Challenges that Entrepreneurs Face

1. Cash flow management

2. Hiring employees
3. Time management
4. Delegating tasks
5. Choosing what to sell
6. Marketing strategy
7. Raising capital
8. Strapped budget
9. Business growth
10. Self doubt
Proper planning and budgeting can be of great assistance in maintaining proper cash flow.
These, however, cannot save you at all times from having to stress over bills.
Entrepreneurs can improve their cash flow by demanding a down payment for services
and products provided.

The down payment demanded should cover all associated expenses apart from
guaranteeing a profit margin. Accelerating the invoice payments process can also improve
the cash flow process.

The problem regarding time management can be solved by creating a goal list broken
down into annual, monthly and even weekly objectives. Tasks which do not sync with your
goals need to be eliminated while the ones which do not require the interference of the
entrepreneur can be delegated.

WHAT ARE THE BEHAVIORS NEEDED TO OVERCOME THEM

Hug the past – obviously you have come a long way and you managed to survive or
even to become successful. Be proud of what you have achieved and about the
success models you have applied so far.

Open for the idea that today’s success is based on approaches and efforts of the past -
they do not provide any guarantee for the future. Change will be required for keeping
today’s status and/or further growth.

Be aware of and become friend with your underlying belief, as it is the core driver of
your action. Consult your friend regularly. Identify fears as healthy mechanism to protect
you for shortsighted action, utilize meaning as source of energy and passion.

Visualize the positive outcome deriving from changing your behavior as concrete as
possible. Describe the future achievement, the meaning it provides to you and the
feelings you connect with it in all details. (Mini experiment: creative power)

Gather the resources that help you to make the change happen - be it supportive
people and environments, tools or skills. Then start right away putting your plans into
practice. There might be no better moment than right now.

WHAT ARE THE COMPETENCIES NEEDED TO OVERCOME THEM

Adapt your review system to ensure it is fair

Employees at all levels have faced varying degrees of upheaval as a result of the
pandemic. In some cases, carefully constructed plans quickly had to be abandoned.
Long-established strategies and tactics became redundant overnight. In many
organisations, it was necessary to furlough staff or even make them redundant,
meaning that those left behind faced the challenge of keeping operations running with
reduced resource.

Focus on behaviours

It could even be that you have seen different behaviours from an individual than before
as a result of the circumstances – and if this has been a positive change, it is important
to highlight and celebrate this here. If these behaviours have been less constructive,
this is your opportunity to highlight them and look at strategies for change.

Make your feedback motivating and meaningful

For many, adapting to the realities of working from home has been challenging. For this
reason, you should consider how your feedback can serve to motivate an individual
rather than potentially demoralise or demotivate them further. In the vast majority of
cases, it should be straightforward to pick out areas where someone has excelled,
however big or small.

Do not be afraid to highlight areas for improvement

As we have discussed, there are extenuating circumstances for many people at the
moment. However, it is also important to highlight areas where work has not gone well,
and the lessons that can be learned as a result. Strive for balance; ultimately, you will
need to establish how far an individual’s personal challenges hampered their ability to
complete a task or hit a target.
Businesses that thrived during pandemic and be able to determine the factors
that made them successful during challenging times.

Professional Delivery Services

With most businesses shut down and individuals staying home to help stop the spread
of the virus in the spring, companies offering delivery services began to see an uptick in
sales. The lockdown orders across the country resulted in a surge of orders to food
delivery services companies, like Grab, Food Panda, and other delivery services. For
many restaurants during this time, offering delivery services was the only way they
could remain open for business.

In-Home Workout Products and Services

Gyms across the nation were forced to close in the wave of COVID-19 shutdowns,
leaving fitness buffs without a place to get their daily sweat on. Many Americans turned
to creating home gyms to stay in shape during the coronavirus crisis, and yoga mats
and resistance bands became some of the most purchased equipment. Additionally,
companies like Peloton, who offer in-home workout products like bikes and treadmills as
well as online workout programs, are also thriving. Peloton reported a revenue increase
of 66%, and membership to their app increased by 30%.

Wine and Liquor Stores

In many areas of the country, wine and liquor stores were deemed essential
businesses. Of course, alcohol is not a necessity, but it does offer a way for people to
alleviate some of their stress and anxiety during challenging times. With more people
staying at home, consuming alcohol may have become a way to help pass the time
during the quarantine.