Much needs to be done to bring a product and business model to life from the moment a unique idea strikes an entrepreneur’s mind. Many months, or even years of experimentation, will probably pass before the idea is implemented. Every entrepreneur knows the struggle.
Imagine having an idea. How are you supposed to execute and introduce it to the market? Large numbers of competitors already exist for most products. What strategy should be prepared for a product or service to stand out? Are hard work and perseverance enough to achieve success as an entrepreneur? What if economic instability gets in the way? How do you work around these challenges?
There are many factors that can hinder an entrepreneur’s success, including insufficient capital, uninterested target markets or customers and ineffective business management. The good news is that these can be overcome by pursuing training for personal and professional growth or practicing effective activities to enhance one’s potential.
It may be overwhelming for entrepreneurs to face issues such as the lack of financial support or staying relevant in today’s fast-paced digital world, which are among the most common problems that hinder them from continuing the journey.
Some entrepreneurs courageously admit to suffering from what we call “financial fluctuation”. This happens when all of a sudden plans go awry, goals drop by the wayside and everything is messy. None are exempted from this struggle. Not all entrepreneurs are born with a silver spoon in their mouth and many continuously seek support from banks and other financial institutions. The battle is that of staying in business and standing out while facing financial adversities.
Staying relevant in a digital world is another major problem. The technology boom has led to advantages for both consumers and businesses today — most everything can now be done from a smartphone. Entrepreneurs and customers interact in ways we did not imagine before. How will a traditional entrepreneur overcome his old mindset and embrace innovative ideas?
Adapting to the digital world with a lack of financial support is a leap of faith. It does not take a technology genius to succeed in business and facing these adversities does not mean the end of the line. There are entitities that are ready help, including the government and financial institutions who want to support the backbone of the Philippine economy.
Being resilient, confident and fearless are important characteristics to have in today’s business environment. By recognizing that there are a lot of obstacles in an ever-changing world, entrepreneurs will be able to equip themselves with adaptability and perseverance. Keeping an entrepreneurial spirit no matter how hard it gets is key to getting back on track.
Angelie-Mel Salvatus is an entrepreneurship graduate of Rizal Technological University and is currently working as a risk and compliance analyst in First Circle, a fintech company on a mission to expand business opportunities in the Philippines by providing trade credit to small business. For inquiries on how First Circle can help your business, visit www.firstcircle.ph or call 580-3200.