The news of the past few months has shown it: being an entrepreneur is not always easy, even with a good idea. Despite the efforts made, a robust business model and unfailing motivation, difficulties will inevitably arise one day or another. Serge Beauchemin shares four challenges that many entrepreneurs will encounter and possible solutions to overcome them.
1-Surround yourself with a strong team
“Entrepreneurs often consider that the most important success factor is their concept and the sum of their ideas. But another element is just as important, it’s the team, ”says ex-dragon and entrepreneur Serge Beauchemin from the outset.
If there is a missing link in your team, it is very likely that difficulties will arise very quickly. If your idea is to create a revolutionary application to serve a well-targeted market, but no member of your inner circle is specialized in the field of technologies… It’s a safe bet that potential investors will not be tempted by the adventure.
Another thing to remember: your best friends may not be ideal partners. “Don’t start a business based on your interpersonal relationships. Instead, look for associates with skills that complement your own and are likely to improve your chances of success,” adds Mr. Beauchemin, who is behind the alias entrepreneur.e initiative, a web platform dedicated to entrepreneurship.
2-Accept that your product is not perfect at the start
“Don’t make the mistake of waiting until your prototype is 100% developed before finding your first potential customers. The entrepreneurs most likely to succeed are those who attack the target market from the start. Another challenge? Accept that your service offer is not necessarily perfect at the start,” adds Serge Beauchemin.
Sometimes, in the start-up phase, partners deploy all available capital and all possible efforts in developing a “perfect” product. Once on the market, they unfortunately find that it does not necessarily meet the demand of the target clientele. They must then return to the drawing board to make the required adjustments.
“Involve a first potential customer in the joint development of your application instead in exchange for a preferential rate. Suggest that he use it in his daily reality. Throughout the process, this partner will be able to provide you with feedback. This feedback will allow you to fine-tune your product and ensure that it meets the needs of your target,” suggests Mr. Beauchemin.
3-Master the financial jargon
Starting a business necessarily involves an administrative component. If you have a reduced understanding of what a financial statement is, you will not be able to perform your role optimally. “Many write their forecasts with the aim of raising funding, but then stop this practice,” notes Mr. Beauchemin.
This is a mistake that often has serious consequences. “Once their flight plan has been authorized, they board the plane and fly without monitoring the various tools available on the dashboard. »
If your management knowledge is minimal, seek to improve it. If you don’t have time to go back to school, mentoring can meet this need. “The alias entrepreneur.e virtual platform offers quick answers to questions frequently asked by entrepreneurs in the form of video clips,” emphasizes Serge Beauchemin.
4-Find the balance between work, family and friends
Whether you are in the start-up phase or at the head of a growing business, balancing work and family can quickly become an issue. The long hours spent to achieve your business goals may encroach on the time spent with your loved ones. “It is even more complex these days to aim for a healthy balance when we are all connected 24 hours a day, 7 days a week, to our smart devices. »
However, the ex-dragon is categorical: “For me, the priority remains to be healthy. Make choices accordingly. Despite her many obligations, family and friends have a special place in her life. He believes that the time spent with his loved ones allows him to be well disposed to manage his many projects. What if this principle was the best business model?