How to Approach Problems as Successful Entrepreneurs

How to Approach Problems as Successful Entrepreneurs
Beth Worthy

Beth Worthy


How to Approach Problems as Successful Entrepreneurs

Successful entrepreneurs are glorified and inspire millions of people to quit their jobs to pursue what they are passionate about. However, what most people don’t know is that the road to entrepreneurship does not come from simply wishing or thinking about a business.

Anyone can think of a business idea. However, it takes mental shifts, discipline, and taking action to bring those ideas to life. Taking action is what separates successful entrepreneurs from the sea of wantrepreneurs.

“The very first step to becoming an entrepreneur has everything to do with your mindset. If you don’t believe it and actually see it, you’re going to have a really hard time creating it.”       - Kate Erickson
Source: The Very First Step: How to Become an Entrepreneur

Still, taking action is not a surefire recipe of entrepreneurship success. You will come across different hurdles in your entrepreneurship journey. How you handle the hurdles will determine your success.

Here are some common challenges entrepreneurs have to solve:

Determine the Right Business

Decide what you want to offer to your market. You should create a solution that is in demand or will improve the lives of your target audience. If you have a solution that no one wants, then you don’t have a business.

Moreover, don't make a mediocre solution just for the sake of selling something. Strive to provide value to your market and they will buy from you.

Read Also: Maintaining a Good Work-Life Balance as You Build Up Your Business

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Finance Your Business

Your business needs capital to run. One of the reasons why most businesses fail within the first year is the lack of enough capital. When starting a business, you have various financing options. For example, you can pump in your savings or invest money into the business or start small by bootstrapping.

Watch all your expenses and keep costs down in the initial stages before your business starts getting traction. Moreover, be ready to go for months without a steady paycheck.

Find Customers

You need to identify a segment of the market that will benefit from your solution. This segment will consist of your customers and prospects. The customers should have a need for your product or service and be able to pay for it.

Don’t wait for customers to find you. Instead, go to where they are. Find out where they hang out offline and online and educate them on how your solution will solve their pains.

Also Read: Preferred Posture and Tone of Voice for an Interview

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Beth Worthy

Beth Worthy

Beth Worthy is the Cofounder & President of GMR Transcription Services, Inc., a California-based company that has been providing accurate and fast transcription services since 2004. She has enjoyed nearly ten years of success at GMR, playing a pivotal role in the company's growth. Under Beth's leadership, GMR Transcription doubled its sales within two years, earning recognition as one of the OC Business Journal's fastest-growing private companies. Outside of work, she enjoys spending time with her husband and two kids.