To become a successful entrepreneur, you need to master the skills to come up with a solid business plan. There is no magic formula behind the success of any business. Many people around the world choose entrepreneurship as a career but cannot succeed due to several reasons like lack of business plan or finances, government policies, or lack of resources. According to research in 2019, around 90% was the business failure rate of startups. Along with excellent entrepreneurial qualities, Kris Thorkelson is successfully leading various businesses in the real estate and pharmacy industry.
Challenges in the Survival of Business
According to research, around 21.5% of startups fail in the first year while 30% in the second year. These statistics are quite discouraging, but not all businesses fail. There is no doubt in the fact that the scope of entrepreneurs will keep on altering and evolve with time. Entrepreneurs need to focus on several business operations like recruitment of employees, marketing, advertising, crisis management, and customer service to obtain favorable outcomes. They have to look over the financial aspects of business, including debt management, bookkeeping, and taxes.
Several questions like how finance would be managed or how the business will grow with success within the community continuously intimidate young entrepreneurs. The most common challenges that are faced by entrepreneurs related to customers are given as follows.
- Finding Customer
For a small business entrepreneur, it is hard to generate leads and find new customers. Even entrepreneurs of large companies like Kris Thorkelson work hard with updated strategies to attract new customers. Entrepreneurs have to find their ideal customers from different sources. One of the easiest ways to gain insight is by finding customers belonging to similar niches. They have to research and find who the target customers are, what they do, and where they spend most of their time. Henry Ford suggests formulating buyer personas accordingly.
- Lack of Lead Generation
The number of sales depends on the leads generated from advertising and retargeting. The objective of lead generation is to find customers belonging to the niche. Firstly, entrepreneurs should optimize their existing websites for the customers so that they can find them easily. The web pages should be improved to guide the customer. Entrepreneurs need to focus on the quality of blog content and examine the CTAs. Other conversation tools include hello bars, pop-ups, and slide-ins that will make the communication process easier for customers. Nowadays, the use of lead management software and applications have intensified and evolved.
- Lack of Brand Awareness
The reason behind the lack of customers is the limited brand awareness among them. The customer should know about the goods and services offered by the organization for which strategic planning is needed. Entrepreneurs need to strengthen public relations to find the place of marketing. Co-marketing which means collaborating with another brand will be a good option for creating value and reputation. Nowadays, blog posts attract more traffic which will be beneficial for trust establishment.
Entrepreneurs act as a major force for the nation and its economy. With emerging globalization, their impact will become deep from a microeconomic perspective. The main challenge that is faced by entrepreneurs is starting the business after considering all important aspects. Even when every process goes with minor glitches, other operations become simpler.