I have Run Five ventures and 3 are doing great.
I will talk about the problems that I have faced:
1). Hiring the right Employees: I m a very choosy person. I like only one thong out of many and thats why when I started my First Venture i.e. Hand Made Custom Leather Products; I hired People and Quickly Fired them. Again I hired and realised that I must train them to be of use. Again this was a bad Idea; I cannot train everyone according to my need.
Finally I got the Idea that what Kind of People are best to work with and who I can train to be of use and who I cannot.
-Hire Them and Fire them;Just do not waste time in people whose career graph you do not see going upwards.
-Be Patient for sometimes It pays and
- Never Over Pay anyone and also Never Under Pay
The other problems Like Funding, Timing , Idea,etc.. are really very basic and much easier to get rid off.....believe me your Entrepreneurial Journey begins only when You start Your Business Venture and hit the "Lean Period" and before that everything is just fiction.
2). Time Distribution: My second Problem started when I started working on my next ventures. My first Business Started well and is till date 100% self-owned by me and my brothers...
We started well and now we make a Million Dollar in revenue...
Coming back to the point, I started my second venture; and oops my time was too tight.We can not start a business without 100% dedication and I cannot also leave a Business that was making a million+ I loved making all those creative stuff...
I started working 18 hours everyday and finally paid with a bad Health....I learnt it later that Its smart work + Hard work That I need and I should also give respects to my human limits.
My Advice: Do Smart Hard Work Not just Hard Work
My Ultimate Success Secret: I faced some common problems that i could have avoided . I faced those problems because I had no one to mentor me ; To Guide me.
So all the Entrepreneurs out there Always do two things and these will help you greatly. Make any two people and atleast two people
- A mentor ; A guide with whom you can discuss all the problems and also your success
- A Confidant; A person whom you can tell your secrets.