CHALLENGES FACED BY NEW ENTREPRENEURS

1. Picking the right business

If your business doesn't help people, doesn't provide a solution, or doesn't give
people something they want then your business is shit and it will fail.

To do great business you should have a great product or service that you believe in.
If you believe in it, you can get others to believe in it. When you don't believe in
something but you tell other people they should buy it you are lying and deceiving.

What you see is what you get should be the motto for your company.

2. Financing your business

You can't start a business when you don't have any money? Good question, and
there are two solutions:

1. Borrow money - This is not always a good idea. Unless you're experienced,
know what you're doing and you're certain your business can succeed (and grow)
you should not borrow a single dime.

2. Bootstrap-Use only a small amount of money and find a creative way to get your
business going.

3. Finding customers

Finding customers is only a challenge if you don't have a good product or service.
If you have a good product or service then people will come to you, no need to
spend hundreds or thousands on advertising.
There is a certain type of person who will be your customer. Not everybody in the
world is buying what you're selling, so your job is to simply find the people who
are in need of your service.

Only try and sell to people who have expressed interest or desire in your product.
Never waste your time trying to convince somebody to buy something they don't
already have an interest in.

4. When to quit your day job

The right time to quit your day job is when you have a foolproof business
opportunity or you have enough money in the bank that you can work on your
business and not be evicted from your home.

You've got to have money to survive, so quit your job when you a) have a little
money to work with and have a real business plan or b) are making an income
from your entrepreneurial gig.

5. Dealing of stress of not having a steady paycheck

There is no other way to put it, it's extremely stressful when you don't know when
or if you'll be paid again.

In real estate investing sometimes deals would fall through and I'd make nothing
for my hard work, other times deals would fall in my lap and I'd score a huge
payday.

6. Managing your money, legal protection, taxes

Managing your money can be a real burden if you don't know what you're doing
and if you don't know when your next paycheck is coming through.

Taxes are a real pain. When you have a 9-5 job they steal, I mean take, taxes from
your pay check before you even see your pay check. When you're an entrepreneur
your money comes to you first. So there are two very important things that you
need to do:

1. Write off everything you can for your business. This will save you a ton of
money in taxes.

7. Finding trustworthy business partners, building a

reputation

Never go into business with scumbags. Going into business with a scumbag will
give you a bad reputation. Your reputation will be linked to the scumbag, even if
you're a man of your word.

8. Dealing with negative people, loneliness and self-doubt

It means the pleasure people take in seeing others fail. If you have people like this
in your life, as most of us do, there is only one solution: cut these energy vampires
out of your life.

9. Dealing with competition

John D. Rockefeller famously said "Competition is a sin" and I'd have to agree.
Why bother competing you can be an innovator and start something new.
3 years ago there was nothing like Bold and Determined and that's still true today.
Even though I have dozens of copycats (maybe hundreds) no.

Hundreds of heavy metal bands have copied Metallica's unique style and none of
the copycats have had the same success as Metallica.

Copying is the path to mediocrity. Pioneering is the path to success.

10. Hiring employees

As a small business, typically the last thing you'll do is hire employees. You'll want
to hire employees when your workload is too much to handle yourself and you
have the revenue to pay your employee(s).