Hardships of Being an Entrepreneur - Part 1

There are a lot of hardships you have to face when starting the entrepreneurial life.

It's not only just the hardship of the finding money to get things done, but finding the right person to do the right task is a challenge too.

I couldn't write something for a while because I was going through some changes. I had to do certain things just to be afloat and to be with the love of my life.

Balancing everything is always a challenge. I need to work to get things done, but at the same time I can't just take the love of my life for granted. I have to take good care of the love too.

Therefore I wanted to take the priority level of my entrepreneurial voyage to a lower level in order to facilitate a day-today job for earning some money to save and invest in life as well as the entrepreneurial voyage.

It takes a lot of work to get a business up and running, and a lot of money too. So if you are like me and getting the work done through a network of partners rather than setting up an office and hiring some people, it's going to be a tough one.

We have to manage the timeline along with several other partners who are working on their own activities. It's definitely harder than having dedicated people in house, but it is the way forward when starting things up on lower budgets.

A way to overcome the issue of managing partners who will do different tasks/ modules of the same project will be to use email or a software to keep track of everything. This will help everyone be on the loop even if they check and continue work on different timelines.

When you have to do a day job to facilitate things in your life, you have to be careful when planning things on your entrepreneurial voyage. As it will the thing mostly effected from other work.

One way of getting over this is to get an investor early on the project/ or the company. That will facilitate the management of resources monetary wise and will free up your mind to focus on managing the company and resources to get the projects/ work done properly.

But there is a catch to it, as you have to be responsible for an investor. But before that you have to have a great plan to get an investor on-board.

You have to be also careful when travelling to other countries to work or other matters, It can create a communication barrier that has be tackled carefully. Otherwise it will be an expensive mess.

A good way to get over this problem  is to keep everything tracked in emails and keeping a contact from family or a friend at hand to handle certain tasks that requires to be called or visited in person.

I will continue the hardships of entrepreneurship article series as I come across hardships, so that anyone reading this can avoid those hardships by better planning.

Selecting a Name for your Business

Okay, now you selected a business for you to move ahead as an entrepreneur. Good.

What's next?

Next up is the important job of naming your business.

There is a number of different paths for choosing a name for your business. But it is advised you should consider the following guidelines before selecting a name.

Select a name that:

• directly resembles what you do
• is catchy
• is simple and clear to speak
• easy to remember
• does not collide with another strong brand name
• is easy to understand
• will not look bad in another language if you are expanding internationally
• is creative
• does not need to be explained
• will appeal not only to you but to your customers as well

There are so many ways to come up with a name and it involves a lot of research.

And one of the most prominent method is to do brainstorming. This can create a lot of creative names, and if you get your colleagues, family members, or friends involved you can get a lot of different ideas.

Once you come up with a lot of names and ideas, you should at first glance get rid of the names that strongly resemble other brands. And then you must remove words that may sound harsh on some markets or age groups.

After that you could research on the web to find out whether certain catchy names are already registered. If so remove them as well.

Then you will probably be left with a very small number of names. From them you can select one with a catchy name which you can say somebody without explaining letters and a name that will catch up quickly with anyone.

This is not an easy task, and should not be considered lightly as well. Once you select a good brand name you can go ahead and register your company name and at the sametime set up a website.

Happy name hunting!

Selecting a Business

So you want to be an entrepreneur!

Great!

So where do you begin?

Obviously you need to select a business.

The first thing you need to do is identify a market where there is an opportunity for you to make a change, improve a process, or create a new product or service category altogether.

Creating a new product or a new service category is a great way to start a business, and it comes with it's own share of pros and cons. It takes a lot of good thinking and a ton of research in order to get the idea right, specially in this fast moving world where everyone is trying to disrupt the current business models. Because of that you need to create a new product with anticipation of the future, because at the current innovation rate of the world your idea will not be effective if you fail to identify it in the correct time and act on to create the product or the service in time.

The other seemingly easier method will be to change or improve an existing product or a service. Although it appears easier than creating something new altogether, it is harder than it appears due to many different aspects. Some of them are applied to the creating new category as well.

Most importantly you have to do a thorough research on whether there is a need to improve the process you are considering, will it be actually efficient or create value by using your new method, and will the feat be achievable within an amount of time where the product or service will not be obsolete by the time it hits the market due to competitors or advancements in technology.

As an example you could select an existing service category and focus on a specific set of specialities as your selling points so that you can rise to the attention by being specific and doing a good job on those specifics.

Once you select the type of business you want to do, you may consider naming your business.

Intro

This will be the place where I share the challenges I encountered and thoughts on entrepreneurship.