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The 8 Biggest Challenges for New Entrepreneurs

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Entrepreneurship comes with a host of challenges. Rewarding challenges, but harsh challenges nonetheless. Experienced entrepreneurs have to deal with this no matter how long they’ve been in business — trying to establish a brand, adjust to match or exceed the competition and keep your business profitable is a challenge no matter how many years you’ve been in business.

But for new and young entrepreneurs, there are some unique challenges that are especially difficult to overcome. If you’re just getting into the game, or you’re thinking about becoming an entrepreneur, be prepared for these eight significant hurdles.

1. Abandoning another career

If you’re going to dedicate yourself to starting and nurturing a business to success, it’s going to be nearly impossible to simultaneously manage another career. You might be able to manage the infancy of your business on the side, during weeknights and weekends, but if you want a chance of growing significantly, invariably you’ll have to quit your day job.

SOURCE: entrepreneur.com

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Never switches off. Dubbed as Mr Innovation by colleagues and industry, in 1987 David Thornhill first started out in the recruitment industry as a payroll clerk for a local firm in Gloucestershire, Staff UK. David went onto write the first ever software model of its kind for the temp recruitment market, integrating payroll, invoicing, sales ledger, funding and comprehensive management reporting; in essence creating a completely new funding supplier sector.

Prior to the Cash Simply venture he also worked as a board director for another recruitment company, where David used his extensive operational, accountancy and IT skills, to streamline processes and grow the business through increased cash flow and cost savings.

In April 2004, David aka “Mr Innovation” and Tom Atkinson joined forces to launch and begin trading under the brand name Cash Simply, which marked the start of a company based on a similar model to those they had previously developed to great success. They have progressed from a standing start to an annual turnover of more than £45 million, and have built an operational base that could double or treble that volume.

When he’s not dreaming up his next business venture, David enjoys running, attending music festivals and doing the occasional charity skydive. His next challenge is to complete a marathon.

 

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