18 Jan 2023

97

The Top Challenges Entrepreneurs Face When Venturing Into a Personal Business

Format: APA

Academic level: College

Paper type: Essay (Any Type)

Words: 499

Pages: 2

Downloads: 0

The first challenge that entrepreneurs face when venturing into a personal business is setting goals and pursuing them. The challenges of being productive, stable, meeting deadlines and workers’ incentives normally depend on an individual’s tenacity. As such, the responsibility to stay inspired is self-motivation task that every entrepreneur should endeavor to achieve. Entrepreneurs should always be motivated, especially in the workspace to overcome the overwhelming challenges. 

Self-discipline is one of the most vital characteristics that an employee should possess. Lack of self-discipline will not only affect an employee’s effectiveness, but also personal development, which eventually have an impact in the workplace. As such, one should have both personal and professional plan in order to have a detailed understanding of how to achieve and accomplish a goal within a stipulate timeline. It is also important to set short and long terms goals in order to stay motivated. Having an everyday routine can be a great way to stay motivated, as it helps the body and mind be more relaxed, focused, and alert. However, routines normally become boring and tedious, thus can make a person demoralized. Ultimately, people should be aware that motivation comes from within oneself. As such, the best way to stay motivated is to have a mission statement or inspirational quotes designed to help a person work towards a goal. Creating a personal mantra helps in increasing an individual morale, especially when faced with challenges. 

It’s time to jumpstart your paper!

Delegate your assignment to our experts and they will do the rest.

Get custom essay

Successful companies normally have productive and innovative employees. However, a company may realize huge profits at the end of a financial year, but have employees who are not happy or motivated. It is important for employers to ensure that their workers are effective and productive, which can only be achieved through motivation. Notably, a company can ensure employees motivation by having a friendly work environment by conducting seminars and team building activities. 

Communication is also key in keeping employees motivated. As such, the management should be involved in face-to-face meetings, engaging employees on weekly plans as well as allowing them to offer their opinions regarding a subject. Proper communication will show employees that they are valued and appreciated for their hard work in the company (Jacoby, 2017). It also shows that they can be transparent with their employers. Moreover, transparency within an organization eliminates the chances of surprises and provides openness for employees to ask questions and give feedbacks. 

Having reward and incentive plans also play a major role in keeping employees motivated. Incentives such as an extra paid day off, gift cards, vouchers, or bonuses are usually motivational boosters. Moreover, through motivation, employees will increase their creativity and innovation, which will eventually be beneficial to the company. It is also important as an employer to recognize key achievements for successfully completed task through rewards. If employees efforts are being appreciated, they will increase their productivity rates. 

Motivation plays a big role in keeping the best to as well as attract competent employees from other companies. If employees are not inspired or motivated, a company may experience low productivity rates which normally affect the profits. Motivating employees through rewards and incentives elevates their creativity and inventiveness, therefore companies should have structures and plans that are geared toward a friendly working environment. 

References 

Gasca P. (2016). 10 tips to help entrepreneurs get motivated. Retrieved 6 December, 2018 from https://www.entrepreneur.com/article/270443 

Jacoby M. (2017). Top 5 ways to motivate your employees (it’s easier than you think) 

Author, ‘Practical Tools to Manage Costly Employee Turnover’. Published in 2014, updated in 2017 

Illustration
Cite this page

Select style:

Reference

StudyBounty. (2023, September 15). The Top Challenges Entrepreneurs Face When Venturing Into a Personal Business.
https://studybounty.com/the-top-challenges-entrepreneurs-face-when-venturing-into-a-personal-business-essay

illustration

Related essays

We post free essay examples for college on a regular basis. Stay in the know!

How AI Can Help Retailers Solve Business Problems

The global marketplace is currently more integrated than ever before. This situation presents a never-before experienced opportunity for retailers. Multinational organizations whose sole basis is the internet have...

Words: 2700

Pages: 5

Views: 138

The Natural Organizational Model and the Informal Groups

The nature of an organization is based on different factors such as the environment it is set up in. also, the type of activity it undertakes. This paper will examine the natural organizational model, the informal...

Words: 3009

Pages: 10

Views: 239

Why Pinkberry should focus on making orange and yellow the two prevailing colours

The fact that Pinkberry has evolved from a storefront to a nationally recognized brand makes this franchise of frozen dessert yogurt shops an example to be followed. Yes, the personality of a brand created a platform...

Words: 582

Pages: 2

Views: 93

Ford Motors: Board Presentation For Electric and Hybrid cars Production

Executive Summary The motor vehicle industry in America and worldwide is highly competitive with major players no longer enjoying the dominance that they had had before. Innovation and identification of trends...

Words: 1088

Pages: 4

Views: 130

Home Remodel Project Plan

Project Overview Home remodeling is one of the notable key projects undertake through project management, as a project manager is expected to come up with a clear plan that would help in meeting the expected...

Words: 2152

Pages: 8

Views: 69

How Airbnb Achieved Success

Hospitality industry includes firms that provide lodging and dining services for customers. Many of the businesses in the travel and hospitality industry offer customers with prepared meals, accommodation, snacks,...

Words: 906

Pages: 3

Views: 63

illustration

Running out of time?

Entrust your assignment to proficient writers and receive TOP-quality paper before the deadline is over.

Illustration