Jackalyn Rainosek, PHD - Challenges That New Businesses Must Overcome

JACKALYN RAINOSEK CHALLENGES THAT NEW BUSINESSES MUST OVERCOME

JACKALYN

RAINOSEK,

PHD

HAS

WORKED

ALONGSIDE

YOUNG

ENTREPRENEURS FOR MOST OF HER CAREER AND OFTEN HELPS THEM TO NAVIGATE THE CHALLENGES THAT OPERATING A BUSINESS CAN PRESENT. NEW BUSINESS, IN PARTICULAR, FACE A HOST OF OBSTACLES THAT MUST BE TRAVERSED IN ORDER TO BECOME SUCCESSFUL, SO CONSIDER HOW YOU WILL TACKLE ALL OF THE FOLLOWING AS YOU WORK TOWARDS YOUR GOAL.

MONEY MANAGEMENT MANY YOUNG ENTREPRENEURS ENTER BUSINESS WITH AN EXPERTISE IN THEIR FIELD AND LITTLE ELSE TO GO ON. THE ABILITY TO RUN A BUSINESS EFFECTIVELY WILL COME WITH EXPERIENCE, AND IT IS IMPORTANT THAT YOU UNDERSTAND HOW TO PROPERLY MANAGE YOUR MONEY FROM THE OFF. THIS MAY MEAN HIRING A PROFESSIONAL TO HELP YOU, AND THE SACRIFICE WILL BE WORTH IT IN THE LONG RUN.

FATIGUE RUNNING A BUSINESS IS DIFFICULT AT THE BEST OF TIMES, AND A COMPANY THAT IS STILL IN THE PROCESS OF FINDING ITS FEET CAN PRESENT UNTOLD STRESSES TO THE OWNER. AS AN ENTREPRENEUR YOU MUST BE PREPARED TO WORK LONG HOURS SO THAT YOU CAN HANDLE EVERYTHING THE BUSINESS REQUIRES OF YOU. THIS CAN OFTEN LEAD TO FATIGUE, REDUCING YOUR PRODUCTIVITY IN THE PROCESS. REMEMBER TO REST WHEN YOU CAN AND BEGIN DELEGATING TASKS WHEN IT BECOMES APPROPRIATE.

MARKETING MANY NEW BUSINESSES STRUGGLE TO JUSTIFY MARKETING EXPENSES AND IT IS IMPORTANT TO REMEMBER THAT MUCH OF BUILDING A BUSINESS REVOLVES AROUND GETTING THE BRAND OUT THERE AND DEVELOPING A REPUTATION. JACKALYN RAINOSEK, PHD RECOMMENDS USING FREE SOCIAL MEDIA SITES TO GENERATE WORD OF MOUTH AND CAREFULLY CONSIDERING YOUR TARGET MARKET WHEN CONSIDERING MARKETING STRATEGIES.

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