Dr David Bozward

Category: Skills Development

  • Unleashing the Power of AI: How It Empowers Startup Founders in Finding the Perfect Business Model

    Unleashing the Power of AI: How It Empowers Startup Founders in Finding the Perfect Business Model

    Introduction

    For aspiring entrepreneurs, embarking on the journey of starting a business is both thrilling and daunting. A key challenge lies in identifying the right business model that aligns with market demands and sets the venture on a path to success. Fortunately, Artificial Intelligence (AI) has emerged as an invaluable ally in this pursuit. Leveraging AI-driven insights and advanced analytics, startup founders can navigate the complex landscape of business models, leading to informed decisions and increased chances of sustainable growth. In this blog, we will explore how AI supports startup founders in discovering the ideal business model for their ventures.

    1. Market Analysis and Research

    AI-enabled tools can efficiently analyze vast amounts of market data, industry trends, and consumer behavior. By examining competitor strategies and customer preferences, startup founders gain comprehensive insights that influence their business model selection. Armed with accurate data, they can identify market gaps and opportunities, ensuring the chosen model addresses unmet needs. This data-driven approach minimizes risks associated with assumptions and increases the likelihood of market fit. (Reference: [1])

    2. Predictive Analytics for Business Projections

    AI employs predictive analytics to anticipate market changes, customer demands, and industry shifts. Startup founders can utilize this information to project how different business models may perform in the future. By simulating scenarios, AI can help identify potential challenges and optimize strategies for long-term sustainability. Additionally, predictive analytics assists in identifying revenue streams, pricing strategies, and customer acquisition models that align with the startup’s vision. (Reference: [2])

    3. Personalization and Customer-Centric Models

    AI’s ability to analyze customer data enables the creation of customer-centric business models. By understanding individual preferences, purchase history, and behavior, startups can offer personalized products or services, enhancing customer satisfaction and loyalty. AI-driven recommendations and tailored experiences create a competitive advantage, leading to increased customer retention and word-of-mouth referrals. (Reference: [3])

    4. Rapid Prototyping and Iteration

    AI-powered rapid prototyping tools streamline the process of testing various business models. By generating and evaluating multiple scenarios, startup founders can identify potential flaws and opportunities for improvement early on. This iterative approach saves time, resources, and effort, allowing founders to fine-tune their business models for optimal efficiency. (Reference: [4])

    5. Data-Driven Decision Making

    The incorporation of AI in decision-making processes ensures that choices are based on data-driven insights rather than intuition alone. Startup founders can utilize AI to test hypotheses and validate assumptions, ensuring that the chosen business model is backed by evidence and analysis. This reduces the risk of biased decision-making and increases the startup’s chances of success. (Reference: [5])

    6. Competitive Intelligence and Benchmarking

    AI-driven competitive intelligence tools enable startup founders to benchmark their business models against industry leaders and successful competitors. By understanding what works for others, founders can fine-tune their models and identify unique value propositions that differentiate their startups in the market. (Reference: [6])

    Conclusion

    In the dynamic landscape of entrepreneurship, choosing the right business model is a critical step that can determine a startup’s success. Thanks to AI’s transformative capabilities, founders can harness the power of data-driven insights, predictive analytics, and personalized experiences to craft a business model that resonates with the target audience and ensures long-term viability. By embracing AI as a partner in decision-making, startup founders can confidently navigate the uncertainties of entrepreneurship and create a solid foundation for their ventures to thrive.

    References:

    [1] “How AI is Revolutionizing Market Research,” Forbes.

    [2] “The Role of Predictive Analytics in Business Planning,” Harvard Business Review.

    [3] “The Power of Personalization in Business Models,” McKinsey & Company.

    [4] “The Impact of Rapid Prototyping on Startup Success,” TechCrunch.

    [5] “Data-Driven Decision Making: The AI Advantage,” Entrepreneur.

    [6] “Competitive Intelligence and AI-Driven Benchmarking,” Deloitte.

  • The merits of the entrepreneurial mindset and 7 ways you can use it

    The entrepreneurial mindset is a way of thinking that emphasizes creativity, innovation, risk-taking, and a willingness to learn and adapt. It is a valuable mindset that can be applied not only to starting and running a business, but also to many aspects of life. In this blog post, we will explore the merits of the entrepreneurial mindset and provide seven ways you can use it to achieve your goals.

    Merits of the Entrepreneurial Mindset

    1. Creativity: Entrepreneurs are known for their ability to generate new and innovative ideas. The entrepreneurial mindset encourages a willingness to challenge the status quo and think outside the box, which can lead to new and exciting opportunities.
    2. Innovation: Entrepreneurs are also known for their ability to take an idea and turn it into a successful product or service. The entrepreneurial mindset encourages a focus on finding solutions to problems and creating value for customers, which can lead to new and innovative products and services.
    3. Risk-Taking: Starting and running a business involves taking risks, and entrepreneurs are often willing to take calculated risks in pursuit of their goals. The entrepreneurial mindset encourages a willingness to take risks and learn from failure, which can lead to valuable insights and growth opportunities.
    4. Adaptability: In today’s fast-paced and ever-changing world, adaptability is a valuable skill. Entrepreneurs are often required to pivot and adapt to changing circumstances, and the entrepreneurial mindset encourages a willingness to embrace change and adapt to new situations.
    5. Resilience: Starting and running a business can be challenging, and entrepreneurs often face setbacks and obstacles along the way. The entrepreneurial mindset encourages a focus on persistence and resilience, which can help entrepreneurs overcome challenges and achieve their goals.
    6. Learning: Entrepreneurs are constantly learning and growing, and the entrepreneurial mindset encourages a focus on continuous learning and personal development. This can lead to new skills, insights, and perspectives that can be applied to both personal and professional goals.
    7. Initiative: Entrepreneurs are often self-starters who take initiative and pursue their goals with passion and determination. The entrepreneurial mindset encourages a focus on taking action and making things happen, which can lead to new opportunities and achievements.

    Seven Ways to Use the Entrepreneurial Mindset

    1. Starting a Business: One of the most obvious ways to use the entrepreneurial mindset is to start a business. If you have a great idea for a product or service, the entrepreneurial mindset can help you turn that idea into a successful business.
    2. Pursuing a Passion: The entrepreneurial mindset can also be applied to pursuing a personal passion or hobby. If you have a passion for something, such as writing, music, or art, the entrepreneurial mindset can help you turn that passion into a successful career or side hustle.
    3. Advancing Your Career: The entrepreneurial mindset can also be applied to advancing your career. By taking an entrepreneurial approach to your work, you can identify new opportunities and take initiative to create value for your organization.
    4. Problem-Solving: The entrepreneurial mindset can be applied to problem-solving in any area of life. By focusing on finding solutions and taking action, you can overcome challenges and achieve your goals.
    5. Networking: Entrepreneurs are often skilled at networking and building relationships, and the entrepreneurial mindset can be applied to building a strong personal and professional network. By taking an entrepreneurial approach to networking, you can identify new opportunities and build valuable connections.
    6. Personal Development: The entrepreneurial mindset can also be applied to personal development. By focusing on continuous learning and growth, you can develop new skills, gain new perspectives, and achieve your personal goals.
    7. Making a Difference: Finally, the entrepreneurial mindset can be applied to making a difference in the world. By focusing on creating value for others and solving important problems, you can make a positive impact on the world around you.

    In conclusion, an entrepreneurial mindset can be a valuable asset in many aspects of life. Whether you’re looking to start a business or simply improve your personal life, an entrepreneurial mindset can help you identify opportunities, solve problems, take calculated risks, embrace failure, focus on action, continuously learn, and build networks. By adopting an entrepreneurial mindset, you can develop the skills and mindset necessary to achieve success in whatever you choose to do.

  • The process of discovering an idea and making it an opportunity

    The process of discovering an idea and making it an opportunity

    I have had many business ideas over the years and the vast majority of them I have not acted upon, for various reasons. Sometimes it’s time, money or the fact I don’t have the core skills or resources to make this work. In this blog we are exploring this cognitive process which everyone undertakes to investigate the opportunity. The aim is to support you in using this best practice when discovering a business opportunity.

    The process of discovering a business idea is a varied and complex one and may occur over several years or during a split second. However, we can summarise some of the key mechanisms which occur during this mental process. An idea is just that and needs to be added to and then validated to make an opportunity.

    The nascent entrepreneur enters the process with three sets of characteristics which can be split into Sociological factors, Demographic factors and Psychological factors. The Demographic factors are Age, Gender, Education level, Marital Status, Occupation, Population Growth, and Migration. These Sociological factors are Religion, Family, Network, Income & Wealth , Transport, Social Mobility, and Household Composition. The Psychological factors are Need for achievement, Need for autonomy, Internal Locus of control, Risk-taking propensity, Entrepreneurial Self Efficacy, Creative & innovative, and Motivational.

    These characteristics form the basis from which the nascent entrepreneur sees, finds and more importantly validates the business idea and the potential opportunity. This prior knowledge and competency in entrepreneurship sets the nascent entrepreneurs on the path. The trigger for this to occur varies, from long term intention to a point in time when either the need or the opportunity presents itself. The entrepreneur will bring forth a range of capitals which will be used to resource the venture these we term the Startup Entrepreneur Capitals. These can be brought down to Financial, Intellectual, Experiential (Human), Social, Cultural, Spiritual, and Material. These set what resources could be used in the first instances to start the business. After the business is started you can find new resources.

    Once the basis for the idea is found, the next stage is to analyse if it is exploitable? On a cognitive level, the nascent entrepreneur needs to understand the probability of success based on the personal investment available of resources to facilitate enough time to get the venture to profit. Then we need to understand will the venture be profitable enough to compensate for their opportunity costs.

    Once the nascent entrepreneur has validated an opportunity for them, they then need to scope it to understand the trajectory of the business and the potential scale. The required scale of a business is dependent on the industry and market and the ability of the team to manage it.

    The business then requires to be designed by the nascent entrepreneur. However, with no or little experience in designing a business, they need to connect the opportunity with their vision, the businesses mission and set the strategy and objectives to meet.

    Once they have thought this out they can start modelling the business, through tools like the business model canvas and potentially developing a business plan.

  • What entrepreneurship capital is driven from your economic activity?

    What entrepreneurship capital is driven from your economic activity?

    The impact of any economic activity on the individual should be to develop a ‘sustainable livelihood’ or value. This is measured through the resources which are available to that person, in terms of capital. Here we define capital as a resource which can be stored, held or used for the benefit of the entrepreneur.A number of academic papers have discussed what forms of capital should be measured and how this should be analysed (Scoones, 1998; Berkes &  Folke, 1992; Bebbington, 1999) especially when analysing sustainable rural businesses. The impact of the economic activity should therefore be measured by evaluating the development of the entrepreneurs’ capital, based on the eight forms of capital:

    1. Cultural – Cultural capital functions as a social-relation within an economy of practices (system of exchange), and comprises all of the material and symbolic goods, without distinction, that society considers rare and worth seeking.
    2. Experiential (Human) – We accumulate experiential capital through actually organizing a project or solving problems and developing solutions. 
    3. Financial – Money, currencies, securities and other instruments of the financial system
    4. Intellectual – The value of a company or organization’s employee knowledge or any proprietary information that may provide the business or entrepreneur with a competitive advantage
    5. Material – Non-living physical objects form material capital
    6. Natural – Made up of the world’s stock of natural resources, which includes geology, soils, air, water and all living organisms
    7. Social – The networks of relationships among people who live and work in a particular society
    8. Spiritual – Practices of personal values, religion, spirituality, or other means of connection to self and universe.

    Entrepreneurial activity may increase one or more of these capitals depending on the entrepreneur, the type of business and the stage of the business. This connection to capital also connects with Ahmad & Hoffman (2008) who specify the ecosystem of entrepreneurship as the combination of three factors: opportunities, skilled people and resources. These factors can be driven from our Capitals. Skilled People is intellectual capital. Entrepreneurial opportunity from our social and spiritual capital. 

    I think we should look at this set of capitals at both a personal, business and community level, its about a set of ecosystems. At any level not all of the capitals have to be used (A Buddhist priest on a personal level may never use Financial capital, An online blogger on a business level may never use Natural capital, A town council may never use the Spiritual capital).

    Each entrepreneur has a unique set of capitals, which have specific generic root causes from the entrepreneur themselves, the business industry, the addressed market and locality ecosystem they are active. The skill is understanding which and a what level is required to lead a successful business at what stage.

  • 9 Stages of Enterprise Creation

    9 Stages of Enterprise Creation

    The way we start businesses is changing and through academic research, additional knowledge, skills and tools, the process and issues around growing businesses have profoundly changed Entrepreneurship in the last twenty years.  This article develops a new 9 Stages of Enterprise Creation model which is based on today entrepreneurial mindset and the business community ecosystem which molds entrepreneurs and allows their ventures grow.

    The first three stages of the Enterprise Creation stages which emerged are: Discovery, Modeling, and Startup which form the new venture formation stages. The next three Existence , Survival and Success develop the business into a sustainable business entity. The last three stages: Adaption, Independence and Exit provide the entrepreneurship pathways for the entrepreneur.  These final elements complete the entrepreneurship model by focusing on the success of the business, how the entrepreneur progresses beyond the business, their separation into different entities and the entrepreneurs eventual exit. The 9 Stages of Enterprise Creation are set out below:

    Stage 1 – Discovery

    This first stage of the 9 Stages of Enterprise Creation  is centred around the focal competency of Opportunity recognition, creation and evaluation. These are the processes by which entrepreneurs identify and evaluate potential new business opportunities. An opportunity by definition is a favorable set of circumstances which creates a need for a new product, business, or service. Opportunity recognition is the process by which the entrepreneur comes up with a prospective idea for a new venture. Evaluating the opportunity takes research, exploration, and understanding of current needs, demands, and trends from consumers and others. The process of researching and surveying allows the product or service idea to develop, so that it can be modelled.

    Stage 2 – Modeling

    The second stage is about developing the business logic to create a business model. This is split into three parts and starts by setting out a Strategy, formulating a business model and setting the business processes to achieve the strategy . These form the key elements for the plan to start the business and, are an integral piece of submitting any proposal for an entrepreneurial or intrapreneurial business. The model should be underpinned by the resources available and those which may still need to be secured. Resource allocation and availability are extremely important to startups because sustainability and profit (not loss) depend on proper planning and understanding of the internal and external environments.

    Stage 3 – Startup

    The fourth stage is starting the enterprise. Once the resources detailed in the business plan are mobilised the entrepreneurial process can be effected and implementation can take place. In this stage the business may be trading or begin to research or develop a product. The aim of this stage is to have the processes in place so that the business can have a scalable, repeatable and profitable business focused on distinct customers within an identified market.

    Stage 4 – Existence

    At this stage the business has two core focuses; to gain enough customers to create a profitable business and, at the same time establishing production or product quality. The majority of businesses fail at this stage due, in part, to either one or both of these factors. At this stage the organisation is a simple one, the entrepreneur does everything and directly supervises subordinates, who should be of at least average competence. Systems and formal planning are minimal to nonexistent. The company’s strategy is simply to remain alive  which requires the focal competency of tolerance of uncertainty, risk and failure

    Stage 5 – Survival

    At this stage the business should be a viable entity in terms of cash flow and resources, it has enough customers and satisfies them sufficiently with its products or services to gain repeat sales. The organisation is still simple. The company may have a limited number of employees supervised by a junior manager or supervisor. Neither of them makes major decisions independently, but instead carries out the rather well-defined orders of the entrepreneur. Formal planning is, at best, cash forecasting. The major goal is still survival, and the entrepreneur is still synonymous with the business. The entrepreneur starts to implement ideas through leadership and management which provides opportunities to scale.

    Stage 6 – Success

    Entrepreneurs at this point of the 9 Stages of Enterprise Creation have a number of options: capitalise on the company’s accomplishments, expand or, keep the company stable and profitable. The entrepreneur has a number of ways to capitalise, from exit to taking a ‘founders dividend’ from the business. If the entrepreneur want to expand  then the core tasks are to make sure the basic organisation stays profitable so that it will not outrun its source of cash and, to develop managers to meet the needs of the growing organisation. Through the entrepreneurs leadership all managers within the business should now identify with the company’s future opportunities rather than its current condition demonstrating a success to its stakeholders.

    Stage 7 – Adaptation

    Businesses which reach this stage normally have a number of factors pushing them to adapt, these are normally grounded in changes either to the micro or macro environments. Businesses at this stage will normally be entering a phase of rapid change and will have to have secured the required finances to develop. At this point key management is in place with a set of operational systems. Operational and strategic planning are now a key focus. The organisation is decentralised and, at least in part, divisionalised. The key managers must be very competent to handle a growing and complex business environment. The systems, strained by growth, are becoming more refined and extensive. Both operational and strategic planning are being done and involve specific managers. The entrepreneur and the business have become reasonably separate, yet the company is still dominated by both the entrepreneur’s presence and stock control.

    Stage 8 – Independence

    A business at this stage should now has the advantages of size, financial resources, market share and managerial talent. Innovation and Intrapreneurship  are now key factors in keeping the business in market position. The organisation has the staff and financial resources to engage in detailed operational and strategic planning. The management is decentralised, adequately staffed, and experienced. Business systems are extensive and well developed. The entrepreneur and the business are quite separate, both financially and operationally.

    Stage 9 – Exit

    The last of the Enterprise Creation stages is focused on exiting the business and making their separation permanent. An exit strategy will give the entrepreneur a way to reduce or eliminate their stake in the business and, if the business is successful, make a substantial profit. This stage removes the entrepreneur from primary ownership and decision-making structure of the business. Common types of exit strategies include Initial Public Offerings (IPO), strategic acquisitions and management buyouts. The organisation at this stage is generally profitable, has a definable set of resources with a clear and realistic strategy to continue. The CEO and founder(s) are separate.

     

    9 stages of Enterprise Creation
    9 stages of Enterprise Creation

    The full paper which develops the 9 Stages of Enterprise Creation:  Bozward, David and Rogers-Draycott, Matthew Charles (2017) Developing a Staged Competency Based Approach to Enterprise Creation. Proceedings of the International Conference for Entrepreneurship, Innovation and Regional Development. ISSN 2411-5320, can be found at http://eprints.worc.ac.uk/5377/

    A textbook that supports learning with multiple case studies is available on Amazon.

  • Do you know your Exit Strategy?

    Do you know your Exit Strategy?

    You will need to ensure you are motivated to exit the business and that means understand the path for your exit strategy. In every sense you must learn from the exit from your business and the experience should motivate you to build a new enterprise which is more amazing and motivated that this. The five common Exit Strategies are:

    Initial Public Offering

    The stock market offers you the opportunity to increase the capital available to the business, the money invested and also the rewards available to you. The motivation for being independent will have to reduce as shareholders and accountability move into play.

    Acquisition

    When you have created a truly unique, thriving and attractive business, it will be becoming an appealing proposition for other businesses. When they offer you the large sum of money for your business, what motivates you to say ‘Yes’? What will you do everyday when you no longer have your business to run? The opportunities are then truly amazing and you can become a member of ‘Serial Entrepreneurs’ club.

    Liquidation

    Walking along any footpath can be uneasy and the same is true about business. The vast majority of entrepreneurs have a company liquidation in there bag, an experience they will never forget, an event which created some the best lessons they have ever learnt. No expects you to walk straight away, so why do you expect to be able to manage a business from day one without making mistakes. This should be expected, however it is in the learning about business, enterprise and yourself which you can create a truly amazing and vibrant business next time around.

    Sell to another Entrepreneur

    One of my favour saying is that “People buy from people who are like them”. This is the case from buying your newspaper to buying a company. Entrepreneurs look for opportunities and therefore within your network you will know people who want to buy and run your company better and pay you for the chance.

    Shareholder

    This option which many entrepreneurs follow is to become a shareholder which then provides revenue for the rest of their lives (e.g. Bill Gates). In some cases the shareholder provides revenue for many generations to come, such as the Guinness family. This exit requires you to create a good team around you who are motivated to continue to move the business forward.

    So before you start out on your venture, think about your exit strategy and  what you will need the business to look like for you to achieve your goal.

     

  • The five types of student entrepreneur

    The five types of student entrepreneur

    After working with over 20,000 students in the last ten years, I have started to stereotype those coming through into five simple student entrepreneur categories. There is no real theory and a great amount of research here, but I just wanted to share my thoughts and observations on these student entrepreneurs.

    Wanta-preneur

    This group of people want to mega rich, famous and of course a owner of a super big business. They just want it all! Yet hard work, planning and dedication to entrepreneurship is not at the core of their motivations. They sometimes do start businesses, normally with co-founders who do all the work, while they talk about their business, the people they know and the mega plans they have.

    Pros : Great talker who other may believe
    Cons : Lacks hard work and dedication

    Business-Anarchistic-preneur

    Staying the same is not an option, so these people think of distributive technology, business models and taking all the biggest businesses, traditional methods and societies. They know that they will succeed as its only there ability to change the world that will save it.

    Pros : Out of the box thinking
    Cons : Others don’t take them seriously, just too radical

    Social Entrepreneur

    This group not only want to start a business but one that helps others. They have great amounts of passion, dedication and drive to see this business idea into a fully developed business. These people understand the need to develop others, work in teams and share the value of their business with as many people as possible.

    Pros : A Team player
    Cons : Takes too long as brings too many people with them

    Geek-preneur

    The richest people are Geeks, so why not start the the next Microsoft, Apple or Facebook. These people can make technology work for them and create small dynamic businesses which engage users throughout the world in their dream creation.

    Pros : Easy to start boot strapped business
    Cons : Lacks people skills to engage others

    Just-do-It-preneur

    This group just get on with it, never thinking for one moment they can’t. What they lack in skills, knowledge and network, they balance with the shear determination and brut force. They are the bull in the china shop style of entrepreneurship.

    Pros : Self belief and determination to make it a success
    Cons : Lacks style and skills which makes others believe

    As with all people and businesses it about having the team, a set of skills and maybe every business should have a mix of these.

     

    So which type of student entrepreneur are you?

  • The process of developing a business plan

    The process of developing a business plan

    When I look at the process of creating a new venture, I often see people forget some of the basic elements in the process of developing a business plan.

    The first three steps are:

    1. Opportunity discovery,
    2. Business modelling
    3. Business planning

     

    Opportunity Discovery

    The best idea is the one which provides the best business opportunity. Therefore we are not looking for any idea but an idea which provides the best opportunity.

    Therefore the process of ideation captures the current industry trends and the competitor in and around them. The technology innovation currently applied to this market and the outlook we see in terms of costs and market adoption trends.

    The creative problem solving can not sit in isolation and needs to be surrounded by the context for it to be applied to create an outstanding  value proposition later on.

    Business Modelling

    For most people this is filling out the Business Model Canvas, a tools which provides a powerful view of the business model. But again this is completed in isolation within a full understanding the ecosystem, actors and their behaviours.

    The process of modelling is about understanding the relationship between the key actors within the ecosystem, it doesn’t matter if its designing a new road bridge, a tv or a new products. This dynamic relationship is so important in understanding the processes and metrics to be put in place to plan the business.

    Business Planning

    The core aspects of Business Planning are risk analysis, scenario planning and financial planning. Once these are done the rest, include product design, marketing strategy and operations are secondary.

    All investors want to know you can manage this risk and act accordingly.

    The process of developing a business plan are about understanding the dynamic relationship and how to mitigate the risks they pose to your business. Its not an exercise in writing or filling out the right amount of words in the right sections.

     

    The process of developing a business plan is simple yet so many people get it wrong. Just remember to understand the dynamic nature of business and that your business startup will be connected with these and therefore needs to adjust to maintain a successful course through the early years.

  • 6 ways to find a co-founder

    6 ways to find a co-founder

    Co-founders are normally people involved in the initial launch of startup companies. Anyone can be a co-founder, but frequently co-founders are entrepreneurs, engineers, hackers, funders, web developers, web designers and others involved in the ground level of a new  venture.   The first step in finding your co-founder is to map yours needs.  Make sure you are perfectly clear on what skillsets/resources will be the most important for the success of the startup, and best fill a hole in your own resume and desired management team.

      1. Friends from University – It worked for the guys at Facebook and Google, so just get out and meet other students.
      2. Former co-workers – If you’ve worked together as employees, you might be able to work together as co-founders. You have the history and know each others skill sets.
      3. People you meet over coffee – We see hot beds of startups co-locating themselves in coffee shops, just talk to the guy next to you.
      4. Former co-founders in another venture – There’s no better person to launch with than someone that has started a company before.
      5. Accelerators – Related to some of the other co-working suggestions, simply applying to a startup accelerator can lead to finding a co-founder.
      6. At meet-ups – Tech Meetups are great places to find co-founders and they are easy to find and also go to.
  • 7 obstacles experienced by entrepreneurs

    7 obstacles experienced by entrepreneurs

    As an entrepreneur we have lots of do, but sometimes we just do it wrong, we let obstacles get in our way. So what are the typical obstacles we entrepreneurs have to deal with:

    1. Perfectionism – For entrepreneurs, practice doesn’t make perfect; action does. You simply cannot wait until you are 100 percent ready before you take action. Think MVP.
    2. Procrastination –  Sometimes its easier to delay the decision, the action or even dealing with the problem, so each day “Eat the Frog” and take action of the real issues within your business.
    3. Fear – Entrepreneurs’ resolve is tested from the very first step of starting a business. In fact, one entrepreneur compared starting a business to jumping off a cliff and assembling your parachute on the way down.
    4. Worry – As an entrepreneur, worry comes with the territory. In fact, over a third of entrepreneurs told Gallup they worried a lot about yesterday. While worry is a quotidian experience, it is not productive. You have to make peace with the things that concern you, and not let them stop you from taking action and pursuing your dreams.
    5. Financing – Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers. They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.
    6. Team building – This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles — you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
    7. Decision-making – Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones. Decision fatigue is a real phenomenon, and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.