Question

If you were an entrepreneur, which pitfall(s) do you believe you might be susceptible to, and what is the treatment?

Answer 1

If I were an entrepreneur, I would be susceptible to three things:

Quick and Positive Results: I have always looked forward to quick and positive results. But most of the time, both of these things wouldn't happen as I would expect them to be. Results come very late when you almost lose hope and they don't come in your favour most of the time. But as an entrepreneur, I would persevere in tough times and especially when things don't work out according to me. I would remind myself that - with energy and perseverance anything can be achieved or slow and steady wins the race.

Slowing down of Enthusiasm: If things don't work according to me or the competition is high in business then these two aspects would make me less motivated over time. It would frustrate me and this would be my biggest pitfall. But, I would try my best to understand the market and all the strategies of my competitors so that I can gain more confidence and it would also keep me motivated in the long term.

Little Research about the Business: It doesn't matter in which business you are if you don't have an excellent knowledge of your business you are bound to fail. Having great knowledge is the first condition to get success in any business. But as an entrepreneur, I would not do my deep and thorough study about my business in detail. It seems boring and it also makes me drowsy. So I would find some interesting ways to do that. I would start reading case studies and biographies related to the business in which I am.