving and happy workplace environment

To conclude, leadership is not just about bettering yourself, but your employees, strategies, future planning, and the business as a whole. Your actions and reactions have a direct, if subtle, effect on every aspect of the business. To be successful you must present yourself in a way that reflects what you believe to be the core values of your business.