Succeeding Entrepreneurs Challenges: 17 Progress Questions & Answers Now – Here are 17 Questions and answers from Existing Entrepreneurs useful for Succeeding Entrepreneurs. Existing entrepreneurs have lots of stories to tell. This is because they have acquired insights and experiences which they can share to help start-up and succeeding entrepreneurs.
As a matter of fact, we ran into a serious problem in our last entrepreneurship empowerment summit. In this summit we found out that many entrepreneurs are just doing their businesses aimlessly. Many could not explain who an entrepreneur is let alone its functions or traits. That is why this article is coming up now. It’s really a challenge to our audience, young, existing and upcoming entrepreneurs. Therefore, we present the solutions in this article starting by explaining who the entrepreneur is and what he does. We will give solutions to 17 raging questions for existing entrepreneurs. As a matter of fact, these answers or solutions are to equip succeeding entrepreneurs for growth.
Who is an entrepreneur?
An entrepreneur is one who see a business opportunity in what is common. He is one who turns his passion into a money-making venture. Therefore, he generates a business idea, incubate it and then implement it. This shows that he is a self-starter innovative person who creates a profitable and sustainable business. Because, the entrepreneurial road is always rough, he is supposed to possess traits like perseverance, tenacity and ingenuity. These are to facilitate his /her venture journeys.
Having explained who the entrepreneur is, it’s time to give solutions to the other glaring questions for the entrepreneur. We had stated in this article as in the headline that these Answers are for succeeding Entrepreneurs. Therefore, we implore you to take the following segment of this article seriously. They are born out of our interviews and researches as some of the questions and solutions that can help you develop your own entrepreneurial strategies and ideas. We hope that in our net entrepreneurship summit we will have positive responses.
17 Questions & Answers from Existing Entrepreneurs:
These questions are entrepreneurial challenges relevant to todays entrepreneur. The answers are actually current solutions to these challenges. They are beefed up with 21st century business management principles. Please, read on, clicking on relevant links for more clarifications.
1. What inspired your business idea?
A lot of people do not know what inspired their business ideas. And that is a big error. We had stated above that entrepreneurs are innovators and those who monetized their passions. And now, can you remember how you came into this business? In fact, getting to know what motivated you into the business will give you greater confidence and spur you into higher commitment and determination. So that when you tell this story to a start-up, he/she will be motivated into taking actions toward implementing his/her business idea.
2. What changes have you experienced since you started?
Many a times, there are things you saw in the beginning as good business traits, but over time your idea over such behaviors has changed. What are they? In fact, there are those things you called profit motive that you think are not now. Can you share it with a younger entrepreneur? We are aware that in the early stages of your entrepreneurial career, you may have perceived success differently than you do now.
What we mean is over time perceptions change for better. Today, your priority may not be making profit but how to impact on the society for good. So, you may now be more interested in your productive teams and a healthy work culture.
3. Since your perceptions have changed now, is there anything you would have done differently when you first started?
Yea! As we stated above, initial motives were to make profit, but has now changed to impacting the society positively and building a good workforce culture. What is the implication of this change? This is because somebody may think that you are not yet after making profit. But the truth is that you now have a better approach to make it bigger. When your idea is to solve societal problems by improved productivity, you make more profit.
As a matter of fact, can this give you valuable lessons to start and grow your business? We advise you try to find ways you can incorporate this answer into your early strategy and use them to guide some of your own decisions. In fact, they are valuable lessons that can help you grow your business and reduce risks.
4. How about how you decided on your business location?
Economists talk about business location and business localization. Which one did you apply while starting your business? Whichever way, certain factors account for business location or localizations. Some of them are; availability of land, means of transport, raw material, nearness to market both for resources for production and produced items.
Sometimes political factors and social sentiments have their way in business location. When these factors come into play, profit motives become secondary. The answer proffered for this question is to bring a solution to your business decision motive now. Think about it.
Succeeding Entrepreneurs Challenges: 17 Progress Questions & Answers Now
5. What challenges did you overcome at your start-up?
In entrepreneurship, especially for start-ups, some challenges are always there. Unfortunately, many do not take notice of these challenges. Taking notice of a challenge will help you analyze it for a solution. In fact, that will help you counsel an up-coming entrepreneur. Because not all challenges are negative, noting them early can help you tackle them to grow your business. refocus your efforts and teach you important recovery skills.
IF you have your start-up challenges stories, can you tell it to somebody. I tell you, your story which is an answer to this question will reveal a lot about how much you overcame to achieve your success. So, you see that stories like these can become inspirational for you to persevere even when things are not going the way you expect.
6. Can you tell us what is unique about your business?
This is another inspiring business story. By gathering your success and failure stories you inspire others. They will see that you had challenges but that you conquered them.
So, tell us about your key qualities. One of which is your innovation abilities. Your product/service offering differentials. Tell it so that others will see your ingenuity to withstand competition. In fact, the story will enable others find success in their own unique ways.
Did you see answers to this question, what is unique about someone’s business, which can help you go ahead in your business now. Take this as a solution, and let’s go ahead.
7. What are your advices to a would be entrepreneur?
On this, every established entrepreneur has experiences to share. He can share the uniqueness of his business or changes he would have carried out at the beginning of his venture. He can also share how he turned his passion into business. In fact, this is where an upcoming entrepreneur can draw his/her guidance for creating actionable steps that he/she can apply to achieve his/her goals.
As a matter of fact, these questions and answers for succeeding Entrepreneurs, serve as a solution to many of you who wishes to know how a particular entrepreneur became successful. Can you take this as a personal assignment? That is another solution for business failures.
8. Selecting good minds and talents as a start-up could be a challenge, so, how did you do it?
This is another solution for business failure. In fact, a lot of businesses fail due to wrong kind of personnel. I know an entrepreneur who discharges staff every month. How can this type of staff turnover be overcome?
So, how can you build formidable management team? You can do this by implementing performance-based hiring. In this regard you design a ‘scorecard’ for each position, set targets and evaluate performance skills consistently. This is a big dose of solution for start-ups. In fact, existing and growing entrepreneurs should adopt these approaches.
Succeeding Entrepreneurs Challenges: 17 Progress Questions & Answers Now
9. Funding is another challenge; how did you raise your funds?
As matter of fact, this is a big challenge for a new business. This is because finding interested investors and sponsors can take time. Much patience and persistence will be required. So, you can learn a lot from experienced fundraisers.
The fundraiser will communicate the organization’s mission to external stakeholders and maintain positive relationships with such stakeholders. A fundraiser will possess sales and negotiation abilities. He will also possess so much of communication skills, creative thinking ability to build and maintain professional relationships.
This becomes very necessary because personal savings or funds from family members may not be enough. Venture capitals usually come from external investors.
10. Initial marketing of one’s offerings is not an easy thing, what strategies did you use?
Again, this is a big challenge for which we seek solution. This is also very important because for a business to grow, there is need to grow and expand the audience. Getting at how successful entrepreneurs did it without spending all the resources early on is very essential.
Research shows that experienced entrepreneurs used all kinds of gorilla marketing models leveraging on the 4 marketing strategies of place, price, product, and promotion. If you can apply these, then we have found the solution to this question.
11.Business culture matters; how did you establish yours?
This is the goal to do things differently. It is a goal to do things the right way. These bothers on your personal cum corporate values, vision and mission. These are not also easily achieved. In fact, it requires a lot of diligence and steadfastness to achieve a reputable functioning business. As a matter of fact, ingenuity and vision are important qualities for entrepreneurs, but learning how to communicate and share one’s goals with others can be an important skill as well.
What we have narrated here are the experience of others. You can decide to build your business based on this knowledge. If you do, then we have a solution for this question.
12. And now, how do you see success?
We had narrated above that many successful entrepreneurs give different meaning to this phrase – success. So, knowing what they call success can help you shape your own definition.
Do you know that many successful entrappers do not regard profit as success? In fact, may see a thriving team, satisfied customers or achieving work-life balance as a huge success. So, do not only concentrate on revenue and profits as the only driving factors of success.
Finally, on this, can you look outside revenue and profit as the only success factors? I tell you a functional team and satisfied customers will determine how fat the revenue and profit will be. This is the solution.
13. Looking back, what are those things you remember to be happy that you started your business at the time you did?
As a matter of fact, it’s not all ugly with the entrepreneur at starting his/her business. At least, there is this joy of being oneself Boss. So, while it’s important to endure hardness and associated setbacks, but finding joy in what you do can encourage an upcoming entrepreneur. Please, consider these as reasons to belief that the journey was worth it. This could be the solution that a young entrepreneur seeks to inspire him to keep on.
Succeeding Entrepreneurs Challenges: 17 Progress Questions & Answers Now
14. Again, looking back, what are those things you think are the good qualities of a good entrepreneur?
This question brings to mind what skills you have acquired since you started your business. Recalling these technical skills or business development traits is enough to aid a young entrepreneur on how to navigate smoothly along the entrepreneurial pathways. All other qualities as are embedded in the entrepreneurial learning curve like communication, networking and problem-solving qualities are there too to help the young entrepreneur improve on his/her journey.
Whether you are an existing entrepreneur or an upcoming one, note that you will have a time to recount all these qualities to yourself or someone else. So, noting them now is big solution for you too.
15. How much time does it take to find success?
Entrepreneurship can be very involving. In fact, it can take long to mature. It’s a big challenge for an entrepreneur to desire quick success. Such individuals should read through this article more than once. He/she should be able to find out that entrepreneurial success does not come quickly. He should also know that success in business is seen or defined variously. So, for how long it took this entrepreneur to succeed, please continue reading.
As a matter of fact, a lot of new ventures experience initial setbacks and unexpected deviations from their original goal. In this connection, entrepreneurs that can adapt and remain flexible always find new opportunities. These may be opportunities that could allow them to grow into something unique and effective. So, you see that successful businesses don’t always have linear trajectories.
16. What work are you doing now?
In the last paragraph we talked about an entrepreneur being adaptable and flexible. We opined that such condition could lead to new opportunities. That is why you need to understand and give solution to what you are working now. Was it your original plan and goal?
You must have this as a solution to stagnation in business. In fact, succeeding entrepreneurs constantly set new goals for themselves. That means that ones you are an entrepreneur you are into an unending process. The solution to your entrepreneurship is that you have to be adaptable and flexible all the time. Always looking out for a new opportunity.
17. What were the four major components of your business plan?
Succeeding entrepreneurs always mark out the major components of their business plans. This is to give direct focus to the business. Therefore, depending on your priorities, there are these four elements to work on seriously. Your product or service offerings and all that surrounds it, including the production processes, is very essential. A good product will always be marketable. Then comes your marketing analysis giving rise to your turnover/revenue projections and other financial analysis. All of these you must use to produce your projected financial statements. You can get a better solution for your business plan if you contact us. Our fees are moderate.
Summing Up Succeeding Entrepreneurs Challenges: 17 Progress Questions & Answers Now
Here are just 17 questions for the entrepreneur. There are still many more. These questions are really big challenges for several entrepreneurs. And, that is why we have brought in these solutions to help both existing and up-coming entrepreneurs to be able to chart their parts well.
The entrepreneurial challenges ranges from generating business idea, to idea actualization, then to business growth. The questions on these write-ups addressed all elements involved and proffered solutions. In fact, this article gives a clearer survey of every business SWOT analysis. For further clarifications, you can contact us.
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