UTalk With UIncept: Inside Challenges Of An Entrepreneur Who Is Starting Up
Every year, thousands of startup entrepreneurs start their journey but only a few of them are actually able to sustain or rather survive.
Have you ever thought about why?
It’s not because they’re not able to conceptualize their business ideas but it’s because they’re not able to address all the external as well as internal factors that create hurdles in their journey.
One such factor is “STRUGGLE WITH YOURSELF”
It’s easy to say that you have to keep a strong mindset while keeping your thoughts aligned with your business idea or the support from your family doesn’t really matter if you’re confident about getting your business started.
But in reality, all such things do matter!
Your thoughts or the challenges that you as an individual are facing do affect your entrepreneurial journey.
Therefore, it is very important to address your inside challenges and this is why we at UIncept did a session on “Inside Challenges Of An Entrepreneur who is starting up”.
Here is everything that you need to know about the session.
About The Session:
The second session of the series “UTalk With UIncept” was held on Sunday, July 19, 2020 at 5.30 PM.
The topic of the session was: Inside Challenges of an Entrepreneur who is starting up
Panellists:
1. Mr. Gaurav Gambhir, Founder & CEO- ZeroKaata (Session Moderator)
2. Ms. Varija Bajaj, Founder at Varija Lifestyles, O&Y, Lela, Varija HOME, Varija Life and THE CAREER TALKS
3. Dr. Narendra Kinger, Clinical Psychologist & Psychotherapist - Sir H. N. Reliance Foundation Hospital and Research Centre
4. Dr. Munish Sabharwal, Mentor-IIM-Udaipur, PhD. Psychoneurotic & Homeopathy, President – Alliances –Amar Ujala
5. Ms. Divvya Guptaa, CEO- UIncept
Aim Of The Session:
An entrepreneur faces endless challenges throughout his/her journey, which range from product development, market growth, funding and maybe more.
While the experienced entrepreneurs deal with issues such as cash flow management, team and time management, the new and young entrepreneurs, struggle with the unique challenges that are especially difficult to overcome.
Therefore, to help the new entrepreneurs, UIncept did a session on “Inside Challenges Of An Entrepreneur Who Is Starting Up”
While we cannot cater to every problem that you being a new entrepreneur might be facing (because every niche has different sets of challenges associated with it) we can certainly address some of the concerns that are similar to every industry.
So, if you’re a new entrepreneur trying to make your way through the hurdles then this session is or rather was meant for you.
Missed it?
Don’t worry, we’re here to help you and guide you with the excerpts of the session.
Go on, keep on reading!
Problems Faced By Entrepreneurs & Their Solutions
The Problem: Family Support
Founders are often seen under stress since they lack emotional support from their family/friends, a lot of dreams are crushed then and there.
How can an entrepreneur address this problem?
The Solution?
Communication is the key here.
If you’re able to communicate your thoughts to your friends and family and address their concerns about your decision (instead of ignoring their views) then it would be a much better way to step into the business world.
No matter how simple it may seem while reading or imagining in your mind, communication is the most difficult process to do especially for those who are beginning their entrepreneurial journey.
So, how should you proceed with it?
To solve this dilemma, Dr. Munish Sabharwal suggested:
1. You have to keep one thing in your mind: your family and friends have a different understanding of the journey that you’re going to start as an entrepreneur.
Therefore, while explaining your thoughts to your loved ones, make sure that you communicate with the bridge of Love.
Listen instead of talking and the things will automatically fall in place.
2. Share the confidential information with them. This will help you to gain their trust as well as their support.
The Problem: How To Cope With The Failures?
A lot of sacrifices are to be made on the personal front, unfortunately, we are not taught to make sacrifices and failures in pride, how should an entrepreneur try making peace with those failures and embrace them as a part of the startup journey?
The Solution?
The only way to cope with the challenges and failures that you might face in your entrepreneurial journey is being positive in your approach.
If you have your family’s support and love by your side then you can cross any hurdle.
The Problem: Team Management
A leader always works for his/her employees and they don’t work for him/her but this acceptance does not always come automatically.
How can an entrepreneur boost his/her team’s morale for efficient results?
The Solution?
As explained by Dr. Narendra Kinger
The one mistake that most of the entrepreneurs make is expecting their team members to work efficiently on something that they’re not good at.
Instead of increasing your expectations, you should first align your team’s thought process with yours which will eventually help them to deliver what you had in your mind in the first place.
After all, as an entrepreneur, it is your responsibility to align your team’s vision and boost their confidence.
Another important thing that you should keep in mind is that you should always set team goals rather than setting individual goals. This will help you develop a good team culture which will eventually help you to grow your organisation.
The Problem: The COVID Effect
As explained by Ms. Varija Bajaj
Pandemic did affect each one of us, especially entrepreneurs who have just started up or were about to start up. How an entrepreneur can manage to start as well as sustain his/her company amongst such chaos?
The Solution?
The only way to cope with the current scenario is to RE-INVENT. Because of the COVID, there are certain niches such as fashion and jewellery that are struggling but if you’re willing to adapt to the current state of things, it will change your perspective altogether.
For example, there may be lesser demand for workwear outfits or jewellery in the market (because most of the people are working from home nowadays) but there is definitely more demand for comfortable clothes that people would want to wear while working from home.
The need of the hour is to re-skill yourself and re-invent your ideas in order to sustain your company amongst COVID chaos.
The Problem: Coping With The Stress
How can an entrepreneur de-stress himself/herself? What are the de-stressing techniques that Entrepreneurs can inculcate in their daily lives?
The Solution?
Whenever you are feeling stressed, keep aside all your work for 10 minutes and do these exercises.
1. Breathing Exercise: Sit in a comfortable position, close your eyes and pay attention to your breathing.
Keep your breathing slow and steady. Keep your thoughts aside and take a deep breath, hold it for 8-10 seconds and release your breath.
Do this activity for 5-6 times
2. Counting Exercise: Sit in a comfortable position, close your eyes and pay attention to your breathing.
Count 50 to 1 in your mind and open your eyes with a deep breath. This exercise will help you to calm your mind.
The Problem: Coping With Pain/Grief
How can an entrepreneur accept the way life is coming along and move ahead with positivity especially in the current COVID scenario?
The Solution?
As explained by Dr. Narendra Kinger The only way to cope with pain/grief is to “Live In The Moment”.
We cannot undo the past and we cannot control the future, therefore, the only thing that will help you to have a more peaceful life is living in the present.If you’re letting a situation from your past affect your present, it will create restlessness in your mind which will eventually reflect in your actions.Focusing on the moment will help you to become mindful about the way things are in the present.
So, these were the most common issues faced by Entrepreneurs and their solutions. Do you have any question that you’d want to ask us?
If yes then drop a comment below!
You can also watch the recorded session on our Youtube channel : <https://www.youtube.com/watch?v=QUb6v2Ybt5c>