entrepreneurship

What is most important to small business owners?

There are so many issues that are most important to small business owners.  I have included a few challenges that face most small business owners just starting out. 

Being an entrepreneur is not an easy job. Entrepreneurship comes with a lot of challenges and a lot of rewards, it has its’ ups and downs. Whether you are just starting your career as an entrepreneur or you already have an experience, there are issues that will always resurface, e.g building your company’s brand and authority, dealing with the competition, or simply making a profit. Every day you will be facing a whole lot of subtle points but the way you face these problems is the most important thing that defines you as a successful business owner.

Small Business Owner

If you are just starting your business path, you are likely to overcome the following obstacles:

  • 1. Giving up on your current career and spending the majority of your time developing your new startup. When you don’t have experience running any kind of business, you should definitely consider quitting your current career first.
  • 2. Fatigue. Working a regular job means sticking to a certain schedule, working 7-8 hours a day, having sick leaves, vacation, etc. Whenever you start your own company, everything you just read will turn upside down.
  • 3. Answering the big questions. Will it be profitable? Will your business survive the competition and long run? Will the customers be satisfied with your products or services? Will you have a stable income? etc.

As a small business owner, you want to make sure that your idea is innovative. If you want to survive in a very competitive industry, you have to understand what separates you from the others, in a good way, of course. Having the right talent among your side is crucial too. Your team is the company’s backbone, and one “harmful” person can completely derail your progress. Consider outsourcing some parts of your business, customer care services, website designer, website care packages for example.

After all, it all comes down to what your grandma taught you: treat others as you want to be treated. It might sound obvious, but it requires effort and awareness from a young entrepreneur.

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Leadership

Company leaders are facing a crisis. Nearly one-third of employees don’t trust management. In addition to this, employers now have to cater to the needs of the millennial generation. On average, after graduating from college, a millennial will change jobs four times before they are 32. Most of them also don’t feel empowered on their current jobs.

It’s clear that many leaders are failing to foster a sense of trust and loyalty in their employees. Fortunately, that doesn’t have to be the case. Managers who show great leadership qualities can inspire their teams to accomplish amazing things, according to Daniel Wang, the creator of Loopring Protocol and founder of the Loopring Foundation. Loopring is a decentralized automated execution system that trades across the crypto-token exchanges. The platform reduces the cost of trading and shields users from counterparty risk. I’ve distilled my conversation with Wang to eight of the most essential qualities that make a great leader.

Find out about the 8 essential qualities of leadership from Forbes.