Aspiring entrepreneurs will face many challenges as they start and maintain a small business. They can learn a great deal from established entrepreneurs by reading and listening to interviews, and reading their posts on blogs and social media. By considering what a business leader like Kirk Chewning of Cane Bay Partners has to say, for example, they will learn more about what to expect and how to deal with various challenging situations.
Solo and Partnered Businesses
Sometimes one person starts a solo business and may need to hire at least one or two employees right away. That’s the case with a dentist and a veterinarian, for example. Others might run the business solo for several years before it expands so much that hiring workers becomes necessary. In the case of Cane Bay Partners, Mr. Chewning and David Johnson co-founded this particular company. Having a partner can provide significant advantages.
Effective Time Management
Effective time management is crucial. Most small business owners work more than 40 hours per week, and many put in 60 or more. The person must be focused and dedicated to the goals, or distractions can undermine efforts for success. Men and women are likely to struggle to balance work life with family life, exercise and sleep.
Maintaining a Business After Startup
According to a 2019 article in Forbes, composed by a successful serial entrepreneur, a large number of small business owners give up too soon. Some do have to close up shop because their business has lost too much money, but others shut the company down because of fear or inability to manage problems that arise.
Starting a new business may seem daunting while maintaining one may appear to be easier. That’s a misconception, however. Entrepreneurs must keep this in mind and be ready to face difficulties that are bound to crop up as they move forward and the company grows. Only about half of small companies are still in business after five years. The successful ones not only have developed a product or service that is in demand, but they also have successfully managed financial, managerial and personal challenges.